November 29, 2017

Jacksonville Real Estate Trends in October – Market Rebounds After Hurrican Irma

“Feeling gratitude and not expressing it is like wrapping a present and not giving it.” William Arthur Ward
The October market stats compiled by the Northeast Florida Association of Realtors show our local real estate market rebounded quickly after Hurricane Irma. That is very good news, but many housing experts are predicting a wave of foreclosures in February due to the storms. It is difficult to collect insurance until contractors are lined up to make repairs and many homeowners are waiting months for construction companies to get to the work. Some homeowners may just walk away.
Pending sales for October jumped 20% over last October. We are up 5% year to date. Closed sales are up 6% over last October and 1% year to date.

Our median and average sales prices are up over 10%. Out of the country’s 50 largest housing markets, 31 have returned to their levels during the last housing bubble (62 percent). Our market is getting closer to the peak pricing of 2005 and 2006. “As we compare today’s market dynamics to those of a decade ago, it’s important to remember rising prices didn’t cause the housing crash,” says realtor.com Chief Economist Danielle Hale. “It was rising prices stoked by subprime and low-documentation mortgages, as well as people looking for short-term gains – versus today’s truer market vitality – that created the environment for the crash.”

(more…)

October 31, 2017

Jacksonville Real Estate Trends in September – Irma Recovery & 2018 Housing Predictions!

“Change before you have to.” Jack Welch

We had finally settled into a more stable real estate market this year without quite so many wild swings, and then Irma decided to pay us a visit. Change is always coming.

The Northeast Florida Association of Realtors market stats for September show new listings down 21% and closed sales down 25% which are the most obvious impacts from Irma. We were stuck in a holding pattern waiting for the storm for days and then with the aftermath clean up and repairs, fewer people listed their home for sale. Closings were delayed due to insurance issues, re-inspections and repairs. (more…)

May 30, 2017

Jacksonville Real Estate Trends in April – 1st Quarter was the Best Quarterly Sales Pace in a Decade!

“Commitment is an act, not a word.” Jean-Paul Sartre

This quote seems very appropriate for everyone in the real estate industry. We are trusted with the largest purchase in most family’s lives. Thankfully, we have many great professionals in the real estate industry that act with true integrity.

The local and national real estate market is heating up for the summer. An article from Florida Realtors about the National Association of Realtors midyear forecast says “The first quarter was the best quarterly existing sales pace in exactly a decade (5.62 million), and Yun (Lawrence Yun, NAR chief economist) expects activity to stay on track and finish around 5.64 million – the best since 2006 (6.47 million) and 3.5 percent above 2016. With several metro areas seeing hefty price growth, the national median existing-home price is expected to rise around 5 percent this year.” (more…)

April 21, 2017

Jacksonville Real Estate Trends in March – Highest Number of Contracts Written Ever!

“I saw the angel in the marble and carved until I set him free”. Michelangelo

I hope you had a wonderful Easter and are enjoying the awesome spring weather! The Northeast Florida housing market is heating up according to the Northeast Florida Association of Realtors market stats.

The pending sales for March jumped 10% from last March to 2,893. This is highest number of contracts written in any month including the peak of the market in 2005. (more…)

March 31, 2017

Jacksonville Real Estate Trends in February – More First Time Homebuyers!

“It’s what you learn after you know it all that counts.” John Wooden

With March Madness in full swing, we can always use some wisdom from John Wooden. May your team finish strong.

An interesting article on Forbes.com with Lawrence Yun, chief economist of the National Association of Realtors discusses how rising populations and growth in the job market will have a large impact on housing demand over the next decade. Yun says “About 325 million people currently live in the U. S., and population projections forecast a 27 million increase to 352 million in 10 years.” (more…)

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