As Spring begins, listings and inventory trend upward 

For Immediate Release 

As Spring begins, listings and inventory trend upward 

JACKSONVILLE, Fla., April 12, 2023 – 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.” 

Northeast Florida by County 

In Duval County, the March 2023 median price of single-family housing was $320,000, a slight 1.6% increase from February 2023 when it registered $315,000. The median days on the market in March was 38, a 20% decrease over February. Month-to-month, closed sales soared 39.5% to 1,102, pending sales rose 17.7% to 1,130, and new listings increased 26.2% to 1,628. Active inventory for the county dropped to a 2-month supply – 2,188 homes, which is an increase of 4.6% from February and a 134.3% hike from the year before. In March, the home affordability index showed housing was becoming slightly less affordable by registering at 85, a 1.2% drop from the month before. 

In Clay County, the March 2023 median price of single-family homes decreased slightly, 2.8%, to $340,000. The median days on the market were 49, a drop of 23.4%. Month-to-month, closed sales rocketed 69.4% to 327, pending sales increased 11.9% to 319, and new listings increased 31% to 439.  Active inventory for the county was 684 homes, a slight increase of 1.6% from February 2023 and a 2.1-month supply. The affordability index registered at 80, a 2.6% increase from the previous month.  

In St. Johns County, March 2023 median prices rose 8.8% to a median price of $555,000 for single-family homes.  The median days on the market were 36, a 25% drop from the month before. Month-to-month, closed sales rose 33.3% to 452, pending sales climbed 26.6% to 533, and new listings increased nearly by half, 49% to 815. Active inventory rose to 1,285 homes, an increase of 11.3% from February 2023, and 2.8-month supply. The affordability index fell 7.5% to 49, demonstrating that St. Johns County became less affordable and remains the most expensive area to live in the region.  

In Putnam County, the March 2023 median price of single-family homes was $248,000, a 24% climb from February 2023.  The median days on the market in March was 66, a 59% elevation from February and a 266.7% increase from March 2022. Month-to-month, closed sales rose 54.1% to 57, pending sales skyrocketed 40.9% to 62 and new listings increased 39.7% to 95. There was a very small change upward in active inventory at 187 homes. Putnam County’s home affordability index registered at 110, a 19.1% drop from the month before indicating that the county became less affordable but is still the most affordable place to live in the region. 

In Nassau County, the March 2023 median price of single-family homes was $392,900, a 6.8% increase from February 2023. There was a 25.6% increase in the median days on the market to 52. Month-to-month, closed sales soared 17.1% to 137, pending sales declined 7.1% to 130, and new listings climbed 29.5% to 202. Active inventory increased 12.4% in March to 327 homes, a 2.4-months’ supply. The Home Affordability Index registered 69, 6.8% less than in February 2023. 

In Baker County, the March 2023 median price of single-family homes inched down slightly to $283,490. The median number of days on the market in March slid to 46, a 57.4% drop from the month before. Month to month, closed sales increased 30% to 26, pending sales increased 40.9% to 31, and new listings rose 28% to 32. Active inventory fell in March to 54 homes, a drop of 15.6% and a 2.1-month supply. The affordability index registered at 96, remaining nearly the same as the previous month. 

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The Northeast Florida Association of Realtors (NEFAR,) serves as the voice of real estate in Northeast Florida. It is the region’s largest professional association, representing more than 12,000 members who work in all facets of the real estate industry including residential and commercial sales and property management. It serves the public through support of community affairs programs and seeks to protect private property rights. The region’s multiple listing service, realMLS, is a wholly owned subsidiary of NEFAR. NEFAR is headquartered in Jacksonville, with satellite Service Centers in Orange Park, Jacksonville Beach, and Palatka.