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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My top three trends from the Northeast Florida Association of Realtors (NEFAR) Market Stats for April 2010 are:
1. The lender mediated sales for April which is the foreclosures and short sales were 44.4% of total April closings. This is down from over 50% of closings in January 2010.
2. The Year to Date closings for St. Augustine FL homes and Jacksonville FL homes from January to April 2010 are 4,908 which is 31.5% more than January to April 2009 when there were 3,731 closings.
3. There were 2,206 pending sales in April, 2010 which is 66.4% more sales than April, 2009 when there were 1,326.
The real estate trends in the St. Augustine and Jacksonville area continue to show signs of a slow recovery.
For more information or to talk to a knowledgeable Jacksonville or St. Augustine realtor please call (904) 940-5000.
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Almost every article I read about the Jacksonville FL real estate market compares the current month activity to the same month a year ago. When I try to understand what is happening in the current market, I am much more concerned with trends from the last few months than the percentage change from last year.
My favorite 3 trends from the Northeast Florida Association of Realtors market stats are:
1. The median sales price and the average sales price have increased.
The prices of St. Augustine FL homes and Jacksonville homes continue to show signs of stabilizing after falling for the last couple of years. The average sales prices for the NEFAR area for January, February and March were $162,752, $166,812 and $169,944. (more…)
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I enjoy analyzing the market stats from the Northeast Florida Association of Realtors (NEFAR) each month and I continue to be optimistic about the real estate market, but I wanted to share 3 facts that may surprise you.
First, we are having a great sales month at Davidson Realty and pending sales are up dramatically at NEFAR from 1,244 pending sales in January to 1,627 in February, which leads to the first surprise. I always believed that pending sales would close. It is logical but it isn’t true. I can’t tell you how many homes we have sold multiple times! (more…)
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If you have been reading my market analysis for the last few months, you probably think you can skip this one because I have been saying the same thing over and over. Well this month brings a few surprises.
My first surprise is that closed sales for January 2010 were about 40% less than December 2009. There were 1,316 closings in November, 1,365 in December and 834 in January.
This looks like very negative news, but I believe the reason for the decline in closings was mainly due to short sales. We saw lenders approving and closing short sales in December to get them closed by year end. Maybe the holidays were also a factor, but we did not see any short sales making it through the process in January. (more…)
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