Real Estate Market Update

August 23, 2021

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“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.

Davidson Cares’ Travel Raffle is on Sale now!

November 25, 2013

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Get your tickets for the chance to win the vacation of your dreams! Davidson Cares’ is now selling vacation raffle tickets for a chance to win $2500 for travel, including airfare, accommodations and entertainment for the trip you and your family want to take. Are you thinking about taking the kids to visit the grandparent’s this summer? What about a family trip to Disney, a relaxing retreat to the mountains or a girl’s trip to Vegas? You pick the place and we provide the funds!

You could win $2500 towards a vacation for you and your family, while supporting our local schools at the same time! The raffle is conducted by Davidson Cares, the corporate giving program of Davidson Realty and the Davidson Companies. Davidson Cares supports local St. Johns County Schools, including Wards Creek Elementary, Mill Creek Elementary, Palencia Elementary and Pacetti Bay Middle School. All proceeds will go to the four schools mentioned above. Read more

More Money Raised Through The Davidson Cares Travel Raffle for our Local Schools!

March 22, 2013

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Davidson Realty agents and staff, Davidson Cares Board Members, parents and teachers alike all came together to raise even more money for Wards Creek Elementary, Mill Creek Elementary, Palencia Elementary and Pacetti Bay Middle School through the Davidson Cares Travel Raffle. We drew the lucky winner at Villagio Italian Grille inside the Renaissance World Golf Village Resort on Tuesday, March 19th at 5 pm. Congratulations to Dr. Stan Longenecker for winning the $2500 vacation of his dreams! Read more

Davidson Cares Gives $4,800 in Grants and That’s Only the Beginning!

February 22, 2013

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We are so excited to announce that all the Davidson Cares grants have been given out for the awesome video submissions from Mill Creek Elementary, Wards Creek Elementary, Palencia Elementary and Pacetti Bay Middle School! Each winning video from the four schools received $1,000 and all other videos received $100 towards their needs. The Davidson Cares Board Members and team had so much fun surprising the teachers and students on their news shows and in their classrooms. Read more

Win $2,500 for Your Vacation – The Davidson Cares Travel Raffle is on Now

February 4, 2013

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Win $2,500 towards a vacation for you and your family and support local schools at the same time! The Davidson Cares Travel Raffle is a chance to win $2,500 for travel, including airfare, accommodations and entertainment for the trip you and your family want to take.  Whether it’s to visit relatives, hit the theme parks, take a cruise or whatever your heart desires.

The raffle is a fundraiser to support Davidson Cares which provides grants for our local St. Johns County schools, including Wards Creek Elementary, Mill Creek Elementary, Palencia Elementary and Pacetti Bay Middle. Tickets are $20 per ticket or 3 for $50, and they can be purchased at the Davidson Realty office in World Golf Village. Read more

Davidson Realty