North Florida – flhousingmarket.com

For the first quarter 2022, single-family home market in the Jacksonville metro area still remains strong. Major indicators including closed sales, aggregate sales volume and median home price all improved on a year-over-year basis. According to FloridaRealtors, there were a total of 6,354 existing single-family home sales throughout the greater Jacksonville area during the first quarter 2022. This represents a 6.8% increase from the number of existing single-family sale transactions during the first quarter 2021 (5,948. Of the total, approximately 30% or 2,019 transactions were conducted using cash. The amount of closed sales have continued to increase based on the following historical levels. Q1 2022 - 6,354 (up 6.8% year-over-year) Q4 2021 - 7,853 (up 4.5% year-over-year) Q3 2021 - 7,762 (down 4.4% year-over-year) Q2 2021 - 8,379 (up 27.4% year-over-year) Q1 2021 - 5,948 (up 6.0% year-over-year) Q4 2020 - 7,518 (up 26.4% year-over-year) Based on the current level of activity and the decline in pending sales during the quarter, it is anticipated that the number of overall sales of existing single-family homes will decline in the upcoming quarter due to limited inventory levels, rising interest rates and record high home prices. Overall dollar sales volume for the first quarter 2022 was $2.8 billion which is a 27.6% increase from the $2.2 billion amount realized during the prior year. For the past several years, dollar sales volume has continue to increase not only due to a growth in the number of transactions, but also the growth of single-family home values. Q1 2022 - $2.8 billion (up 27.6% year-over-year) Q4 2021 - $3.3 billion (up 20.2% year-over-year) Q3 2021 - $3.2 billion (up 11.9% year-over-year) Q2 2021 - $3.4 billion (up 56.7% year-over-year) Q1 2021 - $2.2 billion (up 24.2% year-over-year) Q4 2020 - $2.7 billion (up 47.6% year-over-year) Single Family Home Sale Prices (First Quarter 2022) The median sale price is one of the preferred statistical methods for measuring price activity as it is not as sensitive of extraordinary high or low sale prices (that are not typical of a particular market area) which can easily skew the values. For the first quarter 2022, the median sale price for single-family home sale transactions in the greater Jacksonville area was $365,945 which is 26.2% higher than that observed for the first quarter 2021. Q1 2022 - $365,945 (up 26.2% year-over-year) Q4 2021 - $346,995 (up 19.7% year-over-year) Q3 2021 - $339,000 (up 17.7% year-over-year) Q2 2021 - $320,000 (up 18.0% year-over-year) Q1 2021 - $290,000 (up 11.5% year-over-year) Q4 2020 - $290,000 (up 13.1% year-over-year) For the same period, the average sale price for single-family home sale transactions in greater Jacksonville area was $433,585. This amount is 19.5% higher than the first quarter 2021 and largely driven by the 27.4% increase in the sale of homes over $1,000,000. Q1 2022 - $433,585 (up 19.5% year-over-year) Q4 2021 - $414,490 (up 15.0% year-over-year) Q3 2021 - $412,464 (up 17.1% year-over-year) Q2 2021 - $400,048 (up 23.0% year-over-year) Q1 2021 - $362,913 (up 17.2% year-over-year) Q4 2020 - $360,312 (up 16.8% year-over-year) Single Family Home Inventory Levels (First Quarter 2021) Inventory is the number of active property listings on the market for sale at any given point in time. This particular statistic is one of the main components in a healthy real estate market. As of the end of the first quarter 2022, there were only 2,455 single-family homes available for sale throughout the Jacksonville MSA which is a 4.2% decline from the amount of inventory as of the end of first quarter 2021. In the past two years, overall inventory has been extraordinary low compared to historical levels. Q1 2022 - 2,455 (down 17.6% year-over-year) Q4 2021 - 2,698 (down 25.2% year-over-year) Q3 2021 - 3,571 (down 20.6% year-over-year) Q2 2021 - 3,095 (down 47.4% year-over-year) Q1 2021 - 2,979 (down 56.1% year-over-year) Q4 2020 - 3,607 (down 43.1% year-over-year) The monthly supply of single-family home inventory as of the first quarter 2022 was also historically low. At the current pace of sales, there is just a single month of inventory available for sale in the overall Jacksonville area which is down by more than 20% from the same period in 2021. Q1 2022 - 1.0 months supply (down 23.1% year-over-year) Q4 2021 - 1.1 months supply (down 31.3% year-over-year) Q3 2021 - 1.4 months supply (down 33.3% year-over-year) Q2 2021 - 1.2 months supply (down 57.1% year-over-year) Q1 2021 - 1.6 months supply (down 58.1% year-over-year) Q4 2020 - 1.6 months supply (down 46.7% year-over-year) The number of new single-family home listings were put onto the market during the first quarter decline by 4.2% (from 1Q 2022), reversing a three-month upward trending since the second quarter 2021. Q1 2022 - 7,210 (down 4.2% year-over-year) Q4 2021 - 7,099 (up 6.5% year-over-year) Q3 2021 - 9,170 (up 17.5% year-over-year) Q2 2021 - 9,387 (up 12.2% year-over-year) Q1 2021 - 7,530 (down 6.8% year-over-year) Q4 2020 - 6,668 (up 4.5% year-over-year) Due to demand levels and low inventory, the number of new listings are increasingly higher price points continues to grow. Following is a table of new first quarter 2022 single-family listings at individual price points. Initial Listing Price Point (New) New Listings % Change (YOY) Less than $50,000 13 -76.4% $50,000 - $99,999 129 -42.9% $100,000 - $149,999 224 -48.5% $150,000 - $199,999 377 -48.9% $200,000 - $249,999 552 -47.9% $250,000 - $299,999 788 -37.1% $300,000 - $399,000 1,826 10.4% $400,000 - $599,000 1,944 48.4% $600,000 - $999,999 1,005 71.8% $1 million or more 382 39.4% As of the first quarter 2022, the following table will show the number of active property listings at individual price points. Current Listing Price Point New Listings % Change (YOY) Less than $50,000 3 -80.0% $50,000 - $99,999 36 -74.8% $100,000 - $149,999 77 -51.6% $150,000 - $199,999 121 -46.5% $200,000 - $249,999 166 -37.8% $250,000 - $299,999 242 -40.8% $300,000 - $399,000 478 -18.4% $400,000 - $599,000 653 17.7% $600,000 - $999,999 400 14.3% $1 million or more 279 3.7% Are you thinking of selling? Based on the year-end 2021 data, the current state of the market is highly favorable for seller. If you are a homeowner and are considering selling your personal residence, vacation home or investment property, not may be the perfect time to do so. Our team has assisted sellers not only throughout the state of Florida, but in most major markets nationwide. We take a highly methodical and deliberate approach when working with or clients and have specific strategies to help get the best value for the property. Contact us at info@quantumcos.com or learn more by visiting our web site at www.QuantumRealtyAdvisors.com. The information provided in this website was derived from sources deemed to be reliable to is not guaranteed or warranted. All information, content, and materials available on this site are for general informational purposes only.