Northeast Florida Real Estate Market Update

November 22, 2022

 | 

“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!

Servant Leaders: The Hutson Companies Support Davidson Cares Clay Day

November 15, 2022

 | 

The Hutson Companies has been a major sponsor for Davidson Cares Clay Day from the beginning. In 2018, The Hutson Companies committed to matching up to $40,000 as an additional contribution to St. Augustine Youth Services (SAYS), one of the local organizations that benefit from Davidson Cares Clay Day. More than $52,000 was raised that year and the incredible efforts by SAYS to assist at-risk youth were further supported thanks to The Hutson Companies.

 

The partnership between Davidson Realty and The Hutson Companies spans many years. From helping The Hutson Companies sell farmland in Elkton and Hastings to, most recently, commercial land in OakLeaf Plantation, the respect and trust between Davidson Realty and The Huston Companies has formed a thriving friendship.

 

“David and Nancy Hutson are extremely generous and support numerous local charities. They give from the heart and fly under the radar to avoid recognition, but their contributions to the Northeast Florida community are staggering,” shares Davidson Realty President, Sherry Davidson. “David Hutson is a true real estate visionary. He has built homes and developed stunning communities for many years. His work is exceptional and the team at Davidson is proud to call him an industry partner.”

 

The Hutson Companies is known for developing family-friendly communities while being both environmentally and financially conscious. Since 1973, The Hutson Companies has developed dozens of residential communities in Northeast Florida to total more than 20,000 home sites. The Hutson Companies is presently developing projects in Clay, Duval, and St. Johns Counties. 

 

“Davidson Cares Clay Day provides an incredible opportunity for The Hutson Companies to both give back to the community and spend time together outside of the office. We admire the planning of the event. Every year the Davidson family manages to create a relaxed, enjoyable environment for the participants without ever losing sight of why we are there: to help those in need. Clay Day is an event we look forward to all year for both the friendly competition and the opportunity to associate with our industry partner,” shares Cody Hutson of The Hutson Companies. 

 

Davidson Cares Clay Day is proud to have the support and sponsorship from The Hutson Companies as they continue to do incredible work in Northeast Florida. To learn more about The Hutson Companies visit their website at www.hutsoncompanies.com or call (904) 429-9965.

 

Davidson Cares Clay Day

The 7th Annual Davidson Cares Clay Day was held on October 20, 2022, at Jacksonville Clay Target Sports. Davidson Cares Clay Day included two-sport shooting events, beginner skeet, and sporting clay. Individuals and teams from beginner to expert levels participated.

 

In association with the event, there was a raffle contest. Prizes included a 65-quart YETI cooler with 13 full-size liquors and a 12-Gauge Beretta A400 XCEL Sporting shotgun.

 

Money raised from the event and raffles went directly to Builders Care, St. Augustine Youth Services (SAYS), Investing in Kids (INK!), Port in the Storm Homeless Youth Center, and Hope is Restored.

Helping Hands: Providence Homes Supports Davidson Cares Clay Day

November 11, 2022

 | 

For the past seven years, Providence Homes has generously supported Davidson Cares Clay Day with the highest level of sponsorship. The Davidson Companies have a long history with Providence Homes as they were a preferred builder in several neighborhoods in World Golf Village as early as 2000. “I admire the generosity of the Providence Homes family. They do so much for the community. They are active supporters of Homes for Hope as well as several other worthy causes,” shares Sherry Davidson, President of Davidson Realty. “We have so much respect for Providence Homes and how they treat their employees and customers.”

 

Providence Homes is an award-winning home builder based right here in Jacksonville with a promise to provide a superior home building experience from start to finish. As one of Jacksonville’s only 100% ENERGY STAR® certified home builders, Providence Homes is committed to building each home with the same attention to detail as they would with their own.  Since becoming an ENERGY STAR® partner, Providence Homes has built more than 1,800 ENERGY STAR® homes which has helped Jacksonville families save more than $5 million in energy bills. 

 

With nearly thirty years of experience, Providence Homes has not only made a tremendous impact on the local community, but has helped others internationally through Homes for Hope, Hope International, and New Story. Davidson Realty is honored to have the support of  Providence Homes as they continue to make a difference in the Northeast Florida community. 

 

“Providence Homes is proud to have been a sponsor for Davidson Cares Clay Day for the past seven years. Each year, the event and money raised continues to grow and the impact the benefiting nonprofits selected. This year, we were very excited Davidson Cares added two new phenomenal organizations to the list of recipients; Port in the Storm and Hope is Restored!,” shares Providence Homes President and COO, Sean Junker, “Additionally, we are extremely honored and humbled to have had a St. Johns County student’s college sponsorship donated in Providence Homes’ name through the Investing in Kids’ (INK!) Take Stock in Children program for our support of Davidson Cares since their incorporation in 2012. We are looking forward to attending the student’s graduation and seeing them accept their scholarship on behalf of Davidson Cares and Providence Homes!  We look forward to a continued relationship supporting Davidson Cares and helping to give back locally.”

 

Over the past seven years, Davidson Cares Clay Day has raised more than $330,000 to support charities in need because of generous sponsors like Providence Homes. To learn more about Providence Homes visit their website at www.providencehomesinc.com or call (904) 447-0724.

 

Davidson Cares Clay Day

The 7th Annual Davidson Cares Clay Day was held on October 20, 2022, at Jacksonville Clay Target Sports. Davidson Cares Clay Day included two-sport shooting events, beginner skeet and sporting clay. Individuals and teams from beginner to expert levels participated.

 

In association with the event, there was a raffle contest. Prizes included a 65-quart YETI cooler with 13 full-size liquors and a 12-Gauge Beretta A400 XCEL Sporting shotgun.

 

Money raised from the event and raffles went directly to Builders Care, St. Augustine Youth Services (SAYS), Investing in Kids (INK!), Port in the Storm Homeless Youth Center, and Hope is Restored.

Davidson Cares Clay Day: Enriching Lives in Northeast Florida

November 2, 2022

 | 

Davidson Cares is proud to support Northeast Florida organizations that are committed to enriching the lives of families and children. Thanks to generous sponsors, volunteers, and participants, Davidson Cares Clay Day 2022 raised more than $101,000 for five organizations to continue their incredible work for our First Coast community 

 

“Davidson Cares Clay Day 2022 was truly remarkable and the most successful in our seven years of hosting this event. Our team spots sold out very quickly. We had forty-eight sporting clay teams and seven beginner skeet shooting teams. Overall, we had 185 participants and fifteen volunteers who helped make the day so special and together with our sponsors ensured we were able to make an impact in our community through Investing in Kids!, Builders Cares, St. Augustine Youth Services, Hope is Restored, and Port in the Storm,” shares Davidson Realty President, Sherry Davidson. 

 

Congratulations to this year’s winners which included: Hoodz Team (1st Place – North Course), Vallencourt Construction (2nd Place – North Course), Bird Dog (3rd Place – North Course), The Hutson Companies (1st Place – South Course), Steve Merrill Team (2nd Place – South Course), and Thomas May Construction (3rd Place – South Course). Marshal Banks and Julie Sowell, both from the Hoodz Team, were the High Overall Male and Female shooters on the North Course, respectively. On the South Course, Joe Lentz from the Hutson Companies team was the High Overall Male shooter, and Brooke Hutson also from the second Hutson Companies team was the High Overall Female shooter. Additionally, Dianne Roberts with Magnum Painting Services, Inc. won the Cooler and Cocktail raffle and Doug Wenzel won the shotgun raffle. 

 

Davidson Cares Clay Day has raised more than $378,000 over the last seven years for organizations dedicated to supporting and uplifting Northeast Florida residents. This year Davidson Cares donated $40,000 to Builders Cares, $20,000 to Port in the Storm, $20,000 to Hope is Restored, $10,000 to St. Augustine Youth Services, and three scholarships, totaling $11,250, to Investing in Kids! Take Stock in Children program. The three scholarships were given in the name of Vallencourt Construction, Providence Homes, and Riverside Homes. 

 

These organizations are truly changing lives in our community. Davidson Cares Clay Day is proud to have raised more than $101,000 for these worthy causes, and Davidson Cares is grateful for the continued support from their network of partners and friends who have helped make an impact when our community needs it the most! If you are interested in donating to these organizations, please visit www.davidsoncares.com.

 

Northeast Florida Real Estate Market Update

October 18, 2022

 | 

“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.

Older Posts »

Davidson Realty