Davidson Realty, Inc.

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

January 25, 2010

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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.

The inventory levels continue to improve. We have 16% less listings available at the end of 2009 from 2008. The Housing Affordability Index is at 177 in December up from 149 last December. This is due to the low interest rates and incredible housing values.

One staggering statistic to me is the number of lender-mediated sales in December, 2009. Of all the December closings, 44.4% were short sales or foreclosure properties. Even though I am a very optimistic person, all the predictions are for this trend to continue through 2010.

If you are having trouble paying your mortgage or know someone who is, please seek out a qualified real estate professional with a Certified Distressed Property Expert designation to help you determine the best course of action. It is in everyone’s best interest to find a solution and not let a home go into foreclosure.

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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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