The Northeast Florida housing market remains a bright spot for sellers.
The Northeast Florida Association of Realtors reports the median price for a single-family house in February rose to $351,495, a 2.7% increase from January and a 24.6% increase from the year before.
Including condominiums and town houses, the median price is $334,050.
The median condominium price is $225,000, up 23.3% over the year and an increase of 2.3% over the month.
The median price of a town house came in at $267,495 in February, a $10,000 jump from the first of the year.
There is a 1.2-month inventory in the single-family, condo and town house market with 2,646 units listed.
The National Association of Realtors said the months’ supply refers to the number of months it would take for the current inventory of homes on the market to sell given the current sales pace.
Historically, six months of supply is associated with moderate price appreciation, it said.
NEFAR reports that single-family houses are on the market for about 16 days and sellers are receiving their full asking price with 33.3% getting more.
Based on inflation, world events, gas prices and the rising interest rates for home mortgages, NEFAR President Mark Rosener foresees continued price increases.
“These factors are hard to predict in the future, but a good guess is that interest rates will continue to increase creating more urgency for those in need, or want, to make a move to a new home,” Rosener said in a news release.
He warned the growth cannot be sustained for much longer.
“Many statistical indicators point to a stabilizing market with percentage growth or shrinkage to single digits,” he said.
While median housing prices are on the rise, since November 2021 they have stayed in the $320,000 to $335,000 range.
He cited two indicators to watch. February’s closed sales are a lagging indicator showing an increase of 4.3% from January, but 12.3% below last year. Pending sales, a forward-looking indicator, were up 4.4% from January but were 3.1% below February 2021, NEFAR reports.
Around the region, St. Johns County’s median single-family house sale was $480,000, a small drop from January’s median of $481,893.
Clay County’s median price is $340,000, up nearly 4% over the month.
Putnam County property prices are gaining strength with a 12.5% increase from January to February – $200,000 to $225,000.
Nassau County had a similar jump from $368,950 in January to $415,000 in February.
