Calling it a seller’s market, the Northeast Florida Association of Realtors reported the supply of homes for sale in September fell 44.4% from the year before.
The reduction in supply continues as the residential real estate market continues to surge, leaving a two-month supply in September. In September 2019, it was 3.6 months.
The report also shows an inventory of 5,869 homes listed for sale compared with 9,665 a year ago, down 39%.
Inventory is the number of homes for sale at the end of the month. The months’ supply is calculated by dividing the number of homes for sale at the end of the month by the average monthly pending sales for the past 12 months.
NEFAR reported a 2.5-month home supply in July and 2.3-month supply in August.
“With five- to six-months of inventory being considered a market that is balanced between buyers and…