Davidson Realty, Inc.

October’s Real Estate Trends Show More Pending Sales, More Closings, Less Available Inventory and Higher Prices!

November 21, 2012

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Posted by in Northeast Florida Market Trends

“We often take for granted the very things that most deserve our gratitude.”  –Cynthia Ozick

I would like to express my gratitude for your friendship. My business would not be possible without your support and referrals. I am truly grateful!

I am also grateful that the Northeast Florida Association of Realtors Market Stats continue to indicate our housing market in the Jacksonville MSA is improving. The pending sales of 1,940 in October 2012 are 45% higher than the 1,338 contracts written in October 2011. We have 16% more pending sales year to date in 2012 compared to the same period last year.

Closed sales in October 2012 of 1,489 are 19% higher than 1,248 closings last October. The closings year to date in 2012 are 4% more than the same period last year. We are still struggling to get properties closed because of appraisals and lender requirements. The buyer and seller agree to a price which should be considered market value; however, often times the appraisal comes in thousands of dollars low. The deal will either fail or there is some compromise. When the market is declining or improving, the appraisals are always behind.

The days a property stays on the market until sale is down 11% from 124 days in October 2011 to 111 days in October 2012 which is another good trend.

The median sales price in October 2012 of $137,950 is up 8% over October 2011 and 6% year to date in 2012 over the same period last year. The average sales price of $175,784 is up 8% over October 2011 and 6% year to date over the same period last year. This is excellent news since many economist predicted prices would continue to decline into 2013.

The inventory of homes for sale is down 31% from October 2011. There are 8,667 properties available for sale in the entire MLS in active status. If you consider that we had 1,940 properties go pending in October 2012, you will see the inventory is getting very tight particularly in great neighborhoods. I believe prices will continue to increase as inventory continues to decline.

The months supply of inventory is down 39% from last October at 5.4 months supply. There is 4.2 months supply of homes under $150,000, 4.9 months supply of homes from $150,000 to $200,000 and 6 months supply of homes $200,000 to $300,000. Six months supply is a balanced market. With inventory getting so tight we are seeing more multiple offers.

The housing market continues it’s slow improvement with more pending sales, more closings, less inventory and higher prices. We have a lot to be thankful for going into the holiday season.

I appreciate your support for our first Davidson Cares fundraiser at Mile Marker on November 9th. We raised over $6,000 for our local schools because of your generous donations and support. Please go to davidsoncares.com and vote for your favorite kids video asking for school grants. I wish you and your family a Blessed Thanksgiving!

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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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