Northeast Florida Market Stats | January 2024

February 28, 2024

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“Always believe that something wonderful is about to happen.” Coco Chanel

 

I am going to believe the spring real estate market is going to be awesome. It has been a tough two years, but Florida Realtors Chief Economist Dr. Brad O’Connor said, “watch for the Florida real estate market to slowly start growing in 2024 as interest rates flatten and consumers begin realizing what they’re seeing is the new normal in prices and interest rates.”
The Northeast Florida Association of Realtors January market review shows continued price stability. The median sales price of $345,000 is down 4.2% from December but up 4.5% from last year. Prices move up and down each month, but they have stayed in a small range.


There were 1,425 closed sales in January, which is down 28.7% from December and down 11.4% from last year. The numbers are not surprising since mortgage interest rates spiked to around 8% last October and there was very little buyer demand through November. December is not usually a strong month for sales with the holiday season; therefore January closings are down.
The pending sales of 1,705 were also down 4.7% from December and 23.9% from last year.


Dr. Brad O’Connor and Dr. Sean Snaith, a well-known economist with the University of Central Florida, both spoke at the recent annual Florida Real Estate Trends Summit. They both agree that signs point to a slowdown in economic growth at the national level, but Florida is prepared to weather any national economic storm. A few reasons are:
• The state’s labor market is strong.
• Florida’s population growth remains strong at about 1,000 new people a day.
• The state is still attractive to “untethered” remote workers.
• Retirees with home equity looking to relocate are unfazed by high interest rates.
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Helping Make A Difference with St. Augustine Youth Services (SAYS)

February 15, 2024

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Since 2012, Davidson Cares has operated as the corporate giving program of The Davidson Companies, raising more than $728,000 for youth-based organizations throughout Northeast Florida. This past fall, they hosted their eighth annual sport shooting fundraiser. Named Davidson Cares Clay Day in years past, the fundraising event was renamed in 2023 to honor the recent passing of the Davidson family’s patriarch, Jim Davidson. The Jim Davidson’s Annual Clay Day was held on October 19, 2023 at Jacksonville Clay Target Sports, and raised $150,000 that was awarded to eight local charities – one of which, was St. Augustine Youth Services (SAYS).

 

St. Augustine Youth Services (SAYS) is a non-profit, mental health agency that has been serving Florida’s at-risk youth since 1989. For over 30 plus years, SAYS has helped thousands of children who have suffered from abuse or neglect, or those in need of mental health support. They provide trauma-informed coaching, counseling and care in family-style therapeutic group homes and with outpatient community services. Their programs and resources help youth overcome emotional barriers, including learning how to trust again, how to cope with trauma and how to form healthy habits.

 

Started in humble beginnings in a one-building home in downtown St. Augustine, SAYS serviced 18 youth in its first year. Today, they have five programs that aim to help any and all youth in need, supporting St. Johns, Flagler and Putnam counties. SAYS Residential Group Homes specialize in therapeutic and pre-independent living. They cater to boys aged 6 to 17, and provide a safe and nurturing environment to those in need of healing and growth. There, boys can learn to process trauma, develop social skills and address mental health issues. SAYS Community Action Team (CAT) helps parents and caregivers who have youth with significant mental health issues at home, providing these families with the skills needed to create a resilient, safe and effective support system, avoiding out-of-home residential treatment. SAYS Mobile Response Team (MRT) is a 24/7 operation that provides free on-site assessments, aiming to keep youth out of involuntary hospitalizations. The SAYS Coaches Program is a personalized approach to youth and their families, offering individualized guidance in creating a plan of care. And lastly, SAYS Targeted Case Management (TCM) navigates the often overwhelming medical system. Together, these programs provide a path for youth to have the promising future they deserve.

 

“I’m so proud of everything we’ve accomplished over the last eight years,” shares Sherry Davidson, President of Davidson Cares and Davidson Realty. “This year, our fundraising efforts exceeded our expectations. We’re so proud, and honored really, to be able to support the non-profits that are the lifeblood of our community. They are the helpers our most precious populations turn to in times of need. How amazing that we’re able to show them support in return!”

 

To learn more about SAYS, visit sayskids.org, and to help make a difference today, donate here.

Northeast Florida Market Stats | December 2023

January 25, 2024

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“Darkness cannot drive out darkness; only light can do that. Hate cannot drive out hate; only love can do that.” Martin Luther King, Jr.

Dr. King had so many amazing quotes, but this is one of my favorites. We need more light and love.

 

Let’s review 2023 and look forward to a better 2024 for the real estate market. The Northeast Florida Association of Realtors (NEFAR) market review for December 2023 shows a slight decline of 1.4% in the median sales price from November. The median sales price of $360,000 is up 6.5% from last year (the numbers used are from all types of properties in all 6 counties). The median sales price has moved up and down monthly, but prices have been fairly stable.

 

There were 1,922 closings in December which is 4.5% more than November; however, we are down 13.5% from last year. Pending sales of 1,590 were down 11.5% from November and 9.8% from last year. The number of transactions has been very low in 2023 mostly due to high mortgage interest rates and affordability.

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“Building Your Financial Foundation: Elevate Your Credit Score for Homeownership Success”

January 17, 2024

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Posted by in News

By Brenda Williamson, Mortgage Loan Originator at Atlantic Trust Mortgage

 

Are you dreaming of owning your own home but worried about your credit score standing in the way? Fret not! With a few strategic moves, you can boost your credit score and pave the way for successful homeownership. Here are a few key steps to enhance your creditworthiness and prepare for that dream home:

 

Understand Your Credit Report

The first step on your journey to homeownership is understanding where you currently stand. Obtain a copy of your credit report from major credit bureaus like Equifax, Experian and TransUnion. Review the report thoroughly, checking for any errors or discrepancies. Clearing up inaccuracies can instantly improve your credit score.

 

Develop a Budget and Emergency Fund

Before diving into homeownership, it’s crucial to have a clear understanding of your financial situation. Create a realistic budget that includes all your monthly expenses, allowing you to identify areas where you can save. Simultaneously, start building an emergency fund to cover unexpected costs, ensuring you have a financial safety net when you become a homeowner.

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Congratulations to our TOP Producers in November!

December 19, 2023

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The holiday season is in full swing much like our agents at Davidson Realty.  We want to especially recognize our top agents for November as we are so proud of all they have achieved and all they have served!  We thought it would be informative to ask their professional advice about buying or selling during this time of year. We asked them specifically: What is the number one tip or best advice you would give anyone thinking about buying or selling a home/property during the holiday season?  Here are some of their responses:

 

 

 

Our overall Top Producer and our Top Producer of our Jacksonville Beach team for November is Jennifer Todd with $815,000 in closings for the month.

 

 

 

Jennifer – The Holiday Season can be a challenge to both buyers and sellers. Access to homes could be limited to buyers for many reasons and sellers are trying to juggle family, cooking and keeping the house in showing condition. The best way to make buying or selling at this time of year is FLEXIBILITY and PATIENCE!  

 

If a buyer has really done their research with their agent prior to looking, the selection process should be narrowed down to 5 or less homes.  

 

If a seller elects to have their home on the market during the holidays, they are more motivated to accommodate showings.  

 

With that being said, make the most of the experience and have a Big Red Bow ready!

 

 

 

Our Top Lister for November is Margherite Myers with over a half million in pending listings under contract for the month.

 

 

 

Margherite – The number one tip for a Realtor advising clients on selling or purchasing a home during the holidays is to emphasize the importance of flexibility. Encourage your clients to be open-minded about scheduling showings, inspections, and closings, as the holiday season can bring challenges such as varying availability, travel plans, and potential weather disruptions.

 

For sellers:

  • Flexible Showing Schedules: Advise sellers to be accommodating with showing times, understanding that buyers may have limited availability due to holiday events or travel plans. Consider using virtual tours or high-quality photos to showcase the property, allowing buyers to get a sense of the home even if an in-person visit is challenging.

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