FLORIDA – Recently published data by a prominent real estate website reveals further proof that Florida’s housing market is shifting in buyers’ favor.
According to Realtor.com, the Sunshine State had the second-largest percentage (25%) of home price reductions in April, a signal that sellers aren’t receiving much traction on their dream asking price in a changing market.
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Arizona led the way at 28%, while Florida was followed by Utah, Oregon, Nevada, Colorado, Texas, Tennessee, and South Carolina, which were each listed at 21%.
New York had the lowest percentage of listed price reductions (7%).
Realtor.com Chief Economist Danielle Hale said the data doesn’t mean sellers won’t make a nice chunk of change in the market, but adds that they would be wise to adjust their price based on what the market is telling them.
“Even after setting a more grounded price, [sellers] are likely to walk away from a sale with good money in their pocket,” Hale said. “[But] the rising share of price reductions suggests that a lot of sellers are anchored to prices that aren’t realistic in today’s housing market.”
Locally, the effects of a shifting market haven’t been too drastic as prices remain relatively consistent, making Northeast Florida one of the most affordable parts of the state to live in.
According to News Service of Florida, in Jacksonville, the median sales price of a single-family home topped out at $397,000 in February, but then returned to $386,000 in March before experiencing a minor increase to $392,250 in April.
In areas like Putnam and Baker counties, the price of an average home in April was listed at $242,495 and $305,000, respectively.
Other regions like the Miami-Fort Lauderdale-West Palm Beach and Naples-Immokalee-Marco Island metropolitan areas are well north of Jacksonville’s numbers, easily exceeding an average price of $600,000.
