Northeast Florida Market Stats | January 2024

February 28, 2024

 | 

“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.
Read more

Northeast Florida Market Stats | December 2023

January 25, 2024

 | 

“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.

Read more

Northeast Florida Market Stats | November 2023

December 21, 2023

 | 

“The Son of God became a man to enable men to become sons of God.” C.S. Lewis

 

Enjoy your family, friends and all the joy of Christmas, but don’t forget the reason we celebrate.

 

As interesting and crazy as the real estate market has been in 2023, I am happy to welcome 2024. I have listened to several forecasts from experts, and I will share their thoughts.

 

First, we will review November 2023 market stats from the Northeast Florida Association of Realtors (NEFAR). The median sales price of $367,495 is up 7.2% over last November and up 5.0% over this October. The prices have not dropped even with high mortgage rates and home prices becoming unaffordable for many.

Read more

Northeast Florida Market Stats | October 2023

November 21, 2023

 | 

“Give thanks not just on Thanksgiving Day, but every day of your life. Appreciate and never take for granted all that you have.” Catherine Pulsifier

I am so thankful for my family and friends and for all the kindness shown to me and my family this year.

 

The Northeast Florida Association of Realtors market stats for October show the median sales price continues to be stable. The median sales price of $350,550 is up 0.2% from $350,000 in September.

 

There were 2,047 closed sales in Northeast Florida, which is down 17.1% from the previous year and 9.3% from September. According to Lawrence Yun, National Association of Realtors (NAR) Chief Economist, home sales nationally will likely decline by 18% in 2023 after the 17% drop last year in 2022.

Read more

Northeast Florida Market Update | September 2023

October 26, 2023

 | 

“It’s not how much we give, but how much love we put into giving.” Mother Teresa

 

There was a huge amount of love put into giving at our Jim Davidson Annual Clay Day on October 19th. We were able to donate $150,000 to local charities that he loved. Thank you from our entire family for the love and support!

 

The September market stats from the Northeast Florida Association of Realtors show that prices remain stable, closed and pending sales are down and supply is up.

 

The median sales price of all types of properties in all six counties is $350,000 which is down 1.4% from $355,000 in August. The prices have moved up and down slightly on a monthly basis to stay in a small range for the last year.

Read more

Older Posts »

Davidson Realty