February 23, 2016

Jacksonville’s Real Estate Trends in January – Low Inventory Makes For a Great Seller’s Market!

“Nothing, Everything, Anything, Something: If you have nothing, then you have everything, because you have the freedom to do anything, without the fear of losing something.” — Jarod Kintz

The Northeast Florida Association of Realtors market stats indicate that 2016 is off to a great start with pending sales of 2,141 which is 10% more than last January. The last 12 months have averaged 2,322 pending sales per month compared to the previous 12 month’s average of 1,995 for a 16% increase. (more…)

August 25, 2015

Jacksonville’s Real Estate Trends in July – Pending Sales Higher Than 2005′s Market Peak!

The only fool bigger than the person who knows it all is the person who argues with him. - Stanislaw Jerszy Lec

I don’t want to be the person who knows it all, but I would like to share with you my insights into the real estate market based on the July statistics produced by the Northeast Florida Association of Realtors.

The local real estate market is going strong. Pending sales for the last 5 months have been higher than they were during the peak market of 2005. There were 2,661 pending sales in July which is 24% higher than the previous July. Pending sales are 20% higher year to date than the previous year to date. (more…)

December 23, 2014

Jacksonville’s Real Estate Trends in November & Realtor.com’s Top 5 Housing Predictions for 2015

Don’t be afraid to take a big step if one is indicated. You can’t cross a chasm in two small steps.” — David Lloyd George

I encourage you as you write your 2015 goals to take a big step. We have been playing defense for too long in the real estate industry.

Since my crystal ball isn’t working today and we are nearing the end of 2014, I will share Realtor.com’s top five housing predictions for 2015. These are national predictions, so as soon as I receive something more local from University of Central Florida or Florida Realtors, I will pass it on.
1. Millennials will drive household formations
2. Existing home sales will increase +8%
3. Home prices will gain +4-5%
4. Mortgage rates will end the year at 5%
5. Home affordability will decrease 5-10% (more…)

November 22, 2013

Jacksonville’s Real Estate Trends Show Continuing Decrease in Distressed Properties

This month I analyzied the Northeast Florida Association of Realtors‘ real estate trends for October 2013.

There were 29% more contracts written (pending sales) in October than the previous year. We are up 26% year to date in the Northeast Florida market area.

Closings were 7% less in October compared to the previous year; however, we have 23% more closings year to date than last year. It is interesting to look a little deeper because the lender-mediated closings dropped 25% from 706 last October to 533 this year. Traditional closings were up 8% from 891 closings last October to 959 this year. Lender-mediated closings were only 36% of total closings in October compared to 44% last October. It is very encouraging to see less distressed properties and more normal closings. The median sales price of $158,865 is up 16% over last October and prices are up 16% year to date. (more…)

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