Northeast Florida Real Estate Market Update

November 19, 2021

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“Gratitude can turn common days into thanksgiving, turn routine jobs into joy, and change ordinary opportunities into blessings.” -William Arthur Ward

I rely on the Northeast Florida Association of Realtors (NEFAR) market statistics in my analysis each month. NEFAR has changed the company providing the statistics and the information is now interactive and allows you to choose property type, County, or region. Go to NEFAR.com and click on the market stats tab to check it out.

 

The median sales price of $310,000 is up 17.8% from last October, but unchanged from last month. Of the closings in October, 28.5% closed over list price. This is up 103.2% from last October, but down 7.3% from last month.

 

The inventory of homes for sale continues to be extremely low. There were 4,270 active properties for sale which is down 31.1% from last October and 7.9% from last month. The 1.4 months of inventory available is also down 25.8% year over year and 9.5% from last month.

 

The Northeast Florida real estate market may see smaller price increases and fewer multiple offers, but there is still a strong imbalance between buyer demand and homes available. It is still a seller’s market.

 

I wanted to share some interesting information from the 2021 National Association of Realtors (NAR) Profile of Home Buyers and Sellers. Jessica Lautz, Vice President of Demographics and Behavioral Insights at NAR, says both buyers and sellers “have been driven by the desire to be close to family and friends, as well as the need for a larger home” during the pandemic.

 

Of the sellers who also became buyers, many traded up to bigger, more expensive, and often newer homes, with 46% purchasing a larger home and 28% one of the same size. In the past years, convenience to work and affordability had ranked as top factors for reasons to move.

 

The pandemic likely spurred occupants to shorten their homestay, as tenure in the home decreased to eight years from 10 years, according to the report – the largest single-year change in home tenure since NAR began collecting such data. Historically, tenure in the home has been six to seven years, but it increased to nine to 10 years following the Great Recession.

 

It will be interesting to see how remote work opportunities play out in the future. It seems like employees and companies are still figuring out the new rules and how that will affect home sizes and locational choices.

 

I want to express my gratitude for your friendship and support in 2021. Davidson Cares raised $75,000 at our Clay Day thanks to all the generous people in northeast Florida. Have a wonderful Thanksgiving holiday!

Real Estate Market Update

October 19, 2021

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“In playing ball, and in life, a person occasionally gets the opportunity to do something great. When that time comes, only two things matter: being prepared to seize the moment and having the courage to take your best swing.” – Hank Aaron

 

A lot of wisdom from Hank Aaron. I hope you are enjoying watching the MLB playoffs.

 

The Northeast Florida Association of Realtors market stats for September show similar trends to the last few months. Prices are still rising at double-digit rates, with plenty of buyer demand, and a small supply of homes available.

 

The median sales price in September is $307,230 setting a record. This price is $7,000 more than August and $50,000 more than January 2021. This is an increase of 19.7% over last September.

 

The average sales price in September is $370,751 which is up 16.9% over last September. Numbers don’t always tell the human impact. We are seeing so many buyers on the sidelines right now because the homes they would like to buy between $300,000 and $400,000 are very difficult to find and get an offer accepted.

 

Our local buyers are competing with the strong influx of out-of-town buyers who consider our local area home prices more affordable compared to their previous market. The buyers wanting to use VA or FHA financing are also struggling because most sellers prefer cash or a conventional loan.

 

Affordability has impacted pending sales which were 3,201 in September, down 5.1% from last September, but up 10.9% year-to-date. Also, closings of 2,945 down 12.5% from last September, but up 12.9% year-to-date.

 

We are still seeing multiple offers, with 35.5% of homes selling over list price but that is down from 44.3% in July and 40.6% in August. Homes are still selling quickly with days on market at 30 days down 51.6% from last September when it was 62 days.

 

The market has calmed a little and possibly more buyers that have been sidelined will be able to find the home they want. I am very optimistic about the Northeast Florida real estate market. It is a great time to sell. Please let us know if we can assist you in any way.

 

Thanks for all the support of Davidson Cares Clay Day! We sold out for the first time ever.

 

A group of Davidson Realty agents are participating in the Walk to End Alzheimer’s on Saturday, November 6th at UNF. My mother and so many others suffered from this horrible disease. We would love to have you join us!

Real Estate Market Update

September 22, 2021

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“Fear does not stop death. It stops life. And worrying does not take away tomorrow’s troubles. It takes away today’s peace.” Unknown

It is easy to agree with the truth of this quote, but much harder to live it.

 

The Northeast Florida Association of Realtors market stats for August continue to show rising prices, continued high buyer demand, and low inventories of available homes. The most recent trend we are seeing is double-digit rent increases.

 

“Put simply, August trends suggest rents are making up for lost time. Rents remained low during some of the worst months of the pandemic, growing at a sub-2% pace from September 2020 to March 2021, which is also when for-sale home prices were growing by double-digits,” said Realtor.com Chief Economist Danielle Hale.

 

Many buyers are unable to find a suitable home to purchase and have been forced into the rental market. According to Apartment List, rents in Jacksonville have risen 19.7% since August 2020, and 4.4% since July 2021.

 

There were 3,787 new listings in August, up 5.7% from last August and 6.7% year-to-date. The builders are also adding more homes. Industry sources predict an 11% to 12% increase in housing starts for 2021 or about 1.55 million units. That would be up from 1.38 million housing starts in 2020, which was a 7% increase over 2019. (Business Journal article) Builders are still being delayed by materials like windows and appliances and labor shortages.

 

The good news for buyers is that the frenzy of competitiveness of the spring market has cooled a bit. Some sellers are still pricing their homes very high, but many buyers are no longer willing to pay the prices they were during the spring and the homes are sitting or the sellers are reducing the price. While 41.0% of homes sold over list price, that is down from 44.8% in July.

 

There were 3,424 pending sales down 2.0% from last August, but up 12.4% year-to-date. Closed sales of 3,200 were down 3.1% from last August, but up 15.6% year-to-date.

 

The median sales price of $300,000 is up around 14% month-over-month and year-to-date. The average sales price of $362,699 is up 14.2% month-over-month and 17.7% year-to-date.

 

There are 4,651 homes available for sale which is down 37.2% from last August and we have 1.4 months of supply available. Five to six months is a balanced market.

 

While we are seeing more homes come available, the buyer demand remains very strong. We should continue to see prices increase, multiple offers, and increased rental rates.

 

Please come join us on October 21st for our major fundraiser, Davidson Cares Clay Day. We support Builders Care, St. Augustine Youth Services, and Investing in Kids. Go to DavidsonCares.com and register or buy a raffle ticket for one of our great prizes.

 

We appreciate your support and referrals. Please let us know if we can assist you in any way.

NORTHEAST FLORIDA BUILDERS ARE TRYING TO KEEP UP WITH THE DEMAND FOR NEW HOMES. HERE’S HOW SOME BUILDERS ARE MANAGING THE PROCESS.

June 23, 2021

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Persistence and patience are the name of the game in the current real estate market as every corner of the industry has been rattled by uncertainty as a side effect of the COVID-19 pandemic. 

 

“The Northeast Florida real estate market is as hot as many in our industry have ever seen,” shares Davidson Realty President, Sherry Davidson. “There are not enough homes on the market to satisfy buyer demand. Resale homes coming available are getting multiple offers usually within hours to a day and offers are mostly above list price. In May of this year, more than 41% of homes closed were over asking price,” Sherry continues. Even the new construction housing market has experienced challenges that are requiring home seekers to adapt. We’ve connected with some of the talented home builders in Northeast Florida to get an update on their current conditions. 

 

Riverside Homes

“Riverside Homes continues to see very strong demand and we have made a few changes to our process to ensure the very best quality homes and provide the great building experience the people expect from Riverside Homes. We limit the amount of sales in each of our communities so we can keep a smooth process for permitting and building our homes. We closely monitor increasing supply costs each month doing our best to offer the most competitive home pricing,” shares Riverside Homes Sales Manager, Jacki Matthews. Despite the building supply shortages plaguing builders across the country, Riverside Homes promises to maintain the integrity and quality of their homes. 

 

Ashley Homes

Ashley Homes experienced a surge in sales and are currently sold out in Silverleaf, and have been since February 2021. “During the pandemic, we had no limits on sales and sold everything that we had available. Ashley Homes includes escalation clauses in many of our contracts, as do other builders, to protect us and our buyers from unforeseen lumber and material increases. Our buyer may pay a modest increase just to cover the rising material costs, but Ashley Homes has no profit added, shares Ashley Homes’ very own Greg Souris. Ashley Homes is navigating the home building process with their buyers, many who have seen more than $40,000-$50,000 increase in their home value before their home construction even started. 

 

Providence Homes

“In E-Town we are not limiting pre-sales or inventory homes, however, some of our policies have changed on when we can release inventory homes for sales. In Nocatee, we are limiting the pace of sales so we can manage the construction process,” shares Brenda Harris, Sales Associate at Providence Homes. Build time is approximately eight months, but Providence Homes is asking for flexibility and understanding from customers as material shortages could cause delays. 

 

MasterCraft Builder Group

Brad Shee, MasterCraft Builder Group President, shared, “The shortage of materials began in March 2021 as suppliers burned through inventory. Based on the lumber futures chart, lumber prices should start dropping. Because of the shortages, MasterCraft Builder Group is limiting sales each month in TrailMark and Rivertown.” The demand for homes in Northeast Florida is unprecedented, but it’s no surprise as the attraction to the First Coast is clear from the ocean to the river to the affordable cost of living. 

 

With more than 30 years of experience, Davidson Realty has cultivated strong relationships with some of the area’s leading home builders in Northeast Florida. Davidson Realty Agents know the new constructions market in Northeast Florida and can help you find the perfect lot and design to fit your needs. “Our agents are constantly talking to builder site agents to stay current on which builders have inventory and how they are managing the sales process. This constant communication allows our agents to know if a sale falls through, what is available, and the timing and process of the homesites that will be released so our clients can take advantage,” shares Sherry Davidson. 

 

The real estate experts at Davidson Realty will be by your side throughout the construction process to ensure your expectations and vision comes to life! For more information on new construction homes in Northeast Florida, call Davidson Realty at (904) 940-5000.

The Winning Team – Davidson Realty 2020 Awards

February 19, 2021

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2020. The year of adapting to the unknown. A global pandemic, millions of jobs lost, and a volatile economy, did not stop the real estate market from being swarmed by millions of Americans hoping to take advantage of the positive market trends and record-setting numbers.

 

The Davidson Realty Team powered through the uncertainty, the “social distancing”, and changing market trends to deliver quality real estate services to their clients. “Our team at Davidson Realty continued to stay connected to our customers during the crazy Covid year we had”, shared Davidson Realty President, Sherry Davidson. Agents gracefully navigated 2020 as they were presented with multiple offer situations due to the competitive nature of the market. Along with the excellent real estate service the Davidson Realty Team was providing, they continued to serve the Northeast Florida community, when they perhaps needed it the most. “Our team organized and participated in food and toy drives, Davidson Cares Clay Day, and Deck The Chairs. The passion our team has for serving others is inspiring. With all that our team faced in 2020, I am proud that the Davidson Realty team has matched the 2019 closing volume of $100,000,000 and exceeded 2019 sales volume by 16%,” continues Sherry. With such an exceptional year for the Davidson Realty team, it is only right that their best and brightest are recognized for their accomplishments in service and performance. The success of this team is made in part by the incredible leadership team at Davidson Realty, notably Sherry Davidson and Davidson Realty Sales and Training Manager, Andrea Gallagher.

 

Last month, Davidson Realty President Sherry Davidson was named the 2020 Northeast Florida Association of Realtors (NEFAR) Circle of Honor award winner for her exceptional service and contributions to the real estate community both locally and statewide. Sherry has served NEFAR in various capacities including on its Board of Directors. She has also served on the Board of Directors for Builders Care, a charitable arm of the Northeast Florida Builders Association (NEFBA). Throughout her 30-year career in real estate, Sherry has supported real estate agent education and promoted the importance of the real estate industry’s involvement in the community. Sherry truly has led by example as she has supported various causes in Northeast Florida including NEFAR Fights Hunger and Davidson Cares Clay Day. Known throughout the First Coast as an industry leader and an authority in residential real estate, the Davidson Realty Team continues to flourish under her mentorship.

 

 

Terri Apodaca

Davidson Property Management – 2020 Most Rentals

Davidson Property Management – 2020 Most Properties Referred

5 Years of Service 

3 Million Dollars Closed

3 Million Dollars Sold

 

 

Reba Barkley

Davidson Property Management – 2020 Rookie of the Year

 

 

 

 

 

Bonnie Cherhoniak 

5 Years Service

 

 

 

 

 

Lori Burton

5 Years Service

 

 

 

Pam Lareau

5 Years Service

 

 

 

 

Kirsten Lightfoot

5 Years Service

 

 

 

 

Matt Davidson

20 Years Service

 

 

 

 

 

Delilah Salameh

2020 Sales Rookie of the Year

 

 

 

 

 

Candy Gil

3 Million Dollars Sold

 

 

 

 

 

Liz Pappaceno

3 Million Dollars Closed

3.5 Million Dollars Sold

 

 

 

 

 

Jennifer Todd

3 Million Dollars Closed

3.5 Million Dollars Sold

 

 

 

 

Caitlyn Hawkins

3 Million Dollars Closed

3 Million Dollars Sold

 

 

 

 

Margherite Myers

3 Million Dollars Closed

3.5 Million Dollars Sold

 

 

 

Lynn Whitley

4 Million Dollars Closed

4 Million Dollars Sold

 

 

 

 

Ron Savarese

4 Million Dollars Closed

4 Million Dollars Sold

 

 

 

 

Steve Rodriguez

4 Million Dollars Closed

3.5 Million Dollars Sold

 

 

Tammy Peacock

4 Million Dollars Closed

4 Million Dollars Sold

 

 

 

The Braddock Group – Michael Braddock & Sarah Poehler

3.5 Million Dollars Closed

4 Million Dollars Sold

 

 

 

 

Suzy Evans

11 Million Dollars Closed

11 Million Dollars Sold

 

 

 

Shelley & Tim Nemethy

16 Million Dollars Closed

18 Million Dollars Sold

 

 

 

 

Mirtha Barzaga

17 Million Dollars Closed

17 Million Dollars Sold

2020 Closing Agent of the Year

2020 Sales Agent of the Year

2020 Listing Agent of the Year

 

 

Sam Davidson

2020 President’s Award

 

 

 

The Davidson Realty Team is proud of all the hard work and dedication displayed in 2020 and strives to have an even more successful 2021. These achievements would not be possible without the trust and loyalty of the Davidson Realty clients. Thank you for trusting us as your real estate experts. If you are interested in experiencing the Davidson Realty difference, contact us at (904) 940-5000.

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