Annual Report on the Northeast Florida Housing Market
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Annual Report on the Northeast Florida Housing Market FOR RESIDENTIAL REAL ESTATE ACTIVITY FROM THE NORTHEAST FLORIDA ASSOCIATION OF REALTORS® MLS Required Reprint / Use and Source Credit: NEFAR is happy to share our market statistical report data; prior permission is not required. Source credit is required, however, for all uses (including use by NEFAR members) whether the use is written, digital, broadcast, spoken, social media or other. Use of NEFAR data must be accompanied by the following attribution – Source: Northeast Florida Association of Realtors . All data represents Realtor-brokered activity of single-family residential, condo and townhome sales combined. As all Nassau and St. Johns County Realtors are not members of the Northeast Florida Multiple Listing Service – a wholly owned subsidiary of the Northeast Florida Association of Realtors – reports do not represent the full extent of Realtor sales in those counties. 2020 Annual Report on the Northeast Florida Housing Market FOR RESIDENTIAL REAL ESTATE ACTIVITY FROM THE NORTHEAST FLORIDA ASSOCIATION OF REALTORS® MLS The 2020 housing market was unexpectedly turbulent New Construction: Nationally, builder activity was robust towards the end of the first quarter due to the pandemic that though lumber prices were dramatically higher, which increased spread across the country. As the first wave of COVID-19 hit in the costs of new construction substantially. Overall, the the spring, housing market activity slowed substantially before construction of housing units continued to be below what is staging a dramatic comeback just a couple months later. necessary for long-term supply. Locally, new construction market share was at 17.7 percent, while months of supply Buyer activity was the leader again in 2020. With mortgage finished 2020 at 1.6 months. Previously owned homes have interest rates setting record lows multiple times throughout the seen months of supply decrease from 3.6 to 1.5 months over year and a strong drive by many buyers to secure a better the last five years, and new construction supply has dropped housing situation – in part due to the new realities brought on from 4.8 to 1.6 months. by COVID-19 – many segments of the market experienced a multiple-offer frenzy not seen in the last 15 years or more. Prices: Home prices were up compared to last year. The overall median sales price increased 9.0 percent to $255,000 While markedly improved from their COVID-19 spring lows, for the year. Single Family home prices were up 9.3 percent seller activity continued to lag buyer demand, which had compared to last year, and Townhouse-Condo home prices strengthened the ongoing seller’s market for most housing were up 10.5 percent. segments as inventories remain at record lows. The housing market in 2020 proved to be incredibly resilient, Sales: Pending sales increased 12.9 percent, finishing 2020 at ending the year on a high note. Home sales and prices were 36,664. Closed sales were up 8.2 percent to end the year at higher than 2019 across most market segments and across 34,932. most of the country. Seller activity recovered significantly from the COVID-19 spring decline, but overall activity was still Listings: Comparing 2020 to the prior year, the number of insufficient to build up the supply of homes for sale. homes available for sale was lower by 46.9 percent. There were 4,549 active listings at the end of 2020. New listings As we look to 2021, signals suggest buyer demand will remain decreased by 1.8 percent to finish the year at 40,408. elevated and tight inventory will continue to invite multiple offers and higher prices across much of the housing inventory. Mortgage rates are expected to remain low, helping buyers Lender-Mediated Properties: The foreclosure market manage some of the increases in home prices and keep them continued to remain a small player in the overall market amid motivated to lock in their housing costs for the long term. numerous forbearance efforts undertaken by the government These factors will provide substantial tailwinds for the housing and lenders. In 2020, the percentage of closed sales that were market into the new year. either foreclosure or short sale decreased by 34.4 percent to end the year at 2.8 percent of the market. Foreclosure and short sale activity may tick higher in 2021 as forbearances expire with some homeowners unable to meet their obligations. Table of Contents 3 Quick Facts 5 Property Type Review 6 Distressed Homes Review 7 New Construction Review 8 Area Overviews 9 Area Historical Median Prices Current as of January 8, 2021. All data provided by the Northeast Florida Multiple Listing Service. Report © 2021 ShowingTime. | 2 2020 Annual Report on the Northeast Florida Housing Market Quick Facts New Listings Pending Sales 41,130 36,664 40,598 40,408 32,463 30,237 27,777 29,112 36,784 36,331 + 1.2% + 10.4% + 1.3% - 1.8% + 4.8% + 3.9% + 7.4% + 12.9% 2016 2017 2018 2019 2020 2016 2017 2018 2019 2020 Top 5 Areas: Change in New Listings from 2019 Top 5 Areas: Change in Pending Sales from 2019 Marietta / Whitehouse / Baldwin / Garden St / Dinsmore: Region 08 + 18.7% Baker County + 43.5% St. Johns County - SW: Region 34 + 16.8% St. Johns County - SW: Region 34 + 43.3% Green Cove Springs: Region 16 + 12.8% St. Johns County - St. Augustine Area - East of US 1: Region 32 + 42.5% Baker County + 12.2% Green Cove Springs: Region 16 + 30.8% NE St. Johns County – Ponte Vedra Beach North: Region 25 + 11.5% Marietta / Whitehouse / Baldwin / Garden St / Dinsmore: Region 08 + 29.2% Bottom 5 Areas: Change in New Listings from 2019 Bottom 5 Areas: Change in Pending Sales from 2019 Putnam County NE: Region 56 - 9.7% Riverside / Avondale / Ortega: Region 03 + 4.0% St. Johns County - NE: Region 31 - 10.1% Atlantic Beach: Region 23 + 0.7% Orange Park: Region 13 - 11.4% Orange Park: Region 13 0.0% Neptune Beach: Region 22 - 16.3% Putnam County - West: Region 57 - 0.7% Atlantic Beach: Region 23 - 17.3% Arlington / Fort Caroline: Region 04 - 2.4% Closed Sales Inventory of Homes for Sale At the end of the year. 34,932 32,289 9,199 30,256 8,813 8,569 28,161 29,371 7,944 4,549 + 4.3% + 3.0% + 6.7% + 8.2% - 9.9% + 15.8% - 6.8% - 46.9% 2016 2017 2018 2019 2020 2016 2017 2018 2019 2020 Top 5 Areas: Change in Closed Sales from 2019 Top 5 Areas: Change in Homes for Sale from 2019 Baker County + 36.1% Riverside / Avondale / Ortega: Region 03 - 20.6% St. Johns County - St. Augustine Area - East of US 1: Region 32 + 29.0% St. Johns County - SW: Region 34 - 28.3% St. Johns County - SW: Region 34 + 27.4% Southside: Region 02 - 36.6% Green Cove Springs: Region 16 + 26.7% Keystone Heights Vicinity: Region 15 - 37.0% NE St. Johns County – Ponte Vedra Beach North: Region 25 + 25.3% Putnam County - West: Region 57 - 37.1% Bottom 5 Areas: Change in Closed Sales from 2019 Bottom 5 Areas: Change in Homes for Sale from 2019 Atlantic Beach: Region 23 - 1.8% Ponte Vedra Bch / S Ponte Vedra Bch / Vilano Bch / Palm Vly: Rgn 26 - 59.2% Orange Park: Region 13 - 2.2% Orange Park: Region 13 - 60.4% Springfield / Dwntwn / Paxon / Trout River S / Dwntwn J'ville - E: Rgn 07 - 3.7% St. Johns County - NE: Region 31 - 60.7% Putnam County - West: Region 57 - 5.0% Ponte Vedra / Nocatee (St. Johns County): Region 27 - 75.8% Arlington / Fort Caroline: Region 04 - 5.7% North Beach / Mayport: Region 24 - 84.2% Current as of January 8, 2021. All data provided by the Northeast Florida Multiple Listing Service. Report © 2021 ShowingTime. | 3 2020 Annual Report on the Northeast Florida Housing Market Quick Facts Median Sales Price Average Sales Price $255,000 $309,001 $233,990 $222,000 $276,377 $205,000 $266,053 $185,500 $247,230 $227,505 + 10.5% + 8.3% + 5.4% + 9.0% + 8.7% + 7.6% + 3.9% + 11.8% 2016 2017 2018 2019 2020 2016 2017 2018 2019 2020 Top 5 Areas: Change in Median Sales Price from 2019 Top 5 Areas: Change in Avg. Sales Price from 2019 St. Johns County - SW: Region 34 + 28.3% Putnam County - West: Region 57 + 20.5% Atlantic Beach: Region 23 + 25.7% St. Johns County - SW: Region 34 + 18.8% Putnam County - West: Region 57 + 25.2% Putnam County + 17.5% Springfield / Dwntwn / Paxon / Trout River S / Dwntwn J'ville - E: Rgn 07 + 18.5% Nassau County + 15.3% Baker County + 17.6% North Beach / Mayport: Region 24 + 15.3% Bottom 5 Areas: Change in Median Sales Price from 2019 Bottom 5 Areas: Change in Avg. Sales Price from 2019 Putnam County - South: Region 58 + 4.0% Marietta / Whitehouse / Baldwin / Garden St / Dinsmore: Region 08 + 5.9% Neptune Beach: Region 22 + 2.4% Ponte Vedra / Nocatee (St. Johns County): Region 27 + 4.0% Ponte Vedra / Nocatee (St. Johns County): Region 27 + 2.0% St. Johns County - St. Augustine Area - East of US 1: Region 32 + 2.3% Keystone Heights Vicinity: Region 15 - 1.5% St. Johns County - NE: Region 31 - 5.9% St. Johns County - NE: Region 31 - 9.2% Keystone Heights Vicinity: Region 15 - 7.0% Days on Market Until Sale Percent of Original List Price Received 76 95.4% 95.6% 95.7% 96.7% 71 95.0% 67 64 64 - 6.6% - 9.9% + 4.7% - 4.5% + 0.4% + 0.2% + 0.1% + 1.0% 2016 2017 2018 2019 2020 2016 2017 2018 2019 2020 Top 5 Areas: Change in Days on Market from 2019 Top 5 Areas: Change in Pct.