Reviewing the data from NEFAR (North East Florida Association of Realtors)l. In this issue, we have gathered the latest market data from the website https://www.nefar.com/market-stats for the month of March 2023. As expected, the real estate market has shown significant changes from last year, but there are some promising signs for buyers and sellers alike.
The median sales price for March 2023 is $363,990, a decrease of 2.20% from last year but an increase of 0.70% from the previous month. Closed sales have decreased by 18% compared to last year, but have increased by a staggering 40.40% from the previous month. The median days on the market have increased by 185.70% compared to last year but have decreased by 20.80% from the previous month. The home affordability index has decreased by 15.70% from last year, but there is no change from the previous month. The price per square foot has increased by 6.70% from last year and 0.50% from the previous month.
The number of pending sales has decreased by 3.70% from the previous month, but there has been an increase of 17.80% from last year. New listings have increased by 22.40% from last year and 32.50% from the previous month. Active inventory has increased by 166.00% from last year and 6.20% from the previous month. Months supply of inventory has increased by 224.30% from last year, but there is a decrease of 24.40% from the previous month.
In other news, the mortgage interest rates are on the rise. The current average interest rate for the benchmark 30-year fixed mortgage is 6.87%, increasing 12 basis points over the last seven days. For homeowners looking to refinance, today’s national 30-year fixed refinance interest rate is 6.98%, rising 2 basis points from a week ago. With interest rates increasing, it’s important to shop around for mortgage offers before committing to a loan.
Moving on to the entertainment scene, Downtown Jacksonville’s scenic riverfront is set to host a free, four-week concert series featuring national headliners and local and regional openers. The event is returning this spring, and attendees can enjoy food trucks, bars with local craft beer and spirits, and bring their camp chairs and picnic blankets.
On a personal note, time really does fly and we’re rapidly approaching a significant event in our family’s life: our oldest son’s high school graduation. It’s amazing to think about how quickly he’s grown up and the young man he’s become. With just one more kid at home, our 15-year-old son, we’re keenly aware of how precious these moments are.
Our soon-to-be graduate has big dreams for his future, and he’s eager to explore the world beyond our doorstep. His wanderlust is something we wholeheartedly support, knowing that traveling can be an eye-opening experience, enriching his life and providing invaluable lessons.
To help him achieve his dreams, we’ve been emphasizing the importance of saving money and preparing for his post-high school adventures. As he sets out to discover new places, cultures, and experiences, we’re confident that he’ll gain invaluable insights and create lasting memories. It’s a thrilling prospect, and we can’t wait to see where his journey takes him.
Lastly, if you or anyone you know is looking to buy or sell a home in Jacksonville or Orange Park, please do not hesitate to reach out to us. Your referrals are the highest compliment we can receive, and we appreciate your continued support.
Thank you for reading, and we hope you have a wonderful day!