Jacksonville Real Estate Market Update | September 2022
Oct 17, 2022September went out with a bang as Hurricane Ian capped off the last three days of the month. It is unfortunate the destruction through central Florida and we are lucky to see limited impact in NE Florida.
A large impact of the hurricane will be a delay on all of the month-end transactions that would have closed the last three days of the month. We won't know exactly how many got pushed into October or canceled due to damage until we get next month's numbers, but it is a big factor to consider when reviewing the stats for September.
Here's the most recent market update:
We're seeing evidence of demand for housing dipping as pending and closed sales continue to decline. Some of the decline will be due to Hurricane Ian and the rising rates and uncertainty in the market can account for much of the rest of the decline.
The market as a whole has a greater risk of slowing rather than crashing with inventory still well below average amounts. Inventory appears to be peaking as we see a normal decline going through the holidays. As I mention in the video, the statistics got revised in the MLS making inventory look like it's jumping up more than it really has. We've been hovering around 6,500 homes for sale in NEFAR for several months now.
