Davidson Realty, Inc.

March Real Estate Trends – Inventory is Down and Sales are up!

April 30, 2012

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Posted by in Northeast Florida Market Trends

“It was high counsel that I once heard given to a young person. “Always do what you are afraid to do.” Ralph Waldo Emerson

That will be my advice to my youngest son, Sam, who graduated from UNF on Friday with a Degree in Mechanical Engineering. I am so blessed with a great family!

I found some interesting information in the Northeast Florida Association of Realtors Market Stats for March. We have a very positive trend in pending sales. There were 2,018 contracts written in March 2012 compared to 1,719 in March 2011 for a 17% increase. The first quarter of 2012 is up 18% over the first quarter of 2011. In my office, the first quarter pending sales are up 40% over first quarter last year.

Now for the interesting part, there were 1,419 closings in March 2012 compared to 1,529 closings in March 2011 for a 7% decrease. The first quarter closings are down 3% compared to first quarter last year. Pending sales have risen so dramatically in the last 3 months, the closings should be increasing soon. It was also interesting to note that the price range with the largest increase in pending sales is $1,000,000 and above with an 18% increase.

Only 40% of our closings are lender-mediated in March 2012 compared to 60% at the beginning of 2011. Traditional closings are up 27% and lender-mediated (short sales and foreclosures) are down 34%. Very good news!

The median sales price for March 2012 is $130,000 compared to $124,063 in March 2011 for a 5% increase. The first quarter of 2012 compared to the first quarter of 2011 shows no increase or decrease. The average sales price for March 2012 is $175,181 compared to $158,744 in March 2011 for a 10% increase. For the first quarter, the average sales price is up 3% over the previous year. Prices do appear to be more stable with a chance of seeing some increases this year.

The inventory of homes for sale is down 30% from March 2011. There were 14,051 properties in active status in the MLS in March 2011 and only 9,783 in March 2012. This gives us 6.5 months of inventory available which is down 36% from 10.2 months in March 2011. There was a 44% drop in months supply of inventory in the $150,000 and below price range since last March for a 5.1 months supply in this price range.

To summarize, inventory is down, sales are up and closings should follow, the median and average sales price are up. Unemployment in the area has declined and is more in line with the National unemployment numbers. If you have been considering investing in real estate, it may be time to do what you are “afraid to do”. If I can help you in any way with any of your real estate needs, 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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