Each month the Northeast Florida Association of Realtors releases market statistics. I have pulled five of the most interesting facts from the month of June for you. To sum up the market, sales are better, closings are harder and prices are down.
1. Pending sales increased 42.4% in June, 2009 over June, 2008.
We have seen a huge increase in home buyer activity in St. Augustine, FL. For several months, buyers were looking at homes but not making offers. At Davidson Realty we are seeing many more contracts written.
2. Closings decreased 3.3% for the same period.
The buyers are getting homes under contract; however, the closings are taking much longer. It is taking longer for lenders to approve the buyer’s loan. There are more obstacles to closing a transaction, including new regulations that do not allow lenders to speak directly with appraisers. There are also many short sales where the homeowner owes more to the lender than they will receive selling their home. The short sale requires lenders to agree to accept less than they are owed and can sometimes take months to get to closing.
3. The median sales price decreased 18.3% to $161,000.
This means an equal number of homes sold above the median price as sold below the median price.
4. The average sales price decreased 26.4% to $186,279.
The average sales price is total sales divided by the number of homes sold. Since the majority of homes selling are in the lower price range or a short sale or foreclosure, it is no surprise that the prices have declined.
5. The days on the market until sale has increased by 7.7% to 114 days.
With the increased buyer activity, I expect this number to stabilize and maybe improve.
The numbers I have used are from the Northeast Florida Multiple Listing Service.