• Median price decreased -4.8% vs. October 2015.
• Existing home sales decreased -17.6% vs. October 2015.
• Condo prices increased in price. Up 1.5% vs. October 2015.
• Condo sales decreased -19.7% vs. October 2015.
So let’s really look at November 2015. This has been the best year since the recession for residential real estate. Demand is great, and expected to last a while. Although the quick facts suggest the opposite, November was a great month.
New listings were up 2.8%, and pending sales were up 22.1%. So while month to month suggests a backward trend it’s the overall picture we like, and it’s UP! Inventory levels (homes listed) to 28.6% and 4 months (home likely to be listed 4 months before selling).
Pricing gained traction as well. Median sales price increased 2.6%. Pending listings increased overall (22.1%), and closed sales missed an increase by 5 homes sales! Yes, really, 5.
Real estate has always been a solid investment, despite previous years, and will continue to be!
Source: Northeast Florida Association of Realtors.