September 20, 2016

Jacksonville Real Estate Trends in August -Top 4 Reasons Closings Get Delayed

“At the moment when you feel like you have reached the point of absolute exhaustion, inspire yourself to take one last step, and that is when you have successfully arrived to the next level.” Master Jin Kwon

This quote really inspires me because it is so rare to see true mastery in sports, the arts and business. It is fun to have college and professional football back and the final days of baseball for this year.

The Northeast Florida Association of Realtors market stats for August continue to show a strong local real estate market. The closings and pending sales are up, the median and average sales price are up and the inventory of homes for sale and percentage of distressed properties are down. All of these trends are very positive. (more…)

March 23, 2016

Jacksonville’s Real Estate Trends in February – Great News for Home Sellers!

“We are told to let our light shine, and if it does, we won’t need to tell anybody it does. Lighthouses don’t fire cannons to call attention to their shining – they just shine.” Dwight L. Moody

The Northeast Florida Association of Realtors market stats for February bring you really good news if you are thinking of selling your home. Even though there were 3,146 new listings in February, 6% more than February 2015, the inventory of homes for sale dropped 17% to 9,027 properties. This is the lowest number of homes on the market in our area since late 2005. (more…)

May 21, 2014

Jacksonville Market Trends for April 2014: All-cash Sales up While Distressed Sales and Investors Decline

The more you praise and celebrate your life, the more there is in life to celebrate” Oprah Winfrey

May has been full of celebration. Davidson Development celebrated our 25th anniversary May 1, 2014 and Jim and I celebrated our 34th wedding anniversary on May 9th. We have been blessed.

You may have seen the recent headlines “All-cash sales up while distressed sales and investors decline”. Lawrence Yun, the National Association of Realtors chief economist offered a terrific explanation. “Florida is the most popular state for international buyers, who generally pay cash, as well as vacation-home buyers who frequently pay cash. In addition, downsizing retirees are known to pay cash from the proceeds of their homes in the north.” (more…)

March 20, 2014

Jacksonville Real Estate Trends for February Show a Normalizing Market

“Do not let what you cannot do interfere with what you can do.” – John Wooden

I thought this quote was appropriate when I read RealtyTrac’s report that Florida is still the number 1 state in the nation in foreclosure activity even though initial filings dropped 24% in February from the previous year. The judicial foreclosure process drags on for 1,095 days on average. Only Arkansas and Hawaii have longer time frames. Jacksonville ranked number 3 in highest foreclosure rates in the nation.

I cannot do anything about the foreclosure process, but I can take advantage of all the buyers looking in our area because of the schools, the improvement in jobs and the brutal winter that most of the country has experienced. (more…)

May 31, 2011

Jacksonville FL Real Estate Statistics in April 2011

“Genius is the ability to reduce the complicated to the simple.”C. W. Ceram

The most successful people I know are able to simplify complicated issues. When I reviewed the Northeast Florida Association of Realtors market statistics this month I struggled with how to simplify what seemed like some very conflicting information.  As with many issues dealt with in today’s business environment, the analytical complexity was a result of yet another “helpful” government program. Any statistical analysis comparing April, 2010 vs April, 2011 must factor in the 2009 homebuyer tax credit program. As you may recall, homebuyers were initially required to be under a contract by November 30, 2009 which was then extended to April 30, 2010. As a result, 2010 results were directly impacted by this program.

First let’s look at activity. Pending sales and closings for April look very good compared to recent months; however, when you compare them to April, 2010 pending sales are down 13.2% and closings are down 8.8%. To give a little perspective, closings are up 2% year to date over 2010.

In April, 51.1% of closings were distressed properties. That number is down from the previous three months when the percentage was closer to 60%.

Now we will look at pricing. The median sales price for April is down 8.1% when compared to last April; however the average sales price is up 1.7%. Due to the 2009 homebuyer tax credit program many of the closings last April were first time homebuyers. This year we are seeing more mid and higher priced properties selling. We will not see any strong improvement in prices until the distressed properties situation improves. (more…)

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