Davidson Realty, Inc.

Jacksonville FL Real Estate Trends – March 2011

April 28, 2011

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Posted by in Northeast Florida Market Trends

“It’s not so important who starts the game but who finishes it. ”  John Wooden

This is one of my favorite quotes from the great coach John Wooden. It seems appropriate now because this economy has taken down a lot of good businesses. Many people still in the real estate business have commented to me that there is no way they would give up now after all they have been through. This spirit and determination is what makes this nation and this industry great.

The Northeast Florida Association of Realtors market statistics for March continue to show good activity and lower prices. Pending sales of 1,909 homes for March, 2011 were up 3.9% over March, 2010; however, the current trend is more dramatic. The last 6 months of pending sales average 1,278 per month compared to 1,909 in March 2011. We have experienced this dramatic increase in our office and our April numbers may be close to March.

The closed sales for March, 2011 are down from March, 2010 by 7.1% but that doesn’t tell an accurate story. The March, 2010 number of 1,548 was substantially higher than all the previous months in 2010 and 2009 due to the federal tax credits. The March, 2011 number of closed sales of 1,438 was a higher number of closings than every month since June, 2010 except for 1 month. Overall we are showing an improvement in closings. I believe this is primarily a result of more confident buyers.

The average and median price declines continue and are directly tied to the continued increase, on a month-to-month bases, of lender-mediated sales. Traditional sales are down as a percentage on a month-to-month comparison and will remain that way in the future until we work our way out of the high volume of distressed property currently available. The good news is the median sales price of traditional sales was up 8.7% over March, 2010 while the median sales price of lender–mediated sales was down 13.2%. Total median sales price is down 10.9% compared to March, 2010 with a slight upward trend over February. In March, 57.4% of all closings were lender-mediated.The average sales price is $158,112 in March, 2011 compared to $168,504 in March 2010 for a 6.2% decline. The current 12 month average compared to the previous 12 month average is down 5%.

We have positive news in the inventory of homes for sale at 12,642 in March, 2011 compared to 15,985 in March 2010. There are 20.9% fewer properties available this year. We now have a 9.0 months’ supply of housing inventory compared to 12.2 months supply, in March, 2010.

Davidson Realty is still in the game and ready to serve you. I am more than happy to answer any questions you may have or clarify any of the information I have provided. I hope you all enjoy The Players this year or if you have been around a long time like me, TPC.

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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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