Davidson Realty, Inc.

November NEFAR Stats Show Pricing Continues to Stabilize

December 17, 2009

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Posted by in Northeast Florida Market Trends

The Market Statistics provided by the Northeast Florida Association of Realtors for November, 2009 continue to show encouraging trends. Even though we do not have a full year of data, the number of closings on homes in Northeast Florida for 11 months of 2009 already exceeds the number of closings in 2008. The previous year numbers were:
2005: 24,367 closings
2006: 22,366 closings
2007: 16,775 closings
2008: 12,604 closings

The closings year to date for 2009 are 12,925, and, based on the numbers we have seen in the past few months, we expect the 2009 grand total with December’s numbers to be over 14,000 closings .

As for monthly pending sales, I believe we will continue to see some inconsistencies. Pending sales for November 2009 are 1,343, which is a 59.1% increase over November 2008. However, the November 2009 pending sales are about 200 less than the number we saw in September and October 2009.

The number of days homes in Jacksonville stay on the market has climbed steadily. The numbers are as follows:
2005: 52 days
2006: 63 days
2007: 88 days
2008: 107 days
2009: 108 days

Of course it is important to note that this trend may be a result of the high number of short sales in Jacksonville and the length of time it takes to get lender approval.

The pricing of homes continues to show signs of stabilizing. This may be the best news for our Jacksonville/St. Augustine real estate market. The median sales price for September 2009 was $145,000, October was $145,950 and November was $145,145. The average price bounced around a little more, but is still showing an improvement from the constant downward trend we have seen. The average sales price in September 2009 was $174,787, October was $178,209 and November was $173,542.

The supply of homes available continues to improve as the number of active listings continues to decline and the months supply of inventory dropped to 11.1 months (a six month supply of inventory represents a balanced market – we are getting closer).

I am very encouraged by the market statistics for Northeast Florida. We are seeing very similar trends in St. Augustine. Our number of listings are down, sales are up and the lenders are improving the process for approving short sales. I look forward to a good report for December and we will see what a new year will bring us. Merry Christmas!

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About the Author
Sherry Davidson
President of Davidson Realty

Since launching Davidson Realty in 1989, Sherry Davidson has built the firm to include nearly 60 agents and exceed $100 million in annual sales. She is known throughout the First Coast as an authority on all things residential real estate, having served on the Board of Directors for Northeast Florida Association of Realtors, Florida Realtors® (a division of the National Association of Realtors), and Builders Care (charitable arm of Northeast Florida Builders Association).

Thanks to Sherry’s leadership, Davidson Realty has been recognized as one of the state’s Best Companies to Work For (Florida Trend Magazine), as well as one of the region's Best Places to Work and 50 Fastest Growing Companies (Jacksonville Business Journal). Get to know Davidson Realty’s talented team of agents by clicking here or call us at (904) 940-5000.

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