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Northeast Florida Market Update | July 2023

August 28, 2023

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Posted by in Northeast Florida Market Trends

“Love makes your soul crawl out from its hiding place.”

–Zora Neale Hurston

 

Many of you know my husband just passed away. I just want to thank everyone for the expressions of love. Our family is overwhelmed.

 

The Northeast Florida Association of Realtors (NEFAR) market stats for July show a slight increase in home prices, fewer closed sales, and slightly more inventory available.

 

The median sales price of $361,750 is 1.2% higher than June’s $357,500. As I mentioned last month, the prices bottomed out in January 2023 and continue to rise slowly.

 

The closed sales of 2,294 dropped 20.2% from June’s number of 2,873. Diana Galavis, 2023 NEFAR President said “Interest rates, the cost of goods and services, and available supply are all factors in the decline in closed sales.”

 

The 30-year mortgage interest rate is a huge factor in our market. Recently rates have been hovering around 7% and many buyers and sellers are on the sideline.

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Northeast Florida Market Update | June 2023

July 24, 2023

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Posted by in News, Northeast Florida Market Trends

“Discipline is choosing between what you want now and what you want most.” Abraham Lincoln

 

 

 

The Northeast Florida Association of Realtors market stats continues to present a unique real estate market in 2023. The median sales price of $360,000 is up slightly (1.4%) from May and down 1.6% from last year. The prices bottomed out at $330,705 in January 2023 and have been steadily rising since. Prices are dictated by supply and demand. Our supply is low, and demand continues to be steady.

 

You may have seen the article in the Daily Record by Gregg Cohen with JWB Companies. He listed several factors that indicate real estate in Northeast Florida is not likely to crash.

 

  • Low inventory levels
  • Surging population growth
  • Strong job market
  • High equity levels in existing homes

 

Brian Buffini also talked about high equity levels in his recent Bold Predictions. He said nationally 39% of homes are owned free and clear, 29% have 50% or more equity in their home which leaves 32% of owners with less than 50% equity. These stats don’t look anything like the Great recession.

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Northeast Florida Market Update | May 2023

June 22, 2023

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Posted by in News

“The army of Israel looked at Goliath through the eyes of man and said he’s too big to beat.  David looked at him through the eyes of God and said he’s too big to miss.” Wally Carter

 

It is all about our perspective.

 

The Northeast Florida Association of Realtors (NEFAR) market review for May shows the median sales price of $354,800 is up 4.4% over April and down 1.4% from May 2022. The predictions of large price decreases in our area haven’t occurred.

 

The active inventory of 5,804 properties is up 4.7% from April. This number includes many new construction homes that are not completed. The months supply of inventory of 2.1 months is down slightly from 2.2 months in April. A balanced market is 5 to 6 months of available inventory.

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Northeast Florida Market Update | April 2023

May 23, 2023

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Posted by in News, Northeast Florida Market Trends

“Intelligence is the ability to adapt to change.” Stephen Hawking

 

The real estate market has given us an incredible opportunity to adapt to change over the last few years.

 

The Northeast Florida Association of Realtors market stats for April show a slight increase in prices of homes, fewer closed and pending sales and a small increase in inventory.

 

The median sales price for April is $339,995 which is down 2.9% from last April and up 2.4% from March. In the National Association of Realtors first-quarter report, nearly seven out of 10 metro markets had home price gains.

 

Locally, active inventory of 5,938 homes is up 4.5% from March. Many of those homes are new construction and not completed. The supply of existing homes is very low because many homeowners with loans well below current mortgage rates are electing to stay in their homes.

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Real Estate Market Update

May 20, 2021

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Posted by in News, Northeast Florida Market Trends

“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.

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