Despite a steep drop in available inventory, home sales in St. Johns County were steady last month, according to a report from the Northeast Florida Association of Realtors.
Although inventory was down by 11 percent in April compared to last year, closed sales were nearly identical to April 2016 at just more than 800.
What did increase year-over-year was median sales price. In April, the median price was $305,000, up from April 2016 when the price was $282,000.
The year-to-date total sales figure for 2017 is also almost identical to the April 2016 year-to-date total at 1,652.
For the entire North Florida area, there were 2,294 closed sales in April, down 7.2 percent from 2,473 in April 2016. Homes are selling more quickly, with 75 days being the average time on the market — compared to 78 days a year ago.
Median sales price for the month was $195,990, an 8.3-percent increase from the $181,000 median in April 2016. Average sales price was higher, at $242,692, up 7.7 percent from a year ago.
At month’s end, there were 8,348 homes for sale, which is 20.5 percent less than the number of homes for sale in April 2016.
Low inventory is good for sellers, but it can also cause housing prices to rise.
“Although there is a mounting amount of buyer competition during the annual spring market cycle, buyer demand has not abated, nor is it expected to in the immediate future unless something unpredictable occurs,” the NEFAR report says.
“While strong demand is generally considered a good problem to have, it creates an affordability issue for some buyers, especially first-time buyers. And yet, prices will continue to rise amidst strong demand.”