March Market Statistics are out
NEFAR has published the Market Statistics for the month of March. Here is the overview:
All expectations in 2015 are for a healthy and energetic selling season. National stories have been highlighting an increase in new construction sales and pending sales, but national stories are not always readily applied to the local scene. All the same, if ever there was a year to list or purchase a home, wider economic factors seem to indicate that this is the one
New Listings in the Northeast Florida region increased 5.9 percent to 3,296. Pending Sales were up 29.8 percent to 2,752. Inventory levels fell 12.8 percent to 9,487 units.
Prices were fairly stable. The Median Sales Price increased 0.8 percent to $160,000. Days on Market was up 4.5 percent to 92 days. Sellers were encouraged as Months Supply of Inventory was down 23.7 percent to 4.5 months.
On average, more people are employed and making more money than they were at this time last year. The jobs picture, as a whole, looks promising. Employment drives home-buying activity, so it is ever critical to watch labor statistics as a key indicator for the residential real estate market. Coupled with the mostly positive jobs picture, it is widely expected that mortgage rates will remain as they are for at least the first six months of the year.
The full report can be seen here.