Davidson Realty, Inc.

Northeast Florida Real Estate Market Update

March 21, 2022

 | 
Posted by in News, Northeast Florida Market Trends

“Life will always throw you curves, just keep fouling them off. The right pitch will come, and when it does, be prepared to run the bases.” – Rick Maksian

I love all sports, but baseball is my favorite. My heart is happy now that the owners and players have come to an agreement. Go Braves!

 

Even with all that is happening in the world right now, there is a huge demand for real estate in Northeast Florida, unfortunately, the supply is continuing to decline. As a result of the supply shortage and overall inflation, the prices keep going up.

 

The Northeast Florida Association of Realtors market review for all property types in all 6 counties shows a median sales price of $329,995 which is up 25.3% over last year and 3.6% over last month. In February, 32.5% of the closings were over list price. The median days a property was on the market is 16 days which is down from last year and last month.

 

There were 2,818 new listings; however, there were 2,987 pending sales. We sold more homes in February than came on the market. There is 1.2 months supply of inventory.

 

The Northeast Florida Builders Association reported 1,332 single-family home building permits were issued in February which is an increase of 150 over last year. St. Johns County issued 612, Duval 474, Clay 144 and Nassau 102. The builders continue trying to meet the buyer demand.

 

An interesting article from Florida Realtors says “Nationally, a homeowner who purchased a single-family existing home 10 years ago at the median sales price of $162,600 is likely to have accumulated $229,400 in housing wealth. Of this wealth gain, 86% can be attributed to price appreciation.” Lawrence Yun, the National Association of Realtors Chief Economist is quoted in another article talking about home prices being a great inflation hedge.

 

I hope you are adjusting to Daylight Savings time and get to enjoy some basketball and baseball this spring. Please let us know if we can help you with any real estate needs. We are always happy to share our knowledge and talk about options.

Comments currently closed.

Northeast Florida Real Estate Market Update

February 25, 2022

 | 
Posted by in News, Northeast Florida Market Trends

“I will love the light for it shows me the way, yet I will endure the darkness because it shows me the stars.” Og Mandino

 

The Northeast Florida Association of Realtors market review shows some moderation in median sales price increases since November. The median sales price of $320,000 is still 25% higher than last January. Most economists are predicting 3% to 5% price increases nationally this year.

 

The percentage of closings over list price has also stabilized for a few months at around 30% of closings over list price. We are beginning to see more sellers pricing their homes substantially over market price. Those homes sit on the market longer than the homes priced correctly.

 

The 2,126 closed sales are down 8% from last year and the 2,857 pending sales are down 3%. You may recall that December 2020 and January 2021 had inflated post-COVID lockdown demand. I would like to add that we are seeing new construction closings getting pushed out due to supply constraints and labor shortages. Additionally, low inventory is still holding back many buyers.

 

There is active inventory of 3,105 counting all 9 property types which is down 35.1% from last year. There is active inventory for single-family homes of 2,389 for our entire market including 6 counties.

 

The builders are trying to keep pace with demand. January 2022 had 1,457 permits which set a record for the number of permits issued in a single month. The annual total of permits in 2021 was 16,138 compared to 12,555 in 2020.

 

A recent article from Lawrence Yun with the National Association of Realtors stated “Home sales are at their best in 15 years. Once all the data are tallied up, more than 6 million existing homes and about 800,000 newly constructed homes will have been sold in 2021 – the best performance since 2006.”

 

To sum up, demand is still very strong, supply is very low and prices haven’t been rising as quickly in the last few months.

 

Thank you for all the support and referrals! If you know anyone we can help to sell, buy or rent, please let me know.

Comments currently closed.

Northeast Florida Real Estate Market Update

January 26, 2022

 | 
Posted by in News, Northeast Florida Market Trends

“I always just thought if you see somebody without a smile, give ‘em yours!” Dolly Parton

 

 

A little Dolly wisdom to get 2022 off to a great start.

 

The Northeast Florida Association of Realtors Market Stats shows strong buyer demand, a very low supply of homes available, and prices continuing to rise. The buyer demand is particularly strong as mortgage interest rates have risen slightly and buyers want to lock in lower mortgage rates. The higher interest rates expected will decrease affordability for some buyers going forward.

 

Some great information shared by Bank of England loan officer Alex Stewart at the Sales & Marketing Council last week included some Redfin user search data showing 52% of buyers searching Jacksonville properties were local and 48% were from outside the area. The locals don’t have the perspective of buyers moving here from much more expensive areas.

 

The average price home in Jacksonville is around $358,000 for a 2,500 square foot home. A similar home in Washington DC is approximately $676,000, in New York $3 million and Seattle $807,000. These buyers relocating to our area find the homes very affordable.

 

Job growth is also adding to the demand for homes. The Jacksonville market has recovered more jobs than we lost when COVID caused so much unemployment. As of October 2021, Jacksonville has recovered 112% of jobs compared to the United States recovering 81%.

 

The supply of homes was around 20,000 homes in Northeast Florida in 2007 when the housing market changed. As the market improved, it dropped 52% to around 9,500 homes at the beginning of 2020. In the last 2 years, the supply has dropped an additional 62% to around 3,400 homes available in December 2021. There is a 1.1 month supply of homes available in December way below the 5 to 6 months supply that is considered a balanced market.

 

The median sales price in the Northeast Florida area in December is $323,880 for all property types in all 6 counties. That is an increase of 20.5% over last December. Most sellers got their asking price with 29.1% closing over list price.

 

The Northeast Florida real estate market is very strong. If you are interested in buying, selling, or renting your property, please give us a call for a consultation. Thank you so much for all of your support and referrals in 2021. Happy New Year!

Comments currently closed.

NEFAR Market Stats for December Show Low Interest Rates and Incredible Housing Values

January 25, 2010

 | 
Posted by in Northeast Florida Market Trends

I have to admit I am not sorry that 2010 has arrived and 2009 is behind us. I do believe the worst is over for real estate in St. Augustine, FL.

The Northeast Florida Association of Realtors market statistics show we had more closings and pending sales in 2009 than in 2008. We had 14% more closings with a total of 14,381 and 25% more pending sales for the year with 15,836.

The prices continued to drop during 2009. The median price for the year 2009 was down 15%. The average price for 2009 was down 19%. The December average and median price did drop slightly from the November numbers, but I still say the prices are stabilizing in our homes in St. Augustine.

I looked at the data for the 32092 zip code which includes World Golf Village and the surrounding communities. The activity for 2008 and 2009 was about the same. There were 596 transactions for 2009.The average price for homes in the 32092 zip code was $233,370 which was approximately a 16% decrease from 2008. There has been about a 30% decrease in average sales price since the peak of the market in 2006. Read more

Comments currently closed.

Davidson Realty