Jacksonville’s Real Estate Trends in November & Realtor.com’s Top 5 Housing Predictions for 2015

December 23, 2014


Don’t be afraid to take a big step if one is indicated. You can’t cross a chasm in two small steps.” — David Lloyd George

I encourage you as you write your 2015 goals to take a big step. We have been playing defense for too long in the real estate industry.

Since my crystal ball isn’t working today and we are nearing the end of 2014, I will share Realtor.com’s top five housing predictions for 2015. These are national predictions, so as soon as I receive something more local from University of Central Florida or Florida Realtors, I will pass it on.
1. Millennials will drive household formations
2. Existing home sales will increase +8%
3. Home prices will gain +4-5%
4. Mortgage rates will end the year at 5%
5. Home affordability will decrease 5-10%

The Northeast Florida Association of Realtors market stats for November show pending sales up 15% over November 2013 and up 10.5% year to date.

Closed sales are down 3% from November but up 7% year to date. We are beginning to see more expensive homes go under contract and close. There were 161 closings year to date in the NEFAR market area over $1 million compared to 143 last year for a 13% increase. There were 208 closings between $750,000 and $1 Million compared to 152 for a 37% increase. Around 2% of the total closings year to date were over $750,000.

The average and median sales prices are up 4% over last November and 3% year to date.

The inventory of homes for sale is down 12% to 9,573 available properties. The share of available homes that were lender-mediated is down from 35% last November to 22% currently. This is a huge positive for our market area.

The months supply of inventory is down 22% to 4.7 months. Five to six months of inventory is a balanced market.

To summarize, pending sales, closings, and sales prices are all up year to date. Inventory is down. The amount of distressed properties is down and continuing to decrease. All positive trends as our Northeast Florida housing market continues its recovery.

I wish you a Merry Christmas and a Happy New Year! If we can serve you in any way with your real estate needs including our Property Management services, please let me know by giving me a call at (904) 940-5000.

Comments are closed.

Davidson Realty