January 30, 2018

Jacksonville Real Estate Trends in December – Pending Sales, Closed Sales and Prices All Show Increases

Posted by in News

“You must do the things you think you cannot do.” Eleanor Roosevelt
Happy New Year! The new year always brings reflection on the previous year, new goals and so much hope.
December made a strong showing in the Northeast Florida Association of Realtors market stats. The pending sales, closed sales and prices all show increases over last December and year over year.
The new listings were up 1% for the month and the year. The available inventory continues to be the biggest story nationally and locally. The homes available for sale dropped 19.4% from 8,763 last December to 7,062 this December. There are 2.9 months supply of homes for sale compared to 3.8 months last December for a 23.7% decrease.
New home construction may help increase the supply of homes. The National Association of Home Builders (NAHB) recently shared some forecast. (more…)

December 27, 2017

Jacksonville Real Estate Trends in November – New Listings, Pending Sales & Closed Sales Show Positive Trends

“It is the set of the sails, not the direction of the wind that determines which way we will go.” Jim Rohn


The Northeast Florida Association of Realtors market stats for November continue to show positive trends increasing over 2016 in all categories. New listings of 2,556 are up 7% over last November and up 1% year to date. Pending sales of 2,242 are up 14% over November 2016 and up 5% year to date. Closed sales of 2,028 are up 0.4% over last November and 1.5% year to date.
Prices continue to rise with the median sales price of $210,350 showing a 10.5% increase year to date over 2016. The average sales price of $254,947 is up 8.6% year to date. Inventory continues to decline with 7,594 homes for sale which is down 20% and a 3.1 months supply of inventory which is down 24.4%. A balanced market is 5 to 6 months of inventory so we continue to be in a seller’s market.

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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.”

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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…)

August 31, 2017

Jacksonville Real Estate Trends in July – Low Inventory & More Buyers!

“The question should be, is it worth trying to do, not can it be done.” Allard Lowenstein

This quote really spoke to me as I watch how fast the real estate industry is changing and how we are constantly looking for new ways to thrive in this industry regardless of whether our specialty is developing communities, building homes or selling homes. We will all keep looking for better ways to meet the needs of our customers. (more…)

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