The Strong Real Estate Market Continues Through Summer!

July 31, 2019

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It looks like the strong real estate market in northeast Florida will continue through the summer. The Northeast Florida Association of Realtors market stats for June 2019 shows good buyer demand with 2,966 pending sales which is 11% higher than last June and 7% higher year-to-date.

 

Brian Buffini, a leader in the real estate industry for over 30 years, pointed out the four main indicators of the economy as it relates to real estate. The four indicators are jobs, interest rates, population and consumer confidence. All four are extremely positive right now.

 

Jobless claims are at a 50-year low. Mortgage interest rates are more than 0.5% lower than last year and very low compared to historical rates. The United States population is up 45 million people from 2000 to 2018 and consumer confidence is high.

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The May Market Stats Show Increasing Pending Sales & Closing

June 26, 2019

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The Northeast Florida Association of Realtors market stats for May 2019 show increased pending sales and closings. Prices continue to rise, but at a slower pace than the previous few years. Home sales had weakened late last year when interest rates on mortgages spiked, but the declining rates and strong economy in Northeast Florida have the numbers outpacing 2018 year-to-date.

 

There were 3,114 contracts written in May which is up over 5% for the previous May and year-to-date. There were 3,091 closings in May which is up over 4% month-to-month and year-to-date. The median sales price of $232,000 is up 2% year-to-date. The average sales price of $276,429 is up 1% year-to-date.

 

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April Market Stats: Florida is growing Fast!!

May 31, 2019

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The National Association of Realtors annual meeting in Washington DC just wrapped up and Dr. Lawrence Yun, chief economist at the National Association of Realtors made an interesting prediction of changing future migration patterns of buyers. “Because of significant differences in home prices between metro markets, he says there may be a steady shift in the relocation of people and companies into more affordable regions of the country. Housing affordability has been falling according to NAR’s Housing Affordability Index.” Florida Realtors

 

Another Florida Realtors article discusses the 2018 American Community Survey state-to-state migration flows. Florida had the most domestic in-movers, with 566,476 people moving from another state within the past year. The states with the next highest in-migration flows are Texas with 524,511 and California with 523,131.

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The Market Continues to Show Positive Trends in 2019!!!

April 30, 2019

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The Northeast Florida Association of Realtors market stats for March 2019 shows continuing positive trends in the residential real estate market. There were 2,979 pending sales in March which is up 2% over last March. We are up 5% comparing the 1stquarter to the same period last year.

 

There were 2,459 closings in March which is down 7% from last March. The closings are up 0.4% in the first quarter over the previous year.

 

The median sales price of $229,900 is up 2% over last March and the average sales price of $267,500 is up 0.1%.

 

There were 3,908 new listings in March which is up 1% over last March. There were 9,162 homes available for sale in March which is up 4% from last March. Our months supply of inventory available stayed the same at 3.6 months.

 

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Jacksonville Real Estate Trends: The Housing Market Is Blooming For Spring Time

March 25, 2019

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The northeast Florida real estate market seems to be coming out of the winter doldrums and heating up for spring. We have written more contracts in the first two weeks of March in our office than in the entire month of February.

 

In the Northeast Florida Association of Realtors Market Stats for February 2019, pending sales of 2,454 are up 5% over February 2018. There were 1,956 closings which is up 1%.

 

There were 3,351 new listings which is up 4% over last February. The inventory of homes for sale is 8,942 which is up 5% over last February. We continue to have a 3.5 months supply of inventory which is still a little below a balanced market of 5 to 6 months supply.

 

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