Davidson Realty, Inc.

October’s Real Estate Trends – Jacksonville Ranked #9 Nationally in all Cash Sales

November 26, 2014

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Posted by in News, Northeast Florida Market Trends

Be thankful for what you have; you’ll end up having more. If you concentrate on what you don’t have, you will never, ever have enough. –Oprah Winfrey

The Northeast Florida Association of Realtors market stats for October make me thankful for the positive trends we continue to see. The pending sales in October of 2,193 are 22% higher than the previous October. We have 11% more pending sales year to date than the same period in 2013.

There were 1,906 closings in October which are 4% more than the previous October and year to date we are up 7%. You have to keep in perspective that 2013 was drastically better than 2012 and we continue to have better numbers in 2014 than 2013.

The median sales price of $161,365 is up 4% over October 2013 and year to date we are up 3%. The average sales price of $208,809 is up 7% over October 2013 and year to date we are up 4%. I would like to add that the Northeast Florida Multiple Listing Service 3rd quarter report showed the average sales price in St. Johns County was $345,433 and in Duval County $181,901. Part of the reason for the higher sales price in St. Johns County may be the strong new homes sales which tend to command higher prices compared to resales.

The inventory of homes for sale is down 12% from last year to 9,595 available properties. The distressed properties (foreclosures and short sales) inventory is down 48% from last year and the traditional homes inventory is up 8%. Of all the listings available, 20.5% are distressed now compared to 35% a year ago. This is a very positive sign for our local real estate market.

We are down to 4.8 months supply of inventory. Five to six months supply is a balanced market so our market is not heavily weighted to buyers or sellers.

Realty Trac reported in the U.S., all cash sales accounted for 33.9% of residential sales in the third quarter; however, Florida leads the nation in cash sales with over 50% of the transactions. Miami ranked number one in metro areas with 59.1% cash transactions and Jacksonville ranked number nine with 47.1%.

They broke down the all cash transactions looking at institutional investor transactions and Jacksonville ranked number six in the nation with 10.9% investor transactions down from 12.6% the previous year.

To summarize, the pending sales, closings and prices are up. The inventory is down and the better news is that distressed property inventory is down further which is the reason our investor transactions are down. It appears we will finish 2014 strong.

If I can help you with any of your real estate needs, please give me a call at (904) 940-5000. Happy Thanksgiving!

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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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