Davidson Realty, Inc.

Northeast Florida Real Estate Trends Remain Positive in August!

September 26, 2011

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Posted by in Northeast Florida Market Trends

13155-Blue-Man-Reaching-For-The-Stars-Clipart-IllustrationThe greatest danger for most of us is not that our aim is too high and we miss it, but that it is too low and we reach it. – Michelangelo

I chose this quote because it seems as if our recent economic challenge has put many people in survival mode. Survival mode can distract us from our long term goals.  We must not think this way but keep reaching for the stars.

I will share an overview of the market stats provided by the Northeast Florida Association of Realtors starting with Pending Sales. August 2011 pending sales of 1,744 is 24% higher than August 2010 sales of 1,402. There have been some confusing monthly comparisons because of the tax credits last year, but the year to date pending sales for 2011 are 7% higher than year to date pending sales for 2010.

The closings for August 2011 are up 1.5% over the closings in August 2010 and the year to date closings for 2011 are almost the same as 2010. I would like to go a little deeper into closings and share that there were 691 traditional closings in August 2010 and 835 in August 2011 for an increase of 21%. The lender–mediated closings dropped from 729 in August 2010 to 626 in August 2011 for a 14% decrease. This is a very good sign when we have more traditional closings and less distressed closings.

The lender-mediated closings dropped from 44.3% of July 2011 closings to 42.8% of August 2011 closings. We continue to move in the right direction.

The median sales price in August 2011 is $138,000 up 2% over August 2010 price of $135,000. We began the year in January 2011 with a median sales price of $122,000 and we have seen a consistent trend up each month, with a couple of small dips, to reach the $138,000 median sales price in August.

The average sales price trend is similar. The average sales price in August 2011 of $180,823 is up almost 7% over the August 2010 price of $169,658. The year started in January with an average sales price of $154,558 and has climbed pretty steadily to reach the August number of $180,823.

The inventory of homes for sale continues to drop which is a positive trend . There were 16,464 properties for sale in August 2010 and there are only 11,167 properties for sale in August 2011 for a 32% decrease. The months supply of inventory has dropped from 11.8 months supply in August 2010 to a 7.9 months supply in August 2011 for a 33% decrease. A 6 months supply is considered a balanced market.

The percent of original list price received in August 2011 is 88.9% up slightly from 88.7% in August 2010.

I continue to see positive trends in activity and prices appear to be stabilizing. The rental market continues to see great activity with higher lease rates. It is a terrific time to make a real estate investment. 

Baseball season is winding down and football season is starting strong. I hope your team does well especially if you are pulling for the Atlanta Braves, the Florida Gators, or the Jacksonville Jaguars. I am always looking for great agents to add to our team at Davidson Realty. If you know of anyone considering a real estate career, I would love to speak with them – (904) 940-5000 or SDavidson@DavidsonRealtyInc.Com

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About the Author
Sherry Davidson
President of Davidson Realty

Since launching Davidson Realty in 1989, Sherry Davidson has built the firm to include nearly 60 agents and exceed $100 million in annual sales. She is known throughout the First Coast as an authority on all things residential real estate, having served on the Board of Directors for Northeast Florida Association of Realtors, Florida Realtors® (a division of the National Association of Realtors), and Builders Care (charitable arm of Northeast Florida Builders Association).

Thanks to Sherry’s leadership, Davidson Realty has been recognized as one of the state’s Best Companies to Work For (Florida Trend Magazine), as well as one of the region's Best Places to Work and 50 Fastest Growing Companies (Jacksonville Business Journal). Get to know Davidson Realty’s talented team of agents by clicking here or call us at (904) 940-5000.

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