Jacksonville’s Real Estate Trends Show Continuing Decrease in Distressed Properties

November 22, 2013


This month I analyzied the Northeast Florida Association of Realtors‘ real estate trends for October 2013.

There were 29% more contracts written (pending sales) in October than the previous year. We are up 26% year to date in the Northeast Florida market area.

Closings were 7% less in October compared to the previous year; however, we have 23% more closings year to date than last year. It is interesting to look a little deeper because the lender-mediated closings dropped 25% from 706 last October to 533 this year. Traditional closings were up 8% from 891 closings last October to 959 this year. Lender-mediated closings were only 36% of total closings in October compared to 44% last October. It is very encouraging to see less distressed properties and more normal closings. The median sales price of $158,865 is up 16% over last October and prices are up 16% year to date.

The median sales price of a traditional property is $205,000 and lender-mediated properties are $89,381. As you can see, if the number of lender-mediated properties continues to decline, the median sales price will increase. The average sales price of $203,045 is 17% higher than last October and up 9% year to date.

The inventory of homes for sale is down 15% from last October to 9,076 properties. The months supply of inventory dropped 31% to 4.8 months compared to 7.0 months last October. Inventory continues to decline; however, new listings have increased 19% year to date.

“Blessed are those that can give without remembering and receive without forgetting.”  Author unknown

I wish you and your family a Happy Thanksgiving. An attitude of gratitude will take you far. If I can be of any assistance to you with any real estate needs or questions, please give me a call at (904) 940-5000.

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Davidson Realty