Low inventory is the recurring problem of the current real estate market nationwide and continues to affect Jacksonville, causing bidding wars among the few affordable properties available.  It continues to be a great market for sellers!

–  Median sales price: $230,000 – up 7% from a year ago but down from last month’s $235,000 median
~  Average Sales Price: $275,364
~  Closed sales: 2,578 – down 2.5% from a year ago and down from last month’s 3,030 sales
~  Number of New Listings: 3,807 – Listings have seen little change from month-to-month with 3,876 in June, 3,800 in May, 3,820 in April, 3,860 in March
~ Low inventory: 9,088 or 3.7 months – a balanced market is five- to six-months of inventory
~ Average days on market: 61

2018 NEFAR President Ben Bates said, “With the low inventory, competition for available homes is spurring multiple bids on many properties, with the result being that 14.3% of all sales in July were for more than the original listing price.”

Check out a recap of July 2018’s market statistics to see how your neighborhood fared:

Click to read NEFAR’s July 2018 market statistics

Source: Northeast Florida Association of Realtors