Davidson Realty, Inc.

Jacksonville FL Real Estate Statistics in April 2011

May 31, 2011

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Posted by in Northeast Florida Market Trends

“Genius is the ability to reduce the complicated to the simple.”C. W. Ceram

The most successful people I know are able to simplify complicated issues. When I reviewed the Northeast Florida Association of Realtors market statistics this month I struggled with how to simplify what seemed like some very conflicting information.  As with many issues dealt with in today’s business environment, the analytical complexity was a result of yet another “helpful” government program. Any statistical analysis comparing April, 2010 vs April, 2011 must factor in the 2009 homebuyer tax credit program. As you may recall, homebuyers were initially required to be under a contract by November 30, 2009 which was then extended to April 30, 2010. As a result, 2010 results were directly impacted by this program.

First let’s look at activity. Pending sales and closings for April look very good compared to recent months; however, when you compare them to April, 2010 pending sales are down 13.2% and closings are down 8.8%. To give a little perspective, closings are up 2% year to date over 2010.

In April, 51.1% of closings were distressed properties. That number is down from the previous three months when the percentage was closer to 60%.

Now we will look at pricing. The median sales price for April is down 8.1% when compared to last April; however the average sales price is up 1.7%. Due to the 2009 homebuyer tax credit program many of the closings last April were first time homebuyers. This year we are seeing more mid and higher priced properties selling. We will not see any strong improvement in prices until the distressed properties situation improves.

The inventory of homes for sale is down 23.8% from last April. When a home comes on the market in our area that is priced at a great value, we are seeing multiple offers on a regular basis. We have actually seen some foreclosures with multiple offers sell for more than the list price. There are fewer homes to show buyers especially in some of the better neighborhoods.

You might also be interested to know that sellers in April received 86.9% of their original list price and the average number of days on the market was 123 days vs 104 days last April.

Our office continues to see more buyers, more sales and more closings. We are seeing great buyer activity even though the buyers are still looking for great deals. If you know anyone looking for a great buy or interested in selling or renting their home, please give me a call – 904.940.5000.

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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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