Every month, Florida Realtors publishes a detailed report of the latest real estate statistics from across the state. The data includes information from the past month and compares current numbers with data from the last 5 years.
At Thomas Group Realty, we use this information to determine how well the Florida real estate market is doing and to help our clients determine the best time to buy or sell their home.
Here’s what we’ve learned from the most recent numbers.
There’s still a high demand for homes in Florida.
Much like what we saw in December 2017, the demand for homes is high across the state, including Alachua County.
Median sale prices were up by 21% and average contract-to-closed times were down by 30%. This is great news for both real estate agents and property sellers. That being said, these percentages also tell us more about the market as a whole:
- New home listings were down slightly from 415 listed homes in March 2017 to just 410 homes in March 2018, a change of just over 1%. As spring is often a busy real estate season, we don’t see this mild change as alarming.
- Overall home inventory, meaning the number of homes actively listed on the market, was down by 10% from last year. This past March, 834 homes were listed for sale while there were just over 900 last year.
So, what do these numbers tell us? There continues to be a higher demand for homes than there are homes for sale.
Alachua County real estate closings are holding steady.
Between March 2017 and March 2018, there was just a difference of 2 closed sales, resulting in a difference of less than 1%. While there wasn’t much of an increase, we’re pleased to see things are holding steady.
There’s more we can learn from the information related to “closed sales.” Things are continuing to look up:
- Median sale price was up from $185,500 in March 2017 to $225,000 in 2018, an increase of 21%.
- Dollar volume was way up (the total dollar amount sold by Alachua County real estate agents). In March, the total was $76.3 million, up from $60.7 million in last year – a massive 25% difference!
- Average time to contract went down to just over a month – 36 days, to be exact – as opposed to the nearly 2 months to closing time last year. That’s a 30% decrease that translates to less time on the market.
These small details tell us that the Alachua County real estate market is doing well.
It’s still a “seller’s market.”
With inventory rates down as much as they are along with significantly higher selling prices, faster contract times, and a steady closing rate, it’s still a great time to list your home on the market.
To understand why, we need to look at Alachua County’s “Months Supply of inventory.”
“Months Supply of Inventory” refers to how many months’ worth of housing inventory is available on the market at any given time. This gives real estate agents an understanding of how the market is performing and whether buyers or sellers are favored. Historically, a 5.5-month supply of inventory doesn’t favor buyers or sellers. However, a rating above 5.5 months is said to favor buyers while below 5.5 months is said to favor sellers.
March 2017’s “Months Supply of Inventory” was nearly 11% higher than it was this year. In March of this year, it was set at 3.3 months but last year, it was up to 3.7 months. This may seem insignificant but based on what we know about local demand, the difference tells us there’s plenty of room for more listings and the market is still leaning in sellers’ favor.
If you’ve been thinking about selling your home but are still undecided, the numbers from March are a clear indicator that the market is in your favor. We expect the summer numbers to hold at similar rates.
To learn more about your options and putting your home on the market, contact our office. Thomas Group is dedicated to helping you close faster and get the best price for your home.