January 30, 2012

A Look Back at 2011 Real Estate Trends!

Posted by Sherry Davidson in Northeast Florida Market Trends

“Those who say it cannot be done should not interrupt the person doing it.” Chinese Proverb

I thought I would start 2012 by sharing my favorite quote and an optimistic attitude that we will continue to see stabilization and improvement in the real estate market. The main reason I predict continued improvement is the tightening of inventory.

The numbers are drastic enough to tell the story. At the end of 2010 there were 14,510 active properties for sale compared to 9,902 properties available at the end of 2011. That is a 32% decline in inventory. The “months supply of inventory” dropped from 10.6 months supply at the end of 2010 to 6.7 months supply at the end of 2011. A 5 to 6 months supply indicates a balanced market. The inventory declined the most (45%) in the under $150,000 price range but declined by 41% in the $500,000 to $999,999 price range.

A more practical example of the decline in inventory is how often my agents tell me stories about a customer liking a home and calling back a few days later to move forward with a purchase only to find out the home is under contract. (more…)

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December 22, 2011

Northeast Florida Real Estate Trends for November Show All Around Continued Improvement

Posted by Sherry Davidson in Northeast Florida Market Trends

popb2anack1azzo“Something I learned early in college is to not worry about what I can’t control…But what I can control is my attitude, my effort, my focus every single day and that’s what I’m trying to worry about.”  Tim Tebow

We certainly can’t control the real estate market but we can control how we respond to the changes in trends. Fortunately, the Northeast Florida Association of Realtors market stats for November show continued improvement in almost all measured areas. The inventory continues to decrease. The number of properties available in the Multiple Listing Service in active status at the end of the month dropped 31% from November 2010 to November 2011. There were 15,498 properties available last year and 10,722 available this year. The number of available properties has dropped every month this year.

The months supply of inventory at 7.4 months is 35 percent less than November 2010 when we had 11.4 months of inventory. The price range with the largest percentage decrease is the $500,000-$999,999 with a 45% decrease. The months supply for this price range went from 28 months to 15 months. (more…)

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November 28, 2011

North Florida Real Estate Trends – Housing Inventory Approaching Normal Market Equilibrium?

Posted by Sherry Davidson in Northeast Florida Market Trends

“Before you can learn a new way of doing things, you have to unlearn the old way. So beginnings depend on endings.”– Rick Maurer

Everything has changed over the past few years and we have to learn to adapt. Some things haven’t changed though so when we see declining inventory and improved sales, you might well expect an improvement in the future housing market, especially if we can continue adding jobs in the northeast Florida area. I know the job growth has been slow but our area has started to see growth.

The Northeast Florida Association of Realtors market statistics for October, 2011 continue to show encouraging trends in the market. The pending sales are up 37.5% over October, 2010. The 12 month average for the most recent 12 months is 1,463 pending sales per month compared to 1,357 for the previous 12 months which is an increase of almost 8%.

The inventory of homes for sale in October, 2011 was 10,964 down 31.5% from 15,995 in October, 2010. The inventory has dropped consistently for the last 12 months. The largest drop in inventory is in the less than $150,000 price range at 36.5% however the $500,000 to $999,999 price range also dropped 28.5%. Of particular interest is that over the last year the price range hardest hit in our area ($500,000 – $999,999) has seen the strongest increase in sales with a 30.6% increase. (more…)

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October 24, 2011

Northeast Florida Market Statistics for September! Is Increased Home Pricing in Our Future?

Posted by Sherry Davidson in Northeast Florida Market Trends

“Capital isn’t scarce; vision is.” Sam Walton

This is a profound statement by Sam Walton and very appropriate today. There are a lot of bright people focused on making it through the day instead of looking forward.

The one consistent story in the market statistics produced by the Northeast Florida Association of Realtors for September is the inventory of homes for sale continues to drop. There were 16,280 active properties for sale in September 2010 and there are 32% less properties (11,011) in September 2011.The inventory has dropped every month in the past year. The months supply of inventory is at 7.7 months supply compared to 11.6 months in September 2010, a 34% decrease. The inventory reductions we are seeing should lead to increased pricing in the future.

Pending sales in September 2011 are up 24% over September 2010. The year to date pending sales for  2011 are up 7% over year to date 2010. The North Florida market has averaged 1,450 pending sales a month for the last 12 months compared to a 1,385 average for the previous 12 months. (more…)

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September 26, 2011

Northeast Florida Real Estate Trends Remain Positive in August!

Posted by Sherry Davidson in Northeast Florida Market Trends

13155-Blue-Man-Reaching-For-The-Stars-Clipart-IllustrationThe greatest danger for most of us is not that our aim is too high and we miss it, but that it is too low and we reach it. – Michelangelo

I chose this quote because it seems as if our recent economic challenge has put many people in survival mode. Survival mode can distract us from our long term goals.  We must not think this way but keep reaching for the stars.

I will share an overview of the market stats provided by the Northeast Florida Association of Realtors starting with Pending Sales. August 2011 pending sales of 1,744 is 24% higher than August 2010 sales of 1,402. There have been some confusing monthly comparisons because of the tax credits last year, but the year to date pending sales for 2011 are 7% higher than year to date pending sales for 2010.

The closings for August 2011 are up 1.5% over the closings in August 2010 and the year to date closings for 2011 are almost the same as 2010. I would like to go a little deeper into closings and share that there were 691 traditional closings in August 2010 and 835 in August 2011 for an increase of 21%. The lender–mediated closings dropped from 729 in August 2010 to 626 in August 2011 for a 14% decrease. This is a very good sign when we have more traditional closings and less distressed closings.

The lender-mediated closings dropped from 44.3% of July 2011 closings to 42.8% of August 2011 closings. We continue to move in the right direction. (more…)

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