Increase in housing inventory is a good sign for buyers 

Increase in housing inventory is a good sign for buyers 

For Immediate Release  

JACKSONVILLE, Fla., February 7, 2024 – After several years of upheaval in the Northeast Florida Housing Market, January 2024’s market statistics seem to indicate a return to normalcy. 

The median sales price for the six-county region dropped 2.2% to $375,000, while the median days on the market rose 24.4% to 56 days. Active inventory also increased, climbing 22.1% to 5,638 homes, a 5.2-month supply, and new listings skyrocketed 53.6% to 2,853 homes. These are all good indicators of a return to a balanced market and are a very good sign for buyers. 

“During a typically sluggish January we have seen the market stabilization continue with significant increase in new listings and inventory since December,” said 2024 NEFAR President Rory Dubin. “We’ve also seen days on market increase with a slight reduction in median sales price and decline in pending sales,” he said noting that both closed sales and pending sales dropped significantly from the month before. Closed sales weighed in at 1,081, a 30.6% drop, while pending sales registered 1,284, a 7.3% decline. 

“February is customarily a strong month for Northeast Florida and results this month will indicate if we are seeing normal seasonality or a greater overall shift in the marketplace,” Dubin predicted.  

Other good news had to do with the January Home Affordability Index, which rose 3.7% to 70, indicating that it is slightly more affordable to live in the Northeast Florida region. 

The Home 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.  This index measures affordability factors for all homebuyers making a 20% downpayment. 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.  

“The stabilizing market and increasing inventory necessitates the fact that sellers should use REALTORS^® to optimize marketing and proper placement in a rapidly changing market in the early part of the new year. Similarly, buyers will want to use their REALTORS^® to navigate the increasing inventory to timely make offers with pricing changing monthly, and even differences from neighborhood to neighborhood,” Dubin said. 

Northeast Florida by County  

In Duval County, the January 2024 median price of single-family housing was $324,945, a 2.5% decline from December 2023. The median days on the market in December increased to 50, a 35.1% elevation from the month before. Month-to-month closed sales fell 21.4.1% to 574, pending sales dropped 11.9% to 632, and new listings skyrocketed 42.8% to 1,415. Active inventory for the county climbed 24.1% to 2,627 homes, a 4.6-month supply. In December, the Home Affordability Index climbed 4.5%, registering 81.   

In Clay County, the January 2024 median price of single-family homes rose 2.9%, to $360.000. The median number of days on the market increased 4.4% to 51. Month-to-month, closed sales tumbled 37.4% to 139, pending sales dropped 4.4% to 173, and new listings shot up 69.7% to 353.  Active inventory for the county rose to 717 homes, a 20.9% increase from December 2023 and showed a 5.2-month supply. The Home Affordability Index inched down slightly 1.4% to 73.   

In St. Johns County, January 2024 median prices fell 6.8% to $519,000 for single-family homes.  The median days on the market jumped up 25.6% to 76. Month-to-month, closed sales fell 37.5% to 277, pending sales dropped 4.7% to 344, and new listings skyrocketed 78.6% to 784. Active inventory increased 20% to 1,640 homes, a 5.9-month supply. The Home Affordability Index rose, 10.9% to 51, indicating that it is still very expensive to live in St. Johns County.   

In Putnam County, the January 2024 median price of single-family homes was $205,000, an 12.8% drop from December 2023.  The speed of sales lagged to a median of 47 days on the market, a 16.1% decline from the month before. Month-to-month, closed sales plummeted 46.7% to 24, pending sales remained the same at 33 and new listings increased 5.6 % to 75. There was a 11.6% increase in active inventory to 193 homes. Putnam County’s Home Affordability Index registered at 128, a 16.4% increase from the month before indicating that prices in the county are substantially more affordable.  With a Home Affordability Index registering over 100, Putnam County remains by far the most affordable place to live in the region.  

In Nassau County, the January 2024 median price of single-family homes was $424,990, a negligible .3% increase from December 2023. There was a 27.8% drop in the median days on the market to 39. Month-to-month, closed sales plummeted 44.9 % to 59, pending sales increased 11.9% to 94, and new listings climbed 41.1 % to 199. Active inventory increased .22.4% to 410 homes, a 6.9-months’ supply. The Home Affordability Index registered 62, a 1.6% increase from the month before.  

In Baker County, the January 2024 median price of single-family homes fell to $266,750, a 7.7% decline. The median number of days on the market in January rose to 111, a 12.1% drop from the month before. Month to month, closed sales tumbled 27.3% to 8, pending sales decreased 11.1% to 8, and new listings skyrocketed 237.5.% to 27. Active inventory increased 45.7 % to 51 homes, a 6.4-month supply. The Home Affordability Index registered at 98.5, rising 9.4% from 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.