Northeast Florida Real Estate Market Update

November 22, 2022

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“Reflect upon your present blessings—of which every man has many—not on your past misfortunes, of which all men have some.” —Charles Dickens

Thanksgiving is my favorite holiday; I love to reflect upon my blessings.

 

The Northeast Florida Association of Realtors (NEFAR) market stats for October continue to show the median sales price stabilizing. Since April, the median price has gone slightly above or below $350,000 each month and ended at $355,000 for October.

 

NAR Chief Economist Lawrence Yun recently spoke at the NAR conference and said “For most parts of the country, home price are holding steady since available inventory is extremely low. Some places are experiencing price gains, while some places, most notably in California, are seeing prices pull back.”

 

Yun mentioned the difference between current market conditions and the Great Recession. “Housing inventory is about a quarter of what it was in 2008. Distressed property sales are almost non-existent, at just 2%, and nowhere near the 30% mark seen during the housing crash. Short sales are almost impossible because of the significant price appreciation of the last two years.”

 

There were 2,344 closed sales in October which is down 27.1% from last year but an increase of 11% from September when Hurricane Ian had some impact. Pending Sales of 1,968 were almost the same as September when we had 2,029 pending sales.

 

Active inventory is at 7,237 properties which is up 18.2% from the 6,125 properties in September. We now have 3.1 months supply of inventory compared to 2.9 months in September. Five to six months of inventory is a balanced market.

 

Lawrence Yun expects home sales to decline by 7% in 2023 with the national median home price increasing by 1%, with some markets experiencing price gains and others price declines.

 

The prices are stabilizing, the closings and pending sales are down, inventory is up but still below pre-pandemic norms. It appears that buyers are continuing to buy homes just not at the frenetic pace we have seen for the last two years.

 

Wishing you and your family a wonderful Thanksgiving holiday!

Northeast Florida Real Estate Market Update

October 18, 2022

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“When I stand before God at the end of my life, I would hope that I would not have a single bit of talent left, and could say, ‘I used everything you gave me’.” Erma Bombeck

 

I had to share one of my favorite quotes.

 

The Northeast Florida Association of Realtors (NEFAR) market stats for September 2022 show home prices declining slightly, closed sales and pending sales declining, days on the market, and active inventory increasing.

 

The median sales price for all property types for NEFAR is $347,995 which is down 2% from $355,000 in August. For single-family homes by county compared to the previous month:

 

Duval – $335,000 down 1.5%

 

Clay – $335,990 down 2.9%

 

St. Johns – $561,495 up 1.2%

 

Putnam – $210,725 down 10.3%

 

Nassau – $408,990 up 0.2%

 

Mark Rosener, NEFAR President said, “I anticipate that the median price will continue to fluctuate month to month in the 3-5% range in either direction for the balance of the year.”

 

Closed sales of 2,032 is down 23.2% from 2,647 closings in August. Pending sales of 2,100 are down 17.1% from 2,533 sales in August. Mark said “Closed and pending unit sales suffered from Hurricane Ian’s impact when the powerful storm interrupted services during the last week of the month, a time when many properties close and/or go under contract. Many of the properties scheduled to close in that last week should shift to close in the first half of October.” The insurance companies will not write policies when a storm is near, and some properties must be reinspected before they will insure.

 

The active inventory increased from 6,015 in August to 6,789 in September, a 12.9% increase. The months supply of inventory increased from 2.3 months of supply to 3.3 months, a 47% increase.

 

In summary, the prices have declined slightly, the closings and sales have decreased, and inventory has increased. Home buyers are more cautious and rising mortgage rates have impacted their purchasing power. The buyers have more homes to choose from and more negotiation room. The sellers have lost a little edge, but the prices are still much higher than they were one or two years ago.

 

It is a great time to buy or sell. Please let us know if we can assist you in any way.

4 local communities to get excited about in 2020

December 26, 2019

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When I speak with customers who are relocating to the Jacksonville area, they are often overwhelmed by the choice of where to buy. That’s not surprising considering Jacksonville is the largest city in the continental U.S. by area.

 

Aside from choosing between the beaches, urban core, suburban communities and rural areas, there are many choices for neighborhoods. I’m always researching the up-and-coming and exciting new neighborhoods that would be great for buyers seeking a safe and high-quality place to live and work.

 

Here are some of our most exciting neighborhoods heading into 2020:

 

Wildlight

 

Location: Take exit 373 off I95 in Nassau County and head east. The Wildlight StoryCenter is located at 123 Tinker Street, Wildlight, FL 32097.

 

Why it’s great: This part of Nassau County is still pristinely untouched and absolutely breathtaking. Nearly half of Wildlight’s 24,000 acres will be reserved for conservation. Wildlight is often compared to Nocatee, a similar master-planned development to the south, however it will be almost twice as big (24,000 homes are planned). A wellness center, recreational amenities, hotel and town center are also planned.

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Davidson Realty