Davidson Realty, Inc.

Northeast Florida Real Estate Trends for November Show All Around Continued Improvement

December 22, 2011

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Posted by in Northeast Florida Market Trends

popb2anack1azzo“Something I learned early in college is to not worry about what I can’t control…But what I can control is my attitude, my effort, my focus every single day and that’s what I’m trying to worry about.”  Tim Tebow

We certainly can’t control the real estate market but we can control how we respond to the changes in trends. Fortunately, the Northeast Florida Association of Realtors market stats for November show continued improvement in almost all measured areas. The inventory continues to decrease. The number of properties available in the Multiple Listing Service in active status at the end of the month dropped 31% from November 2010 to November 2011. There were 15,498 properties available last year and 10,722 available this year. The number of available properties has dropped every month this year.

The months supply of inventory at 7.4 months is 35 percent less than November 2010 when we had 11.4 months of inventory. The price range with the largest percentage decrease is the $500,000-$999,999 with a 45% decrease. The months supply for this price range went from 28 months to 15 months.

The pending sales increased in November by 10% over November 2010. For the last 12 months we have averaged 1,460 pending sales per month compared to 1,368 for the previous 12 months for a 6.6% increase.

The closings in November 2011 were up 5% over November 2010. The traditional closings increased by 7% and the lender-mediated closings increased by 2%.We have closed 15,089 properties year to date compared to 14,475 in 2010 for a 2.3% increase. The number of closings in November was less than the previous 9 months numbers, but December looks like a strong month for closings in our office.

The median sales price in November of $130,000 is down 7.7% from the November 2010 price of $140,900. If you break the median sales price down further, the traditional transactions median price is $175,000 with no change from last November and the lender-mediated median price is $85,009 which is down 5.5% from last November.

The average sales price in November of $161,302 is down 12.4% from $184,124 in November 2010. The year to date average sales price is only down .5% from year to date in 2010.

I am sticking by my prediction that we are beginning to see a recovery in the housing market and believe it or not, I have actually had a couple of people agree with me lately. Remember, you can control your attitude, your effort and your focus. If you do, you will have an amazing 2012. Merry Christmas and Happy New Year and keep on “Tebowing”. A little divine intervention can’t hurt!

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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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