End-of-Year Activity Points to More Stability than Early 2022
Typically, market activity tends to slow during the holiday season. In December, New Listings had a slight decrease from November along with the Median Sales Price. Closed Sales, however, had a 7.5% increase than the previous month.
As expected, homes took a bit longer to sell, and while a median of 50 days on market indicates more balance, it is still considered a Sellers Market. In the Northeast Florida area, 97% of home sellers received the home’s list price while 11% received more than the list price, good news for sellers.
The good news for buyers is they have more time to shop around without feeling the urgency to submit multiple offers.
As we begin to enter the Spring season, inventory should begin to increase, the median home price may fluctuate depending on the month and hopefully, mortgage rates will decrease.
Due to a strong job market, Northeast Florida remains to be a desirable area and the real estate market will likely remain in demand.
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