The housing market in Northeast Florida posted strong numbers in February with nearly 1,800 closed sales, 2,425 pending sales and an increase in year-over-year average price. The monthly report from the Northeast Florida Association of Realtors highlighted the good news of continued strong sales, but warned that sales are outpacing new listings.
“New construction has been lagging during this opportune moment, and sellers of existing homes are not yet hitting the market in droves,” according to the report. “The heart of the selling season has yet to begin, so we’re still optimistically watching for an increase in activity in the coming months.” There’s about 9,000 homes for sale in Northeast Florida putting “months of supply” at 3.9, a 24 percent decrease from a year ago. Months of supply is jargon used by real estate agents to describe how many months it would take to sell all the houses currently on the market if no other homes were listed. Low supply favors sellers as there’s fewer options for buyers. This drives up the sales price. Historically, a balanced market — where the conditions don’t favor a buyer or a seller — is about 6 months of supply.