Once a month, Florida Realtors publishes a thorough report that focuses on the real estate statistics from the previous month and compares those numbers to past months and years. The Alachua County market report provides useful information on the Florida real estate market, which informs realtors, investors, and homeowners on the best times to sell and buy.
At Thomas Group Realty, we use the market report to help gauge the health of the real estate market so we can guide our clients to the best time to buy or sell. It’s not unusual for the market to fluctuate and change, but we understand how this data will influence a successful market.
Florida Real Estate Average Price is Up
Since January 2018, the average price has seen an increase of 5.8%, placing it at $270,647 in January 2019. Meanwhile closed sales have decreased by 2.1% since the last year. However, this dip is normal during the winter as the market prepares for the coming spring season.
- Median sale price decreased from $232,250 in January 2018 to $225,000 in 2019.
- Dollar volume was up (the total dollar amount sold by Alachua County real estate agents.) Last year, the total was $37.3 million, but in 2019, it was up to $38.7 million – that’s a 3.7% difference.
- Median time to contract was up to 71 days in 2019 as opposed to the 68 days of January 2018. This 4.4% increase means that homes are spending a longer period on the market before closing.
- Closed sales hold steady for January. While closed sales decreased 2.1% since last January, these numbers are normal this time of year.
Based on the data, the Florida real estate market is in a good position, but how can we determine whether or not it’s a good time to sell or buy?
A High Demand for Florida Housing
While sale prices were up and average contract-to-close times were down – both of which are great pieces of news for real estate agents and home sellers – the December 2017 numbers tell us another story:
- New home listings jumped from 149 homes in December 2018 to 302 homes in January 2019.
- Active listings, meaning overall home inventory, was up by 4.3% from 2018. Last year, just 750 homes were on the market while there was 782 in January 2019.
When we look at these numbers, the number of new listings and active listings reveal that there’s a higher demand by buyers for homes than there are sellers who have listed their homes on the market.
Industry Clues about Inventory
Once again, the “Months Supply of Inventory” remains at 3.1, not budging since last month. But year-to-date, there’s been a shift of a 3.3% increase since last January 2018.
The “Months Supply of Inventory” refers to how many months’ worth of housing inventory is available on the market. Real estate agents use this number to determine how the market is performing and whether buyers or sellers are favored. Typically, a 5.5-month supply of inventory doesn’t favor buyers or sellers. However, anything above 5.5 months favors buyers while below 5.5 months tends favor sellers.
Since the months supply of inventory continues to sit at 3.1 months, the market remains in the seller’s favor. However, with the spring season approaching, home inventory will increase, but the demand for housing in Alachua County is still high. Homeowners are likely to receive offers close to their listing prices with faster closing times.
Considering moving? Spring is one of the best times for buying or selling a home. And we can see that the real estate market is gaining momentum for a satisfying home buying and selling season.
We, at Thomas Group Realty, are here for you every step of the way. To begin the process of putting your home on the market, get in contact with our office. We’ll help you close fast and get the best price for your home.