Here are some quick facts about Northeast Florida's first quarter:

• New listings in Northeast Florida dropped 10.3% to just over one month of inventory. Many sellers who were planning on putting their home on the market became discouraged at their options for a new home, so they decided to delay listing their existing home.
• While new construction sales are up, so are the costs for building. The huge increase in cost and shortages of building supplies lead to a backlog in the supply chain. Some builders are dramatically limiting the number of contracts for new construction homes so they can keep up with the projects already under construction.
• Pending sales were up 24% this quarter.
• Median sales prices continue to rise and are up 12.7% from last year.
• Days on the market continue to drop, down 30%, to just 49 days between listing and closing.
• Multiple offers are still very common with some homes selling for dramatically higher prices than the original list price.

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