Davidson Realty, Inc.

Jacksonville Real Estate Trends for March – Pending Sales Higher This Month Than March 2005!

April 29, 2015

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Posted by in News, Northeast Florida Market Trends

“People ask me what I do in winter when there’s no baseball. I’ll tell you what I do. I stare out the window and wait for spring.” – Rogers Hornsby

Spring is here and the Northeast Florida Association of Realtors market stats look strong. The most impressive trend I see is pending sales. There were 2,752 contracts written in north Florida in March 2015. This is 30% more than last March when 2,121 contracts were written. The pending sales are up 22% year to date over the previous year (7,038 compared to 5,766). The most staggering fact is that during the peak of the market in 2005, pending sales reached almost 2,500 for two months and we have approximately 250 more pending sales this March.

There were 2,241 closed sales in March which is 18% more than the 1,899 last March. The month with the most closings in the last few years was June 2014 when we had 2,281 closings. If the closings follow the pending sales, the next few months should rival 2005 and early 2006 closings.

The median sales price of $160,000 is up 1% over the March 2014. Year to date the median sales price is up 7.6%. The average sales price of $200,144 is up 5% over March and year to date is up 7.4%.

The inventory of homes for sale continues to decline to 9,487 which is a 13% decrease from last March. The months supply of inventory is 4.5 months supply. A balanced market is 5 to 6 months supply of inventory.

The builders in the area continue to add to the inventory. There were 1,399 building permits issued in Clay, Duval, Nassau and St. Johns Counties in the first quarter. This compares with 1,398 in 2014 and 1,397 in 2013. In 2005, the peak of the market, there were 3,865 permits issued in the first quarter and in 2011, the lowest point for permits, there were 644.

Buyers have been very active in our market this spring with interest rates remaining low, home prices more stable and lending requirements improving slightly. I believe the housing market in northeast Florida in 2015 will outperform 2014. I also have hope for the Atlanta Braves to outperform the preseason expectations. We will see how both turn out.

If Davidson Realty or Davidson Property Management can assist you with any real estate needs in the northeast Florida area, please give me a call at (904) 940-5000.

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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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