”The path to our destination is not always a straight one. We go down
the wrong road, we get lost, we turn back. Maybe it doesn’t matter
which road we embark on. Maybe what matters is that we embark.”
– Barbara Hall
We have embarked on a new year and January is already proving correct many predictions of ups and downs in the real estate market during 2011. See the table below for the latest Northeast Florida Association of Realtors statistics.
|
Jan 2009 |
Jan 2010 |
Jan 2011 |
|
| Pending Sales |
942 |
1,148 |
1,396 |
| Closed Sales |
701 |
921 |
993 |
| Days on Market Until Sale |
109 |
102 |
120 |
| Median Sales Price |
$155,000 |
$132,700 |
$120,750 |
| Average Sales Price |
$201,832 |
$164,825 |
$153,361 |
| % of Original List Price Received |
86.3% |
88.6% |
86.1% |
| Inventory of Homes for Sale |
16,690 |
15,443 |
13,198 |
| Months Supply of Inventory |
15.9 |
12.3 |
9.4 |
As you can see, pending sales, closed sales, Inventory of homes for sale and months supply of inventory are all showing positive trends. There are more sales each year and less inventory.
The median and average sales prices are declining. One major reason for this decline is that a staggering 59% of all closings in January were short sales or foreclosures.
If you take a 12-month average of the average sales price for the most current year, you will see it comes to $169,465 which when compared to the previous year of $179,057 shows a 5.4% decline in pricing. This method helps to smooth out the bumps in pricing each month.
If you know of anyone that would like to buy, sell, or rent a home, please give me a call. I would love to take great care of any of your referrals.
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