Northeast Florida Real Estate Market April 2023

We won't see a residential real estate market crash, only a correction. From there, it depends on what the Fed decides to do with interest rates.

Prices are down 2.4%, closed sales are down 24.8%, and pending sales are down 10.9% year-over-year.

Pending sales are one of the #1 leading indicators for the market. From March to April they are down 3.6%.

Here's the stats:

• Closed sales are down 24.8% YoY and down 19.2% MoM from March

• Pending sales are down 10.9% YoY and down 3.6% MoM from March

• Affordability Index dropped 1 point to 74 as interest rates whipsaw

• Days on market are now up to 36 days

• Active inventory of single family homes are up 120.6% from this time last year with a month's supply of inventory of 2.7 (with the ratio going up due to less number of sales). It is still a Seller's market.

The new market environment that is shifting from a Seller's market to a Buyer's market due to affordability, is a massive opportunity for gritty, focused, & strategic agents to grab market share.

This is a great reset that is very healthy for the market long-term. This is it!