This week’s headlines on the historical drop in national home sales certainly didn’t help in creating market confidence. Closings in the Northeast Florida Association of Realtors (NEFAR) market area in July are down almost 30% from the number of closings in June. I really believe the tax credit is part of the reason for this drop. It is encouraging to see that pending sales or new contracts being written in Northeast Florida have increased over June.
Out of curiosity I did some research on high-end transactions in the Nease High School attendance zone which includes communities such as Nocatee, Palencia, World Golf Village and everything in between. Since January 2010 there have only been 25 single family homes closed over $500,000. My statistics come from the Northeast Florida Multiple Listing Service and do not include any home listed only in the St. Augustine MLS. Sales of high-end residential homes are still hampered by the lack of consumer confidence and the mortgage lending market.
Here are a couple facts about St. Augustine and Jacksonville FL real estate in July:
• While the median sales price in the NEFAR area dropped in July, the average sales price in the NEFAR area showed a slight increase. Unfortunately our primary markets 32092 (World Golf Village) and 32095 (Palencia) showed a decrease in the average sales price. Home price improvement will only be generated by reduced housing inventories and increased job production in the private sector.
• The number of homes available for sale continues to drop. When looking at “for sale” inventories, keep in mind there is a need to segregate listings based on sales price viability. There are many sellers listing their homes high above true market value. These properties are “for sale” but not saleable.
• The inventory of available homes in the World Golf Village is less than half of what it was 2 years ago. In August 2008 there were 258 active listings and in July 2010 there were only 122 active listings. (more…)
The market stats report from the Northeast Florida Association of Realtors (NEFAR) for June 2010 continues to show encouraging trends for Jacksonville Realtors and homebuyers. My favorite trends seen in June are:
PENDING SALES: Pending sales are up in June 2010 by 20% over June 2009 and by 46% over June 2008. Many people expected pending sales to drop dramatically when the housing credits ended in April. The pending sales did decline about 28% in May, but they increased in June about 15% over the May numbers.
CLOSINGS: The closings reported year-to-date through June 2010 are 8,161 compared to year-to-date numbers through June 2009 of 6,377 closings.
SALES PRICE: The median sales price has increased from $135,250 in April to $139,995 in May to $143,090 in June 2010. We are still seeing most of the sales in the lower price ranges but there seems to be stability in the homes priced under $250,000.
DOM: The days a home is on the market before selling has averaged 102 days throughout 2010 compared to an average of 112 days through June 2009. (more…)
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When I assumed Davidson Realty’s sales management responsibilities earlier this month, it was one of my goals to provide ongoing training and professional development opportunities to our Agents. After more than 20 years in the real estate business, I’ve certainly seen my share of lead generation, training, networking and other real estate programs. But never have I seen a program as effective as Buffini & Company’s 100 Days to Greatness® program. It’s designed to help both new and seasoned agents jump-start their business and I’m thrilled that Davidson Realty is offering it to our Agents. The 100 Days to Greatness® program teaches the fundamentals of real estate lead generation by referral, helping Agents produce a steady stream of high-quality leads and referrals.
I became a Buffini & Company Certified Mentor™ following an intensive two-day training and serve as the group Facilitator. The 100 Days to Greatness® program is a 14-week, step-by-step training course that combines training from industry expert Brian Buffini, video role-playing, exercises and live accountability sessions – creating a comprehensive, practical learning experience. Our Davidson Realty “students” learn how to build and maximize relationships in order to cultivate advocates for life and accelerate their business. We already have several Agents enrolled, but my hope is for ALL our Davidson Realty Agents to participate. Please join us for the next class on July 26th. Give me a call to register, or learn more about the program. I look forward to seeing you there!
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“Ability is what you’re capable of doing. Motivation determines what you do. Attitude determines how well you do it.” ~Raymond Chandler
This quote rings true to me. In fact, its points have been proven to me again and again throughout my career. I think of it now as I assume the sales management responsibilities for our company and I couldn’t be more excited about the opportunity. Over the last few months, I’ve been working more closely with several agents, providing training, coaching and general support. It’s been so energizing. Hopefully, for those agents as well. Dottie, Jennifer, Ted and the rest of the team: hope your heads are nodding in agreement!
The benefits of consolidating the sales management responsibilities under my purview are substantial for both the company and the whole Davidson team. Of course, consolidating the sales function is more efficient and cost-effective. But there are even greater benefits than the cost savings. Having day-to-day responsibility for the sales function keeps my finger on the pulse of the Jacksonville, FL real estate market so our company is able to respond quickly to market needs and changes. I’ve already seen the benefits in coaching agents as it’s influenced our marketing choices, CDPE training efforts and other decisions.
Better communication with our agents has given us great insight and ideas! Frankly, during the toughest real estate market our company has faced, being more hands-on in the sales arena has been integral to our overall company health and prosperity. Looking ahead, I relish the opportunity to work one-on-one with all our talented and dedicated agents. I look forward to hearing your ideas, challenges and feedback. And I am committed to providing you the support and guidance you need to succeed. My door is always open.
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More than ever, folks have a lot of questions for those of us in the real estate industry. The fact is real estate values impact most people’s lives. I would like to share some statistics about sales, pricing and inventory and my thoughts on the local market.
The pending sales for May 2010 in the Northeast Florida Association of Realtors market stats were down about 25% from March and April but 14% above May 2009 pending sales. Many experts were predicting May sales to decline dramatically because homebuyers can no longer take advantage of the tax credits that were available for contracts signed through April 30, 2010. Our office did not see a decline in May sales.
The median and average sales prices were both up slightly in May over March and April. The median sales price for Jacksonville FL real estate was $139,900 and the average sales price was $175,785. These prices are below May 2009 prices but that should not be a surprise. I look for trends from the previous months. What happened last year is over and I look for current trends. (more…)
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