Jacksonville FL Market Update, March 2022

It’s all effort from here on out, no more just “being in it.”

Residential sales in March 2022 are down 11.0% year over year and pendings are down 10.7%. There’s more agents than ever before (11,000+ in NEFAR).

The short squeeze is here that many top agents have been asking for that’ll knock out weak agents.

The agents who have the “do whatever it takes” attitude, who also work hard, are relationship based, and are strategic with their time, will pick up market share and thrive through the next 18 months.

The rest will rise and fall with the market.

According to our numbers, we are excited to see Momentum Realty agents grow 44.2% month-over-month in volume! Momentum Agents are taking market share in this highly competitive market.

I believe we will continue to see less and less supply available going into busy season, and for many buyer agents it will be a real struggle with them either giving up, switching companies, or dropping out of buyer focused (online lead purchase) teams. This is a disrupt that is badly needed as Northeast Florida now has more than 11,000 real estate agents but only 2,888 active listings. The market will shake out the weak hands and the strong hands will increase their market share and come out ahead over the next few years.

This is a great opportunity for Momentum because agents are starting to look at their profit and loss statements again -- and wondering why they pay so much to their brokerages in splits versus transitioning to a low cost productivity environment with top producers that will create the energy and tactics needed to take share in this market.

Here's some key stats for March 2022 vs 2021

- New Listings: -11.7%

- Pending Sales: -10.7%

- Closed Sales: -11.0%

- Median Sales Price: +24.8%

- Inventory: -32.7%

- Month's Supply 1.0months

- Days on Market: 15 days

- % of Homes Selling Above List Price: 39.6%

Statistic's Source: Northeast Florida Association of Real