Davidson Realty, Inc.

Real Estate Market Update

August 23, 2021

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Posted by in News

“Your reputation is what people say about you. Your character is what God knows about you.” Bobby Bowden

 

Whether an FSU fan or not, most people respect and love Bobby Bowden.

 

The Northeast Florida Association of Realtors market stats for July have a few interesting twists. Prices continue to rise, pending and closed sales are down compared to July 2020, and new listings are up.

 

New listings of 3,915 are up 6.9% month over month and 5.3% year to date. The inventory of homes for sale of 4,668 is up slightly from the June number of 4,586. It is still down 40.6% from last July. The months supply of inventory is at 1.4 months which is the same as June but down 50% from last July. Since 5 to 6 months supply of inventory is a balanced market, we are still in a seller’s market.

 

There were 3,287 pending sales in July down 10.6% from last July. However, pending sales are up 13.4% year-to-date. There were 3,149 closings in July down 16.2% from last July but we are up 16.7% year-to-date. The month-to-month comparisons are difficult to interpret because last June and July were the two highest months for sales last year and July was the highest month for closings as a result of the slowdown in April and May 2020 due to Covid.

 

NAR’s chief economist, Lawrence Yun is predicting interest rates to increase to 3.3% by the end of the year on 30-year fixed rate mortgages and average 3.6% in 2022. He predicts existing-home sales will decline marginally from 6 million in 2021 to 5.99 million in 2022.

 

Dr. Yun also predicts housing starts will improve to 1.65 million in 2022 from 1.565 in 2021 and existing-home prices will increase at a slower pace of 4.4% in 2022 compared to 14.1% in 2021.

 

The July median sales price is $303,600 up 15% month-over-month and 13.7% year-to-date. The average sales price is $381,499 up 18.4% month-over-month and 18.6% year-to-date. An amazing 45.6% of listings sold for an amount over list price.

 

It does appear the speed of the market is slowing a little and there may be more opportunities for first-time homebuyers and buyers using FHA or VA loans. Sellers were seeing so many cash offers and conventional loans, that many didn’t want to accept government backed loans because of their inflexibility. The market calming down a little will be good for everyone.

 

Please take a minute to go to DavidsonCares.com and sign up for Clay Day on October 21st or buy a ticket to one of our raffles. We have our YETI cooler full of alcoholic beverages and tickets for 8 people at Concerts for a Cause which is an amazing event watching live music outside.

 

Have a great Labor Day holiday and enjoy the rest of your summer. Please let us know if we can help you with any real estate questions.

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Davidson Cares Continues to Grow in Size and Impact

August 20, 2021

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Posted by in Community Involvement, News

Since 2012, Davidson Cares has tirelessly supported local youth-based programs in Northeast Florida. Through various fundraisers, events, raffles, and grants, Davidson Cares is committed to strengthening children. The efforts of Davidson Cares is overwhelmingly supported by the gracious and generous community in Northeast Florida. 

 

 

 

Davidson Cares is proud of the dedicated and talented members of its board. “Davidson Cares recently welcomed four new board members to form a team of twelve incredible members. Together, we look forward to continuing to support local programs that benefit both children and their families,” shares Sherry Davidson, President of Davidson Realty.

 

Steve Canty

Steve Canty is currently the principal (owner) of Shillburn Risk Advisors. Prior, for fourteen years Steve was the owner of The Canty Insurance Agency (Brightway) in Jacksonville. The agency was sold to VyStar Financial Corp in January of 2021. Steve is also a former Senior Vice President of Main Street America Group. Steve is married to Rita B. Canty, a father of three, and a grandfather to two. Steve and his wife reside on the beautiful St. Johns River in St. Augustine, Florida.

 

 

Jim Wheeler

Jim Wheeler is a Program Director for Investing in Kids (INK!), the foundation supporting public schools in St. Johns County.  After retiring from a twenty-six-year banking career in 2014, Jim has worked in education.  He has led the Take Stock in Children- St. Johns County scholarship and mentoring program since 2017.  He has previously served as co-founder of the Community Alliance Funding Education, as Chair of the St. Johns County Chamber of Commerce Economic Development Council, and as an eight-year member of the St. Johns County Planning and Zoning Agency.

 

 

William Li

William Li has been a practicing attorney for more than twenty years in Northeast Florida. He started his career at a boutique law firm in Jacksonville, Florida specializing in real estate development and representing clients in raw land acquisition, due diligence, development, and disposition. After rising to shareholder, William pursued an opportunity with the General Counsel’s office for the University of Florida in Gainesville, Florida, handling all of the University’s legal matters in real estate, finance, and contracts. However, the lure of private practice brought William back to Jacksonville, where he now practices law again.

 

William is a member of the Florida Bar and is a member of numerous lawyer associations and charities. He is a graduate of the University of Florida (BS) 1996, University of Florida (Masters in Real Estate Finance) 2000, and University of Florida College of Law (JD) 2000. He is a husband and father to twin boys and enjoys spending time with his family, good food, and sports.

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CONGRATULATIONS TO OUR TOP PRODUCERS FOR JULY!

August 11, 2021

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Posted by in Uncategorized

Davidson Realty is celebrating a great month of July with $14 million in closings and $15.3 million in sales. Our agents continue to work hard to stay knowledgeable of the market including new construction.

 

The Top Producer (most closings) and Top Sales agent for the month is Mirtha Barzaga. While closing four homes for customers in July, she sold 7 homes for a volume of $3.1 million. Mirtha receives great reviews from customers and is extremely professional.

 

 

 

 

The Top Listing Agent for July is Liz Pappaceno. Liz sold over $1.3 million in listings. Liz enjoys volunteering, spending time with family and gaining more skills to help her customers. If you are considering selling your home, give Liz a call.

 

 

 

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3 New Businesses in Northeast Florida You NEED to Visit

July 30, 2021

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Posted by in News, Restaurants, Restaurants

The attraction to Northeast Florida is clear. From the beautiful beaches to the dynamic neighborhoods, there is something for everyone to enjoy. In such a fruitful area, new businesses are popping up all around town and we’re sharing a few that are a MUST to visit.

 

 

Jeremiah’s

A Northeast Florida favorite, Jeremiah’s recently opened a new location in Jacksonville Beach. The Orlando-based company has gained popularity across Florida and is the perfect addition to the array of businesses at the beaches. Located at 1500 Beach Boulevard, the new location is just 1.5 miles from the Jacksonville Beach Pier, making it the perfect cool-down hangout on hot summer days! Jeremiah’s iconic bold Italian Ice offers nearly limitless favor combinations for guests. Some fan-favorite pairings include Orange Smash and Vanilla Gelati and Cake Batter Gelati and Chocolate Ice Cream!

 

Buc-cee’s

Although this first of its kind in Florida establishment has been open since February, Buc-cee’s is still stirring up excitement! With more than 104 fueling stations and more then 52,000 square feet it is obvious this isn’t your average gas station. The Texas-based travel shop is located in St. Augustine on 200 World Commerce Parkway near World Golf Village. On February 22, 2021, the day of its grand opening, hundreds waited in line to be the first to experience the impressive display of food, drink, and merchandise. Buc-cee’s patrons can enjoy classic treats like homemade fudge, kolaches, and jerky and more adventurous snacks like pickled quail eggs. This new Northeast Florida landmark is worth a trip…you never know what you might find!

 

Estrella Cocina

And last, but certainly not least… Estrella Cocina – Downtown Jacksonville’s newest rooftop attraction! The Baja Coastal Mexican-style restaurant and bar is part of the new Vystar Credit Union corporate campus. Located on the seventh floor at 100 West Bay Street, Estrella Cocina provides stunning views of the Jacksonville skyline and the St. Johns River! This new downtown hot spot is owned and operated by local restaurateurs Jonathan Cobbs and Dwayne Beliakoff, founders of The Bread & Board. The menu offers unique and intriguing plates like Lobster Veracruzana Tacos and Birria de Res con Consome (a Tijuana- Style Beef Brisket), but don’t forget to sip on one of Estrella Cocina’s specialty cocktails like the Shoreline Smash or the Hibiscus Margarita!

 

Northeast Florida offers a wide variety of things to see, do, and enjoy. If you are interested in calling the First Coast home, don’t hesitate to contact the real estate experts at Davidson Realty. Not only do we love finding a new home for our clients to start their next chapter, we enjoy showing them all the best restaurants, boutiques, and entertainment options to take advantage of in their new neighborhood. Don’t be surprised if you stop by one of these exciting new additions to the area highlighted above!

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Real Estate Market Update

July 20, 2021

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Posted by in News

“Your talent is God’s gift to you. What you do with it is your gift back to God.” Leo Buscaglia

 

The June Northeast Florida Association of Realtors market stats continue to show rising home prices, a low supply of homes and strong buyer demand.

 

The median sales price for June is $301,000 an increase of 18% over last June’s $255,000. The average sales price is $373,378 which is a 20.7% increase over last June’s $309,269. Pretty staggering increases. For properties that closed in June, 43.3% sold for more than list price.

 

The price increases are driven by high demand and low available inventory. Many experts are predicting the supply of homes will slowly increase. New home construction is increasing. There have been 8,485 building permits issued in the first 6 months of 2021 for the four counties that Northeast Florida Builders Association (NEFBA) tracks. That is over 58% more than the 5,357 permits in 2020 through June.

 

Another good sign for the supply issue is that new listings are up 10.1% over last June with 4,003 new listings. There have been 22,078 new listings in 2021 compared to 21,200 for the first six months of 2020.

 

A survey of Redfin agents shows a slight drop in the percentage of listings engaged in bidding wars. In April, 74.1% of listings had multiple offers, in May it dropped to 72.1% and in June it fell to 65%. It may be buyer fatigue after losing out on several properties or supplies may be increasing some and competition dropping slightly.

 

There were 3,398 pending sales in June in Northeast Florida down 8% from 3,695 last June. We usually see a dip in buyer traffic in June when school gets out and vacations begin. June of 2020 was unusually active as a result of some relaxing of the COVID lockdowns. Year-to-date pending sales are up 18.5%.

 

There were 4,238 homes available for sale at the end of June, down 50% from last June. There is 1.3 months supply of inventory which is down 58.1% from last June but up from 1.2 months in May. A balanced market is 5 to 6 months of inventory.

 

It appears that it will take a few years to get more balance between supply and demand of homes in our area and across the nation. It is unlikely that prices will decline much, if any, until there is a more balanced real estate market.

 

If you have questions or need a trusted real estate advisor, please reach out and we will be happy to share our knowledge as the market continues to change. Have a wonderful summer!

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