JACKSONVILLE, Fla. – Home prices shot up in February and sales increased, which made the possibility of buying a home even less affordable for many people in Northeast Florida, according to a report released Monday by the Northeast Florida Association of Realtors (NEFAR).
The median sales price for the six local counties tracked by NEFAR came in at $385,000 in February, 2.8% more than the previous month. In Duval County, prices went up nearly 9% from the previous month, while other counties saw decreases from historic highs.
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Closed sales climbed 31% and new listings jumped 23% as the spring buying season got an early start, NEFAR said.
“Coupled with the highest levels of inventory in many years, buyers have a lot more choices while sellers are still getting good offers,” NEAR said in a news release.
The bad news for homebuyers is that NEFAR’s Home Affordability Index registered at 68 in February, a nearly 3% drop from January, which was a result of slightly higher home prices.
The Home Affordability Index measures whether a typical family earns enough to qualify for a mortgage on a typical home, based on current interest rates, median income and median home prices. A higher number means greater affordability. An index of 100 is defined as the point where a median-income family has the exact amount of income needed to purchase a median-priced existing home. An index value over 100 means that the family has more than enough income, while a value below 100 means that a family doesn’t have enough income to qualify for a mortgage loan.
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“As anticipated the market strengthened considerably in February from the holiday lull, with a sharp increase in the median price for Duval County of almost 9% and almost 3% for the total metro area from January,” said 2024 NEFAR President Rory Dubin. “In fact, despite the median increase in price, Northeast Florida experienced a 30% increase in closings over last month. New listings were up over 20% from January as was inventory. All of this points to a rebounding market, in part due to the cuts in the interest rates. Northeast Florida remains an attractive destination for families, retirees, investors, and corporate relocations as well as commercial properties due to our unmatched infrastructure that includes an international port and airport, railway system, and excellent roads.”
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In Duval County, the February 2024 median price of single-family housing was $348,025, an 8.8% increase from January 2024. The median days on the market in February dropped to 33, a 26.7% reduction from the month before. Month-to-month closed sales rose 21.7% to 736, pending sales dropped 24.5% to 632, and new listings skyrocketed 21.5% to 1,640. Active inventory for the county climbed 24.9% to 2,864 homes, a 3.9-month supply. In February, the Home Affordability Index fell 8.5%, to 75.
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In Clay County, the February 2024 median price of single-family homes fell 4.4%, to $348.950. The median number of days on the market increased 11.5% to 58. Month-to-month, closed sales jumped 48.3% to 218, pending sales dropped 18.4% to 186, and new listings shot up 23.8% to 416. Active inventory for the county rose to 791 homes, a 25% increase from January 2024 and showed a 3.6-month supply. The Home Affordability Index rose 4.2% to 75.
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In St. Johns County, February 2024 median prices fell 3.7% to $499,995 for single-family homes. The median days on the market dropped 48.5% to 34. Month-to-month, closed sales rose 35% to 382, pending sales dropped 11.4% to 379, and new listings climbed 26.4% to 957. Active inventory increased 23.2% to 1,888 homes, a 4.9-month supply. The Home Affordability Index inched up, 2% to 52, indicating that it is still very expensive to live in St. Johns County.
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In Putnam County, the February 2024 median price of single-family homes was $245,990, an 20% rise from January 2024. The speed of sales heightened to a median of 14 days on the market, a dramatic 68.2% escalation from the month before. Month-to-month, closed sales skyrocketed 65.4% to 43, pending sales rose 2% to 36 and new listings increased 33.3 % to 92. There was a 10.8% increase in active inventory to 206 homes. Putnam County’s Home Affordability Index registered at 106, a 17.2% decrease from the month before indicating that prices in the county are within reach of buyers. With a Home Affordability Index registering over 100, Putnam County remains by far the most affordable place to live in the region.
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In Nassau County, the February 2024 median price of single-family homes was $461,250, a negligible 1.4% increase from January 2024. There was a 15.4% drop in the median days on the market to 33. Month-to-month, closed sales climbed 38.5 % to 90, pending sales increased 27.5% to 130, and new listings climbed 20.7 % to 233. Active inventory increased 11.8% to 435 homes, a 4.8-months’ supply. The Home Affordability Index registered 56.5, a 19.2% drop from the month before.
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In Baker County, the February 2024 median price of single-family homes fell to $249,000, a 6.7% decline. The median number of days on the market in January plummeted to 38, a 65.8% drop from the month before. Month to month, closed sales climbed 12.5% to 9, pending sales rose 37.5% to 11, and new listings dropped 19.2% to 21. Active inventory increased 4.1 % to 51 homes, a 5.7-month supply. The Home Affordability Index registered at 105, rising 6.6% from the previous month and demonstrating that Baker County is an affordable place to live.
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