Davidson Realty, Inc.

July Real Estate Trends – Sales, Closings & Prices All Up!

August 28, 2012

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Posted by in Northeast Florida Market Trends

positive market trendsThe Northeast Florida Association of Realtors Market Stats for July 2012 continue to show signs of a real estate recovery in the Jacksonville area. The most impressive number is pending sales. There were 1,912 contracts written in July compared to 1,446 in July 2011 for a 32% increase. Year to date, there are 12,042 pending sales compared to 10,390 for the same period in 2011 for a 16% increase. The pending sales number has been very strong all year.

There were 1,434 closings in the Jacksonville metro area in July compared to 1,416 in July 2011 for a 1% increase. Year to date we also have a 1% increase. The closings dropped in July from the June numbers in the NEFAR stats; however, our office had almost double the amount of closings in July compared to June. I expect to see substantially more closings in August through December compared to 2011 closings based on the number of pending transactions.

The median sales price in July is $140,000 compared to $130,000 in July 2011 for an 8% increase. Year to date, the median price is up 5% compared to the same period the previous year. The median price increased over 11% from May to June but then dropped 6% in July. While we have had monthly fluctuations, the overall trend is positive.

The average sales price of $176,487 is up slightly (.3%) over July 2011. Year to date, the average sales price is up 5% compared to the same period the previous year. The story is the same for the monthly fluctuations. The average price dropped from June but is trending up in 2012, another good sign.

Properties sold year to date in 2012 received 90.2% of the original list price compared to 87.5% of the original list price received year to date in 2011. This is a very positive trend.

The inventory of homes for sale is 9,122 properties which is down 30% from 13,078 properties in July 2011. There are 5.8 months supply of inventory available which is down 38% from 9.5 months supply of inventory in July 2011. The price range with the largest drop in homes for sale is the under $150,000 price range. There was a 38% decline in inventory in this price range followed up a 31% decrease in inventory in the $150,000- $200,000 price range. Investor activity is really affecting the inventory in the lower price ranges.

At Davidson Realty, we are seeing more buyers, tighter inventory, more sales, more closings and an overall general improvement in all sectors of the real estate market. It is still a good time to buy an investment property. The rental market is very good. Davidson Property Management moved in 15 new families last month.  If we can help you in any way with 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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