How’s the Market? January 2016 Recap

How’s the Market? January 2016 Recap

It’s the start of a new year, and the Jacksonville real estate market is still coasting off of a record year in terms of median home prices, increasing demand and low inventory. Mortgage rates are still low, prices continue to stabilize – but inventory remains very tight. Typically good news for sellers, not so great for buyers.

Here’s a quick recap of what we saw happening in the Jacksonville real estate market this January.

Quick Numbers

The biggest number glaring back at us lately seems to be the Months Supply of Homes for Sale, currently at 3.8 months, down 29.6 percent from this time last year. The inventory shortage is a real problem, and it doesn’t look like it’s improving. Total inventory stood at 8,874 homes on the market at the end of January, a decrease of nearly 18 percent from this time last year. There were a total of 1,535 closed sales, with another 2,141 under contract. New listings across Jacksonville were down as well, with 3,010 coming on the market in January, down almost 2 percent from this time last year.

Homeowners are definitely happy about regaining equity in their homes thanks to rising prices (buyers may not be as thrilled); the median home price in Jacksonville rose 14.6 percent to $165,000. Days on market was down just slightly this year from last year, coming in at 84 days.

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A More In-Depth Recap of January 2016

You can read the entire January 2016 market report over on NEFAR.com.

Have more questions about Jacksonville’s real estate market? I love helping people navigate through the local market, so whether you’re buying or selling in 2016, I can help! For a look into Jacksonville’s communities, check out the GRJ Neighborhood Guides, or you can leave your question in the comment section below or send over a message on the contact page.