Davidson Realty, Inc.

More Good News About the Northeast Florida Housing Market in February!

March 25, 2013

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Posted by in Northeast Florida Market Trends

“In my opinion, too many people in this world are born on third base and think they’ve hit a triple.” Pat Summitt

I just finished the book “Reach for the Summit” about Pat Summitt’s life. Pat was the head basketball coach of the Tennessee Lady Vols and won more national championships than any coach since John Wooden. She is an amazing lady and I just had to share that quote. It appears coaching a basketball team is a lot like running a real estate office, every year is different and change is a must.

The Northeast Florida Association of Realtors market stats for February 2013 provide more good news about the housing market. There were 2,055 pending sales in February compared to 1,501 last February for a 37% increase. Year to date the pending sales are up 40% over the same period last year.

There were 1,396 closings in February compared to 1,252 last year for a 12% increase in closings. Year to date closings are up 20% over the same period last year.

At Davidson Realty our year to date sales are 3 times more than last year. This year we have $21.3 million compared to $6.9 million last year for January and February. Our closings are more than 2 ½ times last year. Our closings this year are $12.6 million compared to $4.6 million last year.

The sales prices continue to bounce around on a monthly basis but are higher than last year. The median sales price of $135,025 is 16% higher than last February’s price of $116,700. The average sales price of $163,494 is 4% higher than last February’s price of $157,135.

The inventory of homes for sale continues to decline. We have 7,914 homes available at the end of February which is 32% less than last year when we had 11,559 properties available. We have 4.7 months supply of inventory. Five to six months supply is a balanced market.

The share of NEFAR closings that are lender-mediated in February was 43.6% compared to 49% last February. In our office, short sales and foreclosures were 25%, new construction 25%, and traditional closings 50%. It is really nice to see the new construction sales increasing because of its effect on the jobs market.

It is spring and time for March madness and MLB spring training. I am going to a spring training game this week and can’t wait for real baseball to be back.

I am looking for a couple of great agents if you know anyone looking for a real estate career or looking for a change.

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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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