In this video Michael Braddock reviews the September 2022 real estate market data report from (NEFAR) Northeast Florida Association of REALTORS® released on October 10, 2022.
The Median Sales Price and Price Per Square Foot for Duval county single family homes were each down 1.5% for the month. The Median Sales Price in September was $335,000. Buyers have seen some favorable shifts in the market with 19.7% of homes Closed Over List Price. That is down by 20.7% for the month. List Price Received was down by 1.1% for the month coming in at 97.4% of closed sales, indicating a slight tick up in home affordability in Jacksonville.
For the month there were 814 Closed Sales, down 19.6% from the previous month. Pending Sales continue to trend lower down by 16.4% for the month and 34.9% for the year. The reduction of transactions and pending sales is a clear sign that the market is softening, yet this has only slightly affected pricing.
Buyers should rejoice as they have more options to choose from as Active Inventory jumped 15.7% for the month to 2,565. That’s an increase of 80.6% increase for the year. The current Months Supply of Inventory is at 3.2, which is about the pre-pandemic average.
The benchmark fixed rate on 30-year mortgages topped 6 percent in September, its highest level since November 2008, according to Bankrate’s national survey of large lenders. Since then as of Wednesday, October 12, 2022, the national average 30-year fixed mortgage APR is 7.09% and the average 30-year fixed refinance APR is 7.09%, according to Bankrate's latest survey of the nation's largest mortgage lenders.
Michael Braddock is a partner and Head of Sales of Thirdstone Properties. He has over 15 years of real estate experience and has helped investors throughout the USA and several different countries invest in real estate in the northeast Florida region including Jacksonville, FL.
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This video has been prepared for informational and educational purposes only and is not intended to provide, and should not be relied on for, accounting, legal, tax, investment or other advice. You should consult your advisers regarding such matters. An investment in real estate will involve significant risks and there are no assurances against loss of principal resulting from real estate investments or that the investment’s objectives will be attained.