Davidson Realty, Inc.

Northeast Florida Market Trends for February: The Highest Number of Pending Sales Since April 2010!

March 27, 2012

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Posted by in Northeast Florida Market Trends

“I’ve got a great ambition to die of exhaustion rather than boredom.” Angus Grossart

I have been saying for almost 32 years that I could never be bored married to Jim. There is no way to predict what he will do any day and he somehow always convinces me to join in whatever adventure he creates. Something new I am working on is to find some joy in every single day. I hope you will also.

I found some joy in the Northeast Florida Association of Realtors Market Stats for February. The most exciting news to me is the increase in pending sales of 27% over February 2011. For the last 12 months we have averaged 1,493 pending sales and in February 2012 there were 1,750 contracts written. This is the highest number of pending sales since April 2010. Interestingly, based on a rolling 12-month total the $500,000-$1M price range had the highest percentage increase (over 17%) in pending sales.

The inventory has continued to decline. There were 14,321 active properties available in the NEFAR market area in February 2011 and there are 30% less properties available in February 2012 with only 9,977 active properties. The months supply of inventory dropped 35% from 10.3 months supply in February 2011 to 6.7 months supply in February 2012 very near market stabilization. The price range with the largest decrease in number of properties and months supply is the under $150,000 price range with a 5.3 month supply.

There were 1,180 closings in February 2012 compared to 1,212 in February 2011 for a 3% decrease. The traditional closings are up 24% and the distressed or lender-mediated closings are down 21%. Of all the closings this month, 47.5% were lender-mediated (short sales or foreclosures). I do believe we will see an increase in foreclosures following the Federal settlement with the lenders; however, Core Logic reported that the percent of homeowners nationally who were more than 90 days late on their mortgage payments, including homes in foreclosure and REO, was 7.2% in January 2012 compared to 7.8% in January 2011.

The median sales price dropped from $120,000 in February 2011 to $119,700 in February 2012 for a 0.2% decrease, while the average sales price dropped from $162,482 to $157,074 for a 3% decrease for the same periods. Prices are continuing to show signs of stabilization.

With an increase in pending sales, continued inventory reductions, pricing stabilization and baseball starting, we can all find a little joy. As every spring, I am counting on my Atlanta Braves to be the World Series Champions.

With inventory dropping so much, we are looking for listings in great neighborhoods. If you know anyone interested in selling, please let me know.

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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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