January 28, 2011

Jacksonville FL Real Estate Trends for December 2010

Posted by Sherry Davidson in Northeast Florida Market Trends

“A journey of a thousand miles begins with a single step.” Chinese proverb

I picked the quote this month because I am seeing some small positive signs in the Jacksonville real estate market. I don’t expect dramatic improvement, but single steps in the right direction will get us started on our journey.

My information comes from NEFAR which covers much of the Jacksonville MSA. The information I use by zip code comes from Metro Market Trends and is pulled from the County tax records.

Pending sales for 2010 were 17,040 compared to pending sales for 2009 of 15,111. There was a 12.8% increase in pending sales year over year.

There were 16,106 closings in 2010 compared to 14,525 in 2009 for a 10.9% increase. Just to put this in perspective 2008 had 12,604 closings and 2007 had 16,775 closings. As you can see the 2010 closings are pretty similar to what we saw in 2007. (more…)

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November 30, 2010

Jacksonville FL Real Estate Trends in October 2010

Posted by Sherry Davidson in Northeast Florida Market Trends

“Every problem has in it the seeds of its own solution. If you don’t have any problems, you don’t get any seeds.” Norman Vincent Peale

This quote should give you a hint about the northeast Florida market for October. The numbers aren’t a surprise since many lenders halted foreclosure sales in October and 54.8% of the North Florida closings in September were lender mediated meaning a short sale or foreclosure. Only 48.7% of the closings in October were lender mediated.

• The number of closings in October reported by the Northeast Florida Association of Realtors (NEFAR) was 968 down from 1,263 in September.

I believe the foreclosure issues accounted for most of the drop in closings. On a positive note, the closings year to date through October 2010 are 13,393 up from 11,817 year to date through October 2009 and 10,686 year to date through October 2008.

• The number of pending sales in October were 1,280, which was down from 1,385 in September and 1,496 in August. Pending sales year to date through October 2010 like closings are up over 2008 and 2009.
• The median sales price and the average sales price are both higher than previous months. Again, I think this may be due to less foreclosure sales. The median sales price is $142,550 for October. It was only $130,000 for September which is a nice increase. The average sales price is $173,892 in October which is up from $166,504 in September. (more…)

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October 26, 2010

Northeast Florida Real Estate Trends for September 2010

Posted by Peyton Davidson in Northeast Florida Market Trends

sherrySo, last month I explained to you all that I was being called a “Negative Nancy” at work, but I have received tons of great feedback for providing you with the TRUE market stats instead of trying to put a positive slant on the information. So this month, I’m hitting you with the facts again! I am providing a table from the Northeast Florida Association of Realtors (NEFAR) statistics, so I don’t have to be positive or negative – you choose how to look at it!

 

July 2010

August 2010

September 2010
Pending Sales

1,502

1,553

1,502
Closings

1,364

1,394

1,178
Median Price

$137,000

$132,500

$130,000
Average Price

$168,974

$169,620

$168,787
Listings Available

15,985

15,762

15,266
Month of Inventory

11.0

10.6

9.9
Closings – Lender Mediated

46.6%

51.4%

54.8%

As you can see, pending sales haven’t changed very much in the last few months. The September 2010 pending sales are 6.6% higher than September 2009 when there were just 1,409.

The closed transactions were down in September 2010 from the previous month and down 14.5% from September 2009 when closings were 1,377. There is a positive trend in closings year to date. The total closings dropped from 24,367 in 2005 to 22,366 in 2006, 16,775 in 2007 and 12,604 in 2008. They went back up in 2009 to 14,524 and we already have 12,317 closings in 2010 with three months data to be included. (more…)

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July 27, 2010

Jacksonville FL Real Estate Trends in June

Posted by Sherry Davidson in Northeast Florida Market Trends

DSC_0326The market stats report from the Northeast Florida Association of Realtors (NEFAR) for June 2010 continues to show encouraging trends for Jacksonville Realtors and homebuyers. My favorite trends seen in June are:

PENDING SALES: Pending sales are up in June 2010 by 20% over June 2009 and by 46% over June 2008. Many people expected pending sales to drop dramatically when the housing credits ended in April. The pending sales did decline about 28% in May, but they increased in June about 15% over the May numbers.

CLOSINGS: The closings reported year-to-date through June 2010 are 8,161 compared to year-to-date numbers through June 2009 of 6,377 closings.

SALES PRICE: The median sales price has increased from $135,250 in April to $139,995 in May to $143,090 in June 2010. We are still seeing most of the sales in the lower price ranges but there seems to be stability in the homes priced under $250,000.

DOM: The days a home is on the market before selling has averaged 102 days throughout 2010 compared to an average of 112 days through June 2009. (more…)

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June 22, 2010

NEFAR Market Trends for May 2010

Posted by Sherry Davidson in Northeast Florida Market Trends

More than ever, folks have a lot of questions for those of us in the real estate industry. The fact is real estate values impact most people’s lives. I would like to share some statistics about sales, pricing and inventory and my thoughts on the local market.

The pending sales for May 2010 in the Northeast Florida Association of Realtors market stats were down about 25% from March and April but 14% above May 2009 pending sales. Many experts were predicting May sales to decline dramatically because homebuyers can no longer take advantage of the tax credits that were available for contracts signed through April 30, 2010. Our office did not see a decline in May sales.

The median and average sales prices were both up slightly in May over March and April. The median sales price for Jacksonville FL real estate was $139,900 and the average sales price was $175,785. These prices are below May 2009 prices but that should not be a surprise. I look for trends from the previous months. What happened last year is over and I look for current trends. (more…)

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