Northeast Florida Market Stats | February 2024

March 28, 2024

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“Baseball, it is said, is only a game. True. And the Grand Canyon is only a hole in Arizona.” – Journalist & Autor, George Will

 

I am very excited about Baseball season starting. It is my favorite time of the year.

 

The February 2024 market review from the Northeast Florida Association of Realtors confirms the ups and downs of our market each month. At least the median price has stayed relatively stable. The median sales price of all property types in February was $359,000. The price has gone up and down monthly but stayed in a consistent range.

 

There were 1,893 closed sales in February, which is up 29.1% from January and down 7.8% from last year. The National Association of Realtors reported that home buyers who paid cash accounted for 32% of home sales in January, marking the highest cash sales since 2014. Many leveraged the equity from a prior sale.

 

There were 1,808 pending sales in February, which is down 15.2% from January and 24.6% from last year. The mortgage rates ticked back up in February after dropping in December, which slowed sales. The average 30-year fixed mortgage rate was 6.78% in February, up from 6.64% in January, according to Freddie Mac’s weekly survey.

 

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Congratulations to our TOP Producers in February

March 27, 2024

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As we bid farewell to the shortest month of the year, it is time recognize our TOP PERFORMERS for February! We proudly celebrate their outstanding accomplishments and their unwavering commitment to their customers! In addition to honoring them we also like to use this blog as a forum to share their professional advice. This month we asked them “What advice do you have for sellers or buyers who are on the fence about making a move right now? Please read on as they share their insights!

Our Top Producer, Top Lister and Top Overall Sales Agent for February is Mirtha Barzaga!
Mirtha – Real Estate prices I do not feel are going to go down further here, in the State of Florida County of St Johns particularly we have too much to offer and although inventory is improving there is still a lot of demand.
If buyers are worried about interest rates then my approach is: what mortgage payment are you comfortable with? Let’s get you into the house that fits your needs for that payment even if we need to buy the rate down to start. Later on you can always refinance and lower it even more, but by no means should you sacrifice your lifestyle or keep throwing away money in a rental when we can work out the numbers for you.

 

 

 

 

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Congratulations to our TOP Producers in January

February 28, 2024

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January 2024 is in the books for us as Davidson Realty . Our team is hard at work selling lots of real estate as usual. We want to congratulate our TOP Producers for a successful January! We asked our Top Agents this month “What is one thing you learned from your last transaction that could benefit your future customers?” Please read on as they share their insights!

 

Our Top Producer, Top Lister and Top Overall Sales Agent for January is Terri Apodaca with over $1 Million in closings.
Terri – One lesson learned from my last transaction is the importance of clear and frequent communication and transparency throughout the entire process. Ensuring that all parties involved have a thorough understanding of the terms, conditions, and expectations and revisiting those items often can help prevent misunderstandings and disputes down the line if circumstances change for one party. This includes being upfront about potential costs, timelines, and any possible challenges that may arise.

Every interaction I have with a customer has the potential to present what might seem like an obstacle. However, these obstacles provide invaluable insights, allowing me to anticipate scenarios where proactive measures may be necessary. Establishing an environment of open communication and transparency is key to effectively navigating these challenges and achieving successful outcomes for all involved.

 

 

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Northeast Florida Market Stats | January 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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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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