The Federal Reserve recently announced that no further interest rate hikes are planned for 2019. Given the fact that the federal funds rate has increased nine times over the past three years, this was welcome news for U.S. consumers, which carry an approximate average of $6,000 in revolving credit card debt per household. Fed actions also tend to affect mortgage rates, so the pause in rate hikes was also welcome news to the residential real estate industry.

– Uptick in sales: 2,459 sales largest since Oct. 2018, but a 6.6% drop from last March.
– $229,900 median price highest since July 2018 and a 2.2% increase from a year ago.
– $267,500 average sales price; highest since July 2018; up .1% from last March.
– Sales brisk, 71 days on market average.
– Inventory scarce and multiple offers taking place in many cases. Result: 15.4% of March sales were for more than original listing price.
– Only 3.6 months’ supply of homes in inventory (balanced market is five- to six-months.

2019 NEFAR President Jeanne Denton-Scheck said, “The pace of home sales in Northeast Florida is rapid, and a great situation for sellers, while buyers are having to be prepared to move quickly when they enter the market.”

Click For NEFAR’s March 2019 Real Estate Market Report

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Source: Northeast Florida Association of Realtors