Davidson Realty, Inc.

Jacksonville’s Real Estate Trends Show Continuing Decrease in Distressed Properties

November 22, 2013

 | 
Posted by in News, Northeast Florida Market Trends

This month I analyzied the Northeast Florida Association of Realtors‘ real estate trends for October 2013.

There were 29% more contracts written (pending sales) in October than the previous year. We are up 26% year to date in the Northeast Florida market area.

Closings were 7% less in October compared to the previous year; however, we have 23% more closings year to date than last year. It is interesting to look a little deeper because the lender-mediated closings dropped 25% from 706 last October to 533 this year. Traditional closings were up 8% from 891 closings last October to 959 this year. Lender-mediated closings were only 36% of total closings in October compared to 44% last October. It is very encouraging to see less distressed properties and more normal closings. The median sales price of $158,865 is up 16% over last October and prices are up 16% year to date.

The median sales price of a traditional property is $205,000 and lender-mediated properties are $89,381. As you can see, if the number of lender-mediated properties continues to decline, the median sales price will increase. The average sales price of $203,045 is 17% higher than last October and up 9% year to date.

The inventory of homes for sale is down 15% from last October to 9,076 properties. The months supply of inventory dropped 31% to 4.8 months compared to 7.0 months last October. Inventory continues to decline; however, new listings have increased 19% year to date.

“Blessed are those that can give without remembering and receive without forgetting.”  Author unknown

I wish you and your family a Happy Thanksgiving. An attitude of gratitude will take you far. If I can be of any assistance to you with any real estate needs or questions, please give me a call at (904) 940-5000.

, , , , , ,
(0) Comments
  • Print
  • Digg
  • Sphinn
  • del.icio.us
  • Facebook
  • Mixx
  • Google Bookmarks
  • email
  • LinkedIn
  • StumbleUpon
  • Twitter
  • Yahoo! Bookmarks
  • Yahoo! Buzz
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.

Comments are closed.

Davidson Realty