The Northeast Florida real estate trends remain positive in October!

November 25, 2019

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The Northeast Florida Association of Realtors market stats for October 2019 show continued strong buyer demand, prices increasing more slowly, and inventory of available homes continuing to decline.

 

There were 3,507 new listings in October which is 2.6% higher than last October and a year over year increase of 0.6%. However, the inventory of homes for sale of 8,807 is down 11.9% from last October.

It is the lowest inventory level since March 2018.

 

A Realtor.com article says, “National listing inventory continued to decline in September, posting a 2.5% year-to-year decrease – a faster rate of decline compared to August’s 1.8% decrease. Driven by strong demand and short supply, entry-level homes priced below $200,000 have been steadily decreasing since May 2014, a trend that continued in September with a yearly decline of 9.8%. Mid-market homes priced between $200,000 and $750,000 – the largest segment of inventory – flatlined in September with 0% growth, and they’re poised for their first decline next month.”

 

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The Northeast Florida real estate trends remain positive in September!

October 28, 2019

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The Northeast Florida Association of Realtors market stats show buyers are responding to the low interest rates available with pending sales of 2,396 for September. Pending sales are up 2% over last September
and 6% year-to-date. There were 2,500 closings in September which is up 7% month-over-month and 5% year-to-date.

 

The median sales price of $235,000 is up 8% month-over-month and 4% year-to-date. The average price of $272,154 is up 6% month-over-month and 3% year-to-date.

 

New listings of 2,963 are down 7% from last September, but we are almost even year-to-date. The inventory
of homes for sale dropped 12% from last September to 8,920 homes. The months supply of homes for sale dropped 15% to 3.4 months.

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All is Well in Northeast Florida Real Estate: August Market Stats

September 24, 2019

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I attended a great event hosted by NEFBA this week featuring Robert Dietz, the National Association of Home Builders Chief Economist. He shared some very positive information about the Jacksonville MSA (metropolitan statistical area) performing better than the state and nation in many areas. For instance, the population growth for 2018 in the U.S. was 0.6%, the state of Florida was 1.5% and the Jacksonville MSA was 2.0%.

 

Robert Dietz also shared that the Builder confidence index rose to 68 in September from an upwardly revised reading of 67 in August. A reading above 50 is considered positive.

 

Another interesting slide he shared shows the number of young adults between the ages of 25 to 34 living with their parents almost doubled since 2005. Approximately 12% were living with their parents in 2005 and around 22% are living with parents now. Many young adults in this age group have student loans and auto loans which make it difficult to afford housing payments. Student loans are 142% higher since the recession and auto loans are 60% higher. Housing formations for this group are being delayed.

 

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All is Well in Northeast Florida Real Estate: July Market Stats

August 27, 2019

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All is well in Northeast Florida real estate this summer in the most recent report from the Northeast Florida Association of Realtors. The pending sales and closed sales are up, the median and average sales price are up, and the inventory of homes for sale and months supply of homes for sale are down.

 

There were 2,983 contracts written in July which is up 6% over last July and 6% year-to-date. The local data continues to be positive and in June the national numbers were also positive. A National Association of Realtors article says, “The Pending Sales Index (PHSI) – a forward-looking indicator based on contract signings – moved up 2.8% to 108.3 in June, an increase from 105.4 in May. Year-over-year contract signings jumped 1.6%, snapping a 17-month streak of annual decreases. The 2.8% increase is likely the start of a positive trend for home sales, predicts NAR Chief Economist Lawrence Yun.”

  • The closed sales in July of 2,820 were up 1% over last July and 4% year-to-date.
  • The median sales price of $242,000 is up 5% over last July and 2% year-to-date.
  • The average sales price of $283,038 is up 3% over last July and 2% year-to-date.
  • The inventory of homes for sale is down 7% from last July to 9,173.
  • The months supply of inventory is down 12.5% from last July to 3.5 months.
    Five to six months of supply is a balanced market.

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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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