Davidson Realty, Inc.

Northeast Florida Real Estate Trends in September – Strong Pending Sales and Declining Inventory Available!

October 29, 2012

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Posted by in Northeast Florida Market Trends

“People become successful the minute they decide to.” -Harvey Mackay

The Northeast Florida Association of Realtors market trends for September continues to show strong pending sales and declining inventory available. The 1,870 pending sales for September are 40% higher than September 2011 when there were 1,337 pending sales. Year to date pending sales are 16% higher than the same period last year.  Pending sales have increased the most in the $200,000-$299,999 price range at 20.9% followed closely by the $300,000 to $499,999 price range with a 20.4% increase.

The 1,279 closings in September are 8% less than September 2011 closings of 1,395. Year to date there have been 12,923 closings which is 1.4% more than the 12,742 closings for the same period last year. As we discussed last month, there are a lot of contracts that do not close. We see a lot of closings derailed due to low appraisals in addition to the closings that fail due to lender issues.

The median sales price of $135,000 in September is 9% higher than $124,000 in September 2011. Year to date the median sales price is 5.5% higher than the previous year.  The average price has a similar trend with $183,938 in September which is 7% higher than $171,633 in September 2011. Year to date, there is a 5.6% increase over the previous year.

The average sales price for single family properties that closed in August in the four zip codes we work in the most showed increases over previous months. The World Golf Village area 32092 had an average sales price of $219,000. The Julington Creek area 32259 was $280,000, the Ponte Vedra area 32082 was $673,000 and the Palencia area 32095 was $242,000.

The inventory of homes for sale dropped 30% from last September to 8,789 properties. The under $150,000 price range properties decreased the most dropping 40% from 6,421 properties in September 2011 to 3,883 properties in September 2012.

The months supply of inventory in all price ranges dropped to 5.5 months. For properties priced under $150,000 there is a 4.3 month supply. Only 5.3 months supply for $150,000 to $199,999 and 6.2 months supply for $200,000 to $299,999. A balanced market is 5 to 6 months of inventory.

We are seeing more new construction sales in our office. Forty-two percent of our September closings were new construction. We are seeing more investor sales also. Most of the investors are buying properties to rent for a few years. Our rental market is still very strong. It is still a very good time to buy a property if you have been considering a purchase for investment or if your circumstances have changed and you need a new home.

College football is in full swing. The World Series, without the Braves, is coming up. The election will soon be behind us and I predict we will have a strong finish in 2012. If you have any real estate needs, we are always here to help.

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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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