Jacksonville Fl Real Estate Market Report March 2020
When I write these market reports, it is always about a month behind. It allows time for the agents to input their sold info for the previous month.
As you know, Covid 19 was making the headlines by now in March. I know it started sooner, but it seems March is when it really became front and center. March didn’t see any negative trends, because it was still too soon, and our area was still business as usual.
The April 2020 market report will show some differences, since the Governor issued the 30 day stay at home order starting April 3rd. I took a peak to see what things were doing. As far as median sales price, Jacksonville is up again, but what’s interesting is that the number of homes sold so far in April is 664. That’s with a week left in the month. Last year in April, we sold 1,579. That’s a difference of 915 homes! I doubt we will sell 915 in the last week. We do have 905 under contract, but many of those could be for next month (May).
Looks like we will see an increase in inventory and less homes sold, which will change our market conditions some. Still have another week to go. I will do April’s report sooner than I normally do, because I’m getting more questions on how the real estate market is doing.
You might be wondering if these numbers apply to your home, but each neighborhood is different, so if you’re thinking of selling and want to know more click:
If you’re a buyer and want to see what homes are available in Jacksonville, click the following link: Want to Search for Homes in Jacksonville Florida?
Median Sales Price: Looking at sold homes it means that half the homes that sold were more than 215,000 and the other half were less than 215,000.
Month’s Inventory: Based on the number of actives and homes that have sold it would take 2.56 months to sell the active homes, if no other homes came on the market. How to determine what type of market we are experiencing:
Buyers’ Market: More than 7 months of Inventory
Balanced Market: From 5-7 months of Inventory
Sellers’ Market: Less than 5 months of inventory
Average Days on the Market: This is the average based on the time the house came on the market until is went under contract.
Original List Price to Sales Price: This is the percentage of what the home sold for compared to what it was originally listed for. Not what it was listed for at the time it went under contract.
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