March’s real estate market saw a slight increase in inventory as seller’s realize their advantage in the marketplace.  Despite the increase though, there continues to be a shortage of inventory causing prices to continue to increase.

2,389 closed sales – an increase from 1,894 in February and 1,610 in January)
> Median sales prie increase to $224,118 – a 15.1% spike over last March’s $194,700 median.
> Average sales price was $269,415, an 11.3% increase over a year ago.
> March has 3,846 new listings although there is still only 3.3 months’ worth of supply (A balanced market is 5-6 months)
> 12.4% of sales for the month were for more than the original listing price.
> Average number of days on market until sale: 70 (15.7% faster than 83 days average last March).

Click to read NEFAR’s March 2018 market statistics

Source: Northeast Florida Association of Realtors