The number of home sales in Northeast Florida continues to run below what it has been for the past two years. But the number of homes on the market continues to drop.
A total of 1,702 homes were sold in February, according to the Northeast Florida Association of Realtors. That’s 14 more than in January, but close to 200 fewer than were sold in February 2016.
And it was only the fifth time in the past two years that monthly sales fell below 2,000.
But the median sales price took a big jump up from $174,900 in January to $193,000 in February. That’s $33,000 more than the price in February a year ago.
One of the primary factors continues to be the low number of homes for sale. The Realtors’ group reported 8,016 homes were on the market last month, the fewest since late 2005.
That number has been above 10,000 for most of the past two years and peaked at close to 21,000 in 2007.
But the figure the real estate industry focuses on is months of inventory — how long it would take to sell the current homes on the market at the pace homes are selling. The ideal balance between buyers and sellers is considered to be six months of inventory.
That figure fell to 3.4 months in February, the lowest since NEFAR began keeping track in 2004.
That number peaked at about 17 months in 2008.
Roger Bull: (904) 359-4296