Real Estate Market Update

September 17, 2020

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“Nobody made a greater mistake than he who did nothing because he could do only a little.”

Edmund Burke

 

The big real estate story across the nation and locally is the shortage of available homes for sale. There were 6,403 homes for sale at the end of August according to the Northeast Florida Association of Realtors (NEFAR) market stats. That is 35% less than August 2019 number of 9,874 for a reduction of 3,471 properties. We have 799 fewer properties than last month.

 

There is a 2.3 months supply of inventory available in Northeast Florida which is down 38% from August 2019 when there was a 3.7 months supply. A five to six month supply is considered a balanced market.

 

The inventory is down even with building permits rising. Building permits in the Jacksonville MSA are up about 6% year to date over the previous year even with COVID 19 slowing the process down. There were 7,823 permits issued through the eight months ending August. Most of the builders are selling their speculative homes before construction is finished.

 

The new listings in August 2020 from the NEFAR report are 3,441 homes. This is 4% fewer new listings than August 2019 and we are down 5% year to date. As new listings become available, they are going under contract quickly and many times with multiple offers.

 

There is a strong demand for homes in our market now. In addition to local buyers that want more space for working from home, schooling virtually, or more outdoor space, we have many people moving from other states. Some employers are allowing employees to work from home permanently or at least until mid-2021 and that allows employees to relocate to areas with better weather, more space, and lower taxes.

 

The strong demand and short supply of homes continues to drive prices higher. The median and average sales prices are up 8% and 9% respectively year-to-date. It also creates the perfect time to sell your home. If you are dreaming of a new or different home, please let us know and we can give you the guidance you need to make a good decision.

 

Davidson Cares is not making the mistake of doing nothing as mentioned in the quote. We have found a safe way with individual shoot times and no group gatherings to have our 5th Annual Davidson Cares Clay Day on October 29th. We would love for you to participate and support St. Augustine Youth Services, Investing in Kids and Builders Care with a donation, sponsorship, or as a shooter. Please go to DavidsonCares.com to get all of the information.

 

It is so nice to have sports back. I hope your favorite team has a great year. Thank you for your continued support of Davidson Realty, Davidson Property Management, and Davidson Cares!

A Quick Market Update

August 20, 2020

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“You cannot shake hands with a clenched fist.”

Indira Gandhi

 

We are not supposed to shake hands while we are social distancing, but it still makes my heart happy when someone looks me in the eye and shakes my hand with both of theirs. I can feel the love and respect.

 

The Northeast Florida Association of Realtors market stats for July indicate it is a great time to sell your home. With record-low mortgage rates and low inventory of homes listed for sale, the homes coming on the market are going under contract very quickly.

 

There were 3,598 contracts written in July which is an increase of 21% over last July. We are up 4% year-to-date.

 

There were 3,514 closings in July which is an increase of 16% over last July. We are down slightly (1%) year-to-date but catching up quickly. Closings were less than the previous year in April and May but rebounded in June and continued to increase in July.

 

The median sales price of $265,000 is up 10% over last July. The average sales price of $325,665 is up 15% over last July. Both prices are up 8% year-to-date. It is very clear that we are not seeing decreased pricing because of COVID.

 

The inventory of homes for sale is 6,943 which is down 30% from last July. This is the lowest number of homes for sale since mid-2005. For perspective during 2007 in the great recession, we had approximately 20,000 homes for sale.

 

We have 2.5 months supply of inventory available. A balanced market is 5 to 6 months of inventory. Inventory is low even with increased permits being pulled by the local builders. There are 6,608 building permits in the Jacksonville MSA through July 2020 compared to 6,208 year-to-date in 2019.

 

We are seeing increased contracts, closings and prices while experiencing a low number of homes available for sale. All add up to a terrific time to sell your home.

 

Mark your calendar for our annual Davidson Cares Clay Day on October 29th. We have worked out a very safe way for everyone to shoot with no group gatherings. We will be supporting Builders Care, Investing in Kids! and St. Augustine Youth Services again. Please email me at sdavidson@davidsonrealtyinc.com if you would like to participate.

 

Stay safe and as always thank you for your support and referrals!

Northeast Florida Market Statistics

September 2, 2009

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Jacksonville homes for saleThe Northeast Florida Association of Realtors released their July 2009 market statistics. I see some very encouraging trends for the real estate market in the Jacksonville and St. Augustine area.

The total number of active listings or properties available for sale is down 18.1% from last July. Since there are less homes for sale and increased sales activity, there are 13.1 months supply of inventory on the market. Even though 6 months supply is optimal, our inventory number is much better than last year when there was 17.0 months supply available.

The median sales price and the average sales price seem to have stabilized. The median price was $160,000 in June 2009 and is $159,800 in July 2009. The average sales price was $192,430 in May 2009, $184,015 in June and Read more

Davidson Realty