Jacksonville Real Estate Trends in October continue to show positive trends!

November 26, 2018

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The Northeast Florida Association of Realtors market stats for October continues to show positive trends. New listings are up 11% year to date, which is a good sign. We have had 35,694 new listings in 2018, 26,330 contracts written and 25,085 closings. Even with the increase in new listings, the inventory of homes for sale dropped to 9,238 from 9,469 last month.

 

We have 3.6 months supply of inventory. A balanced market is 5 to 6 months, so the inventory of homes available is still low until you reach the $500,000 and up price range.

 

The median sales price of $211,900 is up 9% year to date over the same period last year. The average sales price of $263,043 is up 8% year to date. The days on market until sale is 58 days which is down 11% year to date compared to the same period last year.

 

Every item being monitored is still positive. Sales and closings are up year to date, prices are up, and days a home is on the market is down.

 

I am also thankful to see Sean Snaith’s positive comments about the Florida economy and housing market. He is a very respected economist at the University of Central Florida. In his October 2018 Florida forecast, he said, “The fundamental underpinnings of the housing market in Florida continue to strengthen. Economic and job growth in Florida are forecasted to continue to outperform the U. S. labor market. As more Baby Boomers continue to reach the end of their working lives, this bodes well for continued population growth via the in-migration of retirees, not to mention job seekers coming to Florida. The population of Florida is also growing naturally, as birth rates exceed death rates.”

 

He predicts Real Gross State Product (RGSP) will expand 3.5% in 2018 and 4.3% in 2019 before growth eases to 3.7% in 2020 and then 2.7% in 2021.

September 2018 Continues to be Positive Despite Many National Reports

October 30, 2018

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As we are getting closer to Thanksgiving, I want to express my gratitude for your friendship and support. I especially want to thank everyone who supported our 2018 Davidson Cares Clay Day. Because of you, the shoot raised over $52,000 which, with some matching funds, will contribute more than $100,000 to St. Augustine Youth Services and Investing in Kids. This is a substantial increase from the results of our 2017 shoot.

 

The Northeast Florida Association of Realtors market stats for September 2018 continue to be positive despite many national reports of the housing market shifting from a seller’s market to a more balanced market. Most articles I read about the national real estate market discuss days on market increasing and home sales declining.

 

An article by Florida Realtors says the median time for a home to go to contract remained stable at 38 days for single-family homes showing the continued strength of the state’s housing market. It is interesting to note that the statewide median sales price for single-family existing homes was $251,610 in September and the National Association of Realtors national median sales price for existing single-family homes was $596,410 in August. It looks like some of the markets around the country might be a little overheated after rapid price increases and need an adjustment.

 

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Dispelling 3 Rumors that buyers are hearing about home purchasing

October 17, 2018

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As we begin the 4th quarter of 2018,  people are out in the market buying a selling homes and it’s a great time to update everyone on a few things.

 

  1. Millennials and Baby Boomers are competing for the same properties in NE Florida.
  2. There are great incentives when buying a home for first time home buyers. Free Money!!!!
  3. There is a lot of bad information out there, specifically online, that buyers are seeing that makes the idea of buying seem impossible.

 

But good news, we are here to help. Let me dispel 3 rumors that buyers are hearing that get in the way of their willingness to purchase.

 

Rumor #1- Buying a home requires a large Down payment.

False- Depending on the type of loan you can put anywhere from 0%, 3%, to 5% down. You might even qualify for Down Payment Assistance. Buying a home is easier than you think and cost less.

 

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Jacksonville Real Estate Trends in August continue to show positive trends!

September 28, 2018

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The Northeast Florida Association of Realtors market stats for August 2018 continue to show the same trends. Pending sales are up and prices are up. New listings are up but the inventory of homes available for sale is down. The closed sales are about the same as last year.

 

One indicator of a healthy market is the days a property is on the market until sale. In August, a home stayed on the market 59 days on average which is down 9% from 65 days last August. The number is down 12% comparing the current year to date to the previous year to date. It is a good sign for the market when homes listed receive such a quick positive market response.

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Featured Builder: Arthur Rutenberg Homes

August 31, 2018

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For Northeast Florida home buyers seeking nothing less than refined luxury and exceptional craftsmanship, Arthur Rutenberg Homes (ARH) is widely considered to be the builder of choice.

 

 

Local ARH franchisee Mark Refosco has cultivated this reputation, having grown the company to become one of the area’s largest luxury home builders with a presence in more than 20 First Coast neighborhoods (and more coming soon). In fact, the franchise, Marcus Allen Homes, was distinguished by ARH as Builder of the Year in 2010, and again in 2014.

 

Mark boasts a solid background in architecture and engineering as well as a refreshing passion for delivering unwavering quality in custom design to each home buyer. His company reflects this passion in each of its 100+ luxury home plans. Seamless indoor-outdoor spaces and attention to every detail are hallmarks of ARH design.

 

We recently caught up with Mark to learn about his franchise and some exciting new projects in the works.

 

How long have you been an Arthur Rutenberg franchisee? I started my franchise in January of 2001.  My first model was built in The King & Bear.  We have been building in Duval, Clay and St. Johns Counties, and last year expanded our operational footprint to include Flagler County.

 

What initially drew you to the Arthur Rutenberg brand?  Arthur Rutenberg Homes is an architecturally driven company. We are regarded in the industry as continuing with our cutting edge home designs.  We’re often imitated but the knockoffs miss many of the details that separate the real deal from the look-a-like.

 

What sets Arthur Rutenberg apart from other builders?  As a member of a franchise group, we have greater buying power, better and more diverse architectural offerings, better processes and benefit from the sharing of best practices among our ARH colleagues. More than sixty percent of products people buy today are from franchised businesses. Typically, a franchised product is more cost effective due to a broad sharing of resources and refinement.

 

What is your favorite Arthur Rutenberg home plan? My personal home.  Like all of the homes we build for our buyers, we started with a standard ARH plan and modified it to our individual tastes and requirements.  We’ve lived in it for just over three years and love it more every day.  Big open spaces, lots of glass, great for entertaining friends and family and energy efficient.

 

 

 

 

 

 

 

 

 

What does Arthur Rutenberg have coming in the pipeline?  We continue to sell Palencia from our exciting, new and hugely popular Bermuda model.  There are still over 70 lots available in Palencia and it is becoming an even better location with the opening of the new Publix in a couple of months. 

 

If you haven’t seen Markland lately, you should. The second phase is developed and we are the exclusive builder of the lake to preserve lots at the southern (and much more private) section of Markland, which is called Wolfe Pointe at Markland. We continue to sell from our first model, but our new model will open to great fanfare in November. 

 

EvenTide on Ponte Vedra Boulevard in Ponte Vedra Beach is our newest community.  It features 23 home sites with deeded beach access.  Our model is currently in frame stage and will be just over 4,700 square feet with the typical outdoor living package including a pool, spa, fire pit and outdoor kitchen.  This model will be in the $1.8M range but lot home packages will start around $1.3M. 

 

Coming soon is a yet to be named community in Ponte Vedra Beach located on Solana Road just east of the entrance to Marsh Landing. This community will feature 20 home sites and pricing will range from the $900K’s to $1.5M. 

 

In Palm Coast, we have a new model opening in October in a community called Seaside Landings.  Seaside Landings offers canal to intracoastal lots with lot house packages starting in the high $400K range.  We will start a second model in Palm Coast located directly on the scenic portion of A1A, which we will use to market to the many developed lots in various Palm Coast communities. 

 

Of course, we always enjoy building on lots outside of our communities, which is typically more than fifty percent of our business.  Come see us!  If you have a lot let’s build on it!  If you need a lot, let’s find one together!

 

 

 

 

 

 

 

 

 

Check out ARH’s stunning home plans, and contact Mark and his team, by visiting ArthurRutenbergHomes.com/builders/MarcusAllenHomes.

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