Davidson Realty, Inc.

More Good News with June Real Estate Trends – Pending Sales and Prices are up and Inventory Continues to Decline

July 18, 2012

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Posted by in Northeast Florida Market Trends

“The difference between the impossible and the possible lies in a person’s determination.” Tommy Lasorda

markettrendsThis is true in baseball and life. I hope your determination is strong. We are halfway through the baseball season and halfway through 2012. The Northeast Florida Association of Realtors market stats for June and the first half of this year are still showing positive trends.

The pending sales stayed strong with 1,970 contracts written in June which is 24% more than June 2011 when there were 1,592. For the first half of the year there are 10,453 pending sales which are 17% more than the 8,949 pending in 2011.

There were 1,565 closings in June compared to 1,622 in June 2011 for a 3.5% decrease. Year to date we have slightly more closings than last year. This does not concern me because June of last year was our best month in 2011 for closings.

Distressed or lender-mediated closings were only 36.3% of total closings in June. Traditional closings were up 8% in June over the previous year while lender-mediated closings were down 19%.

The days a property stays on the market until sale is down from 128 days in June 2011 to 102 days this June for a 20% decline. This important statistic has improved every month since January.

The best news I have is about pricing. The median sales price in June is $149,000 which is 10% higher than the $135,364 last June. You have to look back to 2009 to find a median price this high. The average sales price for June is $200,112 compared to $183,496 last June for a 9% increase. The average sales price has increased every month since January and the last time we saw an average sales price of $200,000 was January 2009.

The percent of original list price received was at 91.4% in June compared to 87.9% last June for a 4% increase. This percentage has continued to improve every month since January.

Inventory continues to decline and is now at 9,267 properties, which is down 31% from last June when there were 13,367 properties available. The months supply of inventory is at 6 months down 38% from last June when we had 9.7 months. The largest drop in inventory is in the below $150,000 price range which dropped 38%. This price range has attracted a lot of investors and I believe investors will continue to be a factor in the drop in inventory for lower priced properties.

In summary, pending sales are up, prices are up, inventory continues to decline and I believe we will see strong closings for the next few months. Stay determined and achieve the impossible. Please let me know if I can assist you in any way with your real estate needs.

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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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