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!

Northeast Florida Real Estate Market Update

June 18, 2021

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“Dad: A son’s first hero, a daughter’s first love.” —Unknown

 

I want to wish a Happy Father’s Day to every Dad because you are incredibly special.

 

The Northeast Florida Association of Realtors market stats show that new listings of 3,785 are up 12.7% over last May and we are up 1.9% year-to-date. The Northeast Florida Builders Association shows building permits through April of 5,170 permits which is a 45% increase over the same period last year.

 

While new listings and new construction is great news, the inventory of available homes continues to fall. There were 3,847 homes available for sale in May compared to 9,147 last May for a 57.9% reduction. There is 1.1 months supply of inventory available. A balanced market is 5 to 6 months of inventory.

 

The reason inventory continues to fall is the increased demand. There were 3,672 pending sales in May which is up 18.5% over last May. Pending sales are up 25.5% over the same period year-to-date. The 3,276 closed sales are up 37.2% over last May and 25.0% over same period year-to-date.

 

The median sales price of $290,000 is up 16.9% over last May and the average sales price of $363,044 is up 26.1% over last May. A staggering 41% of homes closed in May sold over their list price.

 

The median sales price in May by county:

Baker $264,900

Clay $277,500

Duval $260,000

Nassau $344,893

Putnam $156,000

St. Johns $415,000

 

Many of the builders are limiting their sales currently due to supply and labor issues. While we keep hearing about lumber shortages, the National Association of Home Builders reports that appliances are the biggest issue with lumber a very close second. A key reason for the appliance shortage is the computer chips, which most now require.

 

The market still favors sellers; however, with some persistence, many buyers are successfully getting the home they want under contract. If we can help you with a purchase or a sale of your home, please let us know.

 

Please save the date for our Davidson Cares Clay Day 2021. Our event is October 21, 2021 at Jacksonville Clay Target Sports.

 

Happy Father’s Day!

Real Estate Market Update

May 20, 2021

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“You just can’t beat the person who never gives up.” Babe Ruth

 

If you want to buy a home in today’s market, you should listen to Babe Ruth. Most buyers are having to be persistent and make offers on several homes before they get a home under contract.

 

The Northeast Florida Association of Realtors market stats for April continue to show high demand for homes and limited supply which is causing price increases.

 

There were 3,615 pending sales in April which is up 52% over last April; however last April COVID was a factor in less contracts being written. The year-to-date numbers for pending sales are up 27% so you can see there is increased demand in the four-month period.

 

There were 3,177 closed sales in April which is a 27% increase month-over-month and 20% year-to-date.

 

The median sales price is $284,941 which is up 14% over last month and 12.5% year-to-date. The average sales price is $357,438 which is up 20.5% over last month and 18% year-to-date.

 

The most staggering statistic to me was the percent of properties sold over list price. For the properties that closed in April, 36.9% sold over list price. That is a 142.8% increase over April 2020. The average for the previous 12 months was 13.3% selling over list price.

 

On the supply side, there were 3,991 available homes for sale at the end of April which is down 58% from last April and there are 1.2 months supply of homes for sale. A balanced market is 5 to 6 months.

 

There may be better news coming to help with supply. A survey by Realtor.com indicated more sellers plan to put their homes on the market. Another survey by NerdWallet of 2,127 homeowners shows 1 in 6 (17%) plans on selling their home in the next 18 months. In fact, 45% of those planning to sell say higher asking prices and lower inventory have caused them to sell earlier than initially planned.

 

NAR Chief Economist Lawrence Yun predicts an increase in the 30-year fixed mortgage interest rate to an average of 3.2% in 2021. “As mortgage rates increase, the frenzied multiple-offer situation will become less prevalent by year’s end, as affordability challenges squeeze out some buyers and more inventory reaches the market,” Yun predicts.

 

“With more inventory and some easing in demand, home prices are expected to shift to mid-single-digit appreciation by the fourth quarter and in 2022,” Yun says. He predicts that:

· Median existing-home sales price will increase 7% in 2021

· Existing-home sales will grow by 10% as more homes reach the market

· New home sales will increase by 20%

 

These predictions are great news. In the meantime, if you are interested in buying or selling, please contact a Realtor with knowledge of the market. We would love to help you navigate these interesting times.

4 EASY WAYS TO INCREASE THE VALUE OF YOUR HOME

April 14, 2021

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Posted by in News

Increasing the value of your home is ALWAYS a good idea. Staying on top of home maintenance and projects will ultimately allow you to get top dollar for your home when the time is right for you to sell. “Homebuyers will appreciate that you took good care of the home and will happily pay more for a home when they don’t have to make major changes themselves,” shares Davidson Realty President, Sherry Davidson. 

 

Curb Appeal

First impressions are important! Continually spending time on your landscaping and the outward appearance of your home will enhance your curb appeal. Luckily, yard care is relatively inexpensive and depending on the current state of your yard, could be tackled simply with fresh mulch or a few new flower beds. Walkway lighting is another easy and affordable way to elevate your curb appeal while providing a functional illuminated path to safely use your walkway at night. Additionally, routinely walk around the exterior of your home and look for any cracks or damage that needs repair. 

 

Fresh Paint

A fresh coat of paint can truly transform a home. Whether you are interested in selling your home this year or in ten years, routinely examining and updating the interior can make your home more attractive to potential buyers. When selecting a paint color that will appeal to an extensive audience, pale gray, oatmeal, and other cool, natural tones are current fan favorites because of their adaptable nature and ability to enlarge and brighten spaces. Some of our favorite paint colors include Snowbound and Passive from Sherwin Williams

 

Energy Savings 

Energy-efficient upgrades not only help the environment but save homeowners money and time by requiring less maintenance. Consider switching to energy-efficient light bulbs or installing a smart thermostat that will learn your preferences and automatically adjust the temperature to save energy. Adding more insulation is another way to improve energy efficiency in your home. Good insulation will keep your home warm in the winter and cool in the summer while using less energy. 

 

Cosmetic Touch-Ups 

If you make repairs and improvements as needed, you will avoid bigger, more expensive projects and ensure your home is well maintained. “Your home is one of your most expensive assets. When buyers see items that need to be repaired or maintained, they question if the home has been well cared for. Buyers will pay retail versus wholesale prices for an updated and well-maintained home,” shares Sherry.  Patching up holes and dents in walls or moldings, fixing a squeaky door, or repairing a running toilet are easy DIY repairs that will refresh your home.  Replacing the hardware in your kitchen or updating ceiling fans or light fixtures are small updates that will make a HUGE impact. 

 

If you are interested in learning more about the value of your home or are interested in selling your home, trust the real estate experts at Davidson Realty.

Meet St. Johns County’s Newest Master-Planned Community – SilverLeaf

February 12, 2021

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If you drive around St. Johns County, you will see new businesses and developments popping up on every corner. And this growth has no plans of slowing down. St. Johns County is not going to stop growing any time soon. An upcoming jewel in the highly coveted area: SilverLeaf. SilverLeaf is a master-planned community that is family-friendly and features resort-style amenities with no CDD fees. “Our customers are drawn to SilverLeaf because of the location and convenience it provides as you can easily get to any destination from SilverLeaf. The community in St. Johns County is thriving and a wonderful place to call home,” shares Davidson Realty President, Sherry Davidson. SilverLeaf is zoned for 10,700 dwelling units, 2,650,000 square feet of mixed-use commercial space, and more than 3,500 acres of beautiful conservation land. Once complete, SilverLeaf will be one of the largest community development in Northeast Florida.

 

SilverLeaf will be home to several neighborhoods with homes for families and individuals with a size, price point, and style for everyone. SilverLeaf maintains the high standards of quality and detail that are a trademark of The Hutson Companies, well-respected developers of the community. The Hutson Companies bring more than forty years of development, construction, and community involvement to bring the vision of SilverLeaf to life. Each home in SilverLeaf will be expertly crafted to exceed expectations.

 

From the miles of walking and bike paths to the resort-style amenity center, this family-oriented community offers residents countless opportunities for activity and entertainment. However, the attraction to SilverLeaf doesn’t stop once you leave the community. St. Johns County is home to the #1 Public School District in the State of Florida with a one to eighteen educator to student ratio. It also doesn’t hurt that St. Johns County has the lowest property tax rate in the Northeast Florida Region and is ranked the healthiest county in Florida.

 

The builders in SilverLeaf are the best and brightest in Northeast Florida. Each builder brings unique character to their homes to ensure each home in SilverLeaf is distinctive.

 

Riverside Homes:

Award-winning homebuilder, Riverside Homes, is bringing its thoughtful floor plans and quality construction to SilverLeaf Village, one of the premier neighborhoods within SilverLeaf. Riverside Homes range from 1,570 square feet to more than 3,700 square feet on spacious 43′, 53’, and 63’ lots. With 18 plan options to choose from, there is a broad selection of home designs so you can find the perfect fit for your family. Home prices start in the $300s.

 

View an exclusive look at SilverLeaf’s ideal location (Part 1), amenity center (Part 2), and Riverside Homes model (Part 3) in our “Get to Know SilverLeaf” video series with Sherry Davidson and the owners of Riverside Homes, Matt Roberts, and Chris Wood.

 

MasterCraft Builder Group:

MasterCraft Builder Group is building semi-custom homes in SilverLeaf Village. Each home by MasterCraft Builder Group is thoughtfully designed and provide luxury features standard. Most of MasterCraft’s homesites offer preserve and lake views providing both privacy and serenity. MasterCraft Homes in SilverLeaf Village are starting in the $300,000s and will range from 1,480 to more than 3,980 square feet on 43’, 53’, and 63’ lots. 

 

Emerald Homes:

D.R. Horton is proud to bring Emerald Homes to SilverLeaf. Emerald Homes luxury homes will feature state of the art smart home technology for their one and two-story open concept home plans. Emerald Homes promises elegant exteriors and high-end features to deliver elevated design to your dream home. Homes will range from 1,646 to more than 2,896 square feet starting at $348,990. 

 

Dream Finders Homes:

Dream Finders Homes will offer both single-family homes and maintenance-free townhomes with a variety of designer features to customize your dream home to SilverLeaf neighborhoods, Holly Forest and Meadow Ridge. Homes in Holly Forest will feature 20’ and 24’ townhome lots and 53’ and 63’ single-family lots ranging from 1,250 to more than 3,000 square feet. The single-family homes in Meadow Ridge will place homes on 43’ and 53’ homesites. 

 

Ashley Homes:

With twenty-two floor plans to choose from, Ashley Homes is excited to bring their quality construction and unique floor plans to SilverLeaf. Ashley Homes provides the ability to customize your floor plan and feature to make your home your own. Standard features in Ashley Homes at SilverLeaf include gourmet kitchens and energy-efficient materials. 

 

With so many options to choose from and the current state of the real estate market, it is imperative to have a real estate agent help guide you through the new build process. “Davidson Realty agents work with builders continuously in various new construction communities. Our agents will get to know the needs of your family and will be able to suggest features and ideas you may not know about to ensure your family finds their perfect fit. The Davidson Team will help guide you through the process, help you negotiate with the builder to get the best pricing for your new home, and be your advocate if anything isn’t as you expected.”  The Davidson Realty Team is equipped with the knowledge of the area, market, and SilverLeaf community to help you successfully secure a new home for you and your family in SilverLeaf. Contact our office today at (904) 940-5000 to find your new home in SilverLeaf.

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