The positive trends that we have seen in the Northeast Florida real estate market are continuing.
• Pending sales and closed sales for September, 2009 have increased over the previous month and the previous year.
• The inventory of homes in Jacksonville, FL is down from last month and last year.
• Prices of homes in Jacksonville, FL are down slightly from last month but the change is much smaller than we have seen in past months.
• Prices of homes in St. Augustine in the 32092 zip code have increased slightly. The 32092 zip code includes World Golf Village, Murabella, Sevilla, St. Johns Golf and Country Club, South Hampton and many more. The average sales price in 32092 was $179,860 in the first quarter of 2009, $206,254 in the second quarter, and $217,893 in the third quarter.
There is also good news to report regarding short sales. We are handling many short sales and they are complicated and frustrating; however, the process is improving over what we have experienced in the last couple of years.
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How is the real estate market? I hear this question a lot. My answer lately has been that activity is up dramatically, but prices are not. Here are three trends that I like to watch.
1. Inventory levels
The number of active listings in the Northeast Florida Multiple Listing Service continues to decline. There are 14,945 properties for sale in August 2009 compared to 18,326 in August 2008. There are 18% less properties for sale. The months supply of inventory dropped from 17.1 months in August 2008 to 12.6 months in August 2009. Six months of inventory is when the market is most balanced.
2. Pending Sales
The pending sales in August 2009 are up 48% over August 2008. We have seen a large increase in the number of buyers looking for a home and the contracts that are being written.
3. Prices
The median sales price is down 17% from last year and 25% from two years (more…)
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Each month the Northeast Florida Association of Realtors releases market statistics. I have pulled five of the most interesting facts from the month of June for you. To sum up the market, sales are better, closings are harder and prices are down.
1. Pending sales increased 42.4% in June, 2009 over June, 2008.
We have seen a huge increase in home buyer activity in St. Augustine, FL. For several months, buyers were looking at homes but not making offers. At Davidson Realty we are seeing many more contracts written.
2. Closings decreased 3.3% for the same period.
The buyers are getting homes under contract; however, the closings are taking much longer. It is taking longer for lenders to approve the buyer’s loan. There are more obstacles to closing a transaction, including new regulations that do not allow lenders to speak directly with appraisers. There are also many short sales where the homeowner owes more to the lender (more…)
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