As the Spring selling season begins to rev up, both active listings and active inventory across Northeast Florida trended upwards in March.

“Real Estate is ‘marching’ on and up with a spring in its step,” said 2023 Northeast Florida Association of REALTORS^® President Diana Galavis, referring to the traditional start of the housing market’s busiest time of the year. “Active listings and active inventory both trended up as expected for the spring selling season. We see sellers putting homes on the market as the opportunity for a higher sales price is in reach.”

In March, the median sales price for single-family homes in the six-county region inched up .7% from February to $363,990. During that same time frame, new listings jumped up 32.5% to 3,202, and active inventory in the region rose 6.2% to 4,725 homes, a 2.2-months’ supply. And the median days on the market for March dropped 20.8% since February to 40 days.

 “Median sales price and price per square foot is up after dropping slightly in previous months. This is due to the overall lower months’ supply of inventory,” Galavis explained. 

Many year-over-year statistics indicated that, perhaps, the crazy market increases that occurred during the COVID-19 pandemic and its aftermath are continuing to correct themselves.

The March 2023 median sales price fell 2.2% from March 2022. Closed sales dropped 18.0% from a year earlier and the closed-over -list price, which was 29.4% higher in March 2023 than the month before, plummeted 70.3% from where it was in March 2022. Meanwhile, at 40 days, the median days on the market skyrocketed 185.7%, from a year ago, while new listings rose 22.4% and active inventory increased 166%.

And in March 2023, the Home Affordability Index remained stable at 75, showing no change since February and a 15% drop from March 2022 when it registered 89.

The Housing Affordability Index measures housing affordability for the region. In other words, it 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 value of 100 means that the average family has exactly enough income to qualify for a mortgage.

“Days on market were down. Many buyers were quick to make an offer and secure the property shortly after its listing was introduced to the market,” said Galavis. “Sellers appear to be unfazed by interest rate ups and downs. People are choosing to step into the real estate market in Northeast Florida. This is reflected in the lower month supply of inventory at 2.2 months. Six months’ supply of inventory is a stable market. 

“Sellers are receiving over 97% of the list price with appropriate pricing for the market and are getting more for their home,” she continued. “REALTORS® are committed to Fair Housing and abide by a strict code of ethics. It is important to work with a REALTOR®, who is a trusted professional when buying, selling, or investing in real estate.”

NEFAR’s market reports are available at nefar.com.