Davidson Realty, Inc.

The Northeast Florida real estate trends remain positive in October!

November 25, 2019

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Posted by in News, Northeast Florida Market Trends

The Northeast Florida Association of Realtors market stats for October 2019 show continued strong buyer demand, prices increasing more slowly, and inventory of available homes continuing to decline.

 

There were 3,507 new listings in October which is 2.6% higher than last October and a year over year increase of 0.6%. However, the inventory of homes for sale of 8,807 is down 11.9% from last October.

It is the lowest inventory level since March 2018.

 

A Realtor.com article says, “National listing inventory continued to decline in September, posting a 2.5% year-to-year decrease – a faster rate of decline compared to August’s 1.8% decrease. Driven by strong demand and short supply, entry-level homes priced below $200,000 have been steadily decreasing since May 2014, a trend that continued in September with a yearly decline of 9.8%. Mid-market homes priced between $200,000 and $750,000 – the largest segment of inventory – flatlined in September with 0% growth, and they’re poised for their first decline next month.”

 

George Ratiu, senior economist for realtor.com says we could be headed for even lower levels of inventory in early 2020.

 

There were 2,639 pending sales in October, a 6.3% increase over last October. We are up 6.4% year-to-date. Closed sales of 2,375 were down 6.6% from last October, but we are up 4.9% year to date.

 

The median sales price is $235,550 and the average sales price is $274,173. Both are increases over last October and year-to-date.

 

You may be wondering if it is a good time to buy a home. I believe it is with inventory continuing to decline and prices increasing.

 

If you are wondering if the holiday season is a good time to sell your home, I say it is. The buyers looking this time of year are usually serious buyers and many people wait until January to list their home so there are fewer homes to choose from.

 

I would like to thank you for your continued support and referrals. Our team wishes you a happy and 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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