Davidson Realty, Inc.

Jacksonville FL Real Estate Stats – Pending Sales up 32% from June 2014

July 31, 2015

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Posted by in News, Northeast Florida Market Trends

“Isn’t it funny how day by day nothing changes, but when you look back everything is different…” C. S. Lewis

I am seeing solid steady improvement in the real estate market. I much prefer steady improvement over the roller coaster ride we have been on for many years.

The June 2015 Northeast Florida Association of Realtors (NEFAR) market stats show steady improvement in pricing, closings and pending sales. The average sales price in June is $224,387 which is an increase of 6% over the June 2014 price of $210,846. The year to date increases were 4% in 2014 and 6% in 2015. The median sales price is $183,590 and show similar year to date increases of 4% in 2014 and 8% in 2015.

There were 2,587 closed sales in June which was an increase of 13% over 2014 when we had 2,284. This month’s closings were actually more than the peak month during 2005. It is great to see closings this strong, but a better perspective is year to date trends. Year to date increases were 7% in 2014 and 10.5% in 2015.

Pending sales show a more dramatic improvement. There were 2,779 contracts written in June 2015 which is a 32% increase from 2014. The year to date improvement is 21% and every month this year was better than the previous month.

There are 4.4 months supply of inventory. A 5 to 6 month supply is a balanced market. The inventory of homes for sale in June is 9,667 properties which is down 16% from last June. It appears we will have a continued strong market for the rest of the summer.

Another very positive sign in the real estate market is increased interest by first time homebuyers. Historically first time homebuyers were about 40% of the market which is an extremely large demographic. In the summer of 2014, first time homebuyers only represented 27% of the market according to the National Association of Realtors. Jonathan Smoke, chief economist for Realtor.com is quoted in a recent article that 65% of 25-34 year olds responded to a large survey that they intend to buy a home within three months, up from 54% in January. He also reported increased visitor traffic to Realtor.com for that same demographic.

A recent Wall Street Journal article about new home construction said “KB Homes CEO Jeff Mezger called the market’s apparent increase in entry-level activity a potential “turning point” for the housing market’s recovery.” They reported 56% of their homes sold to first time homebuyers compared to 50% in the previous quarter.

I am expecting continued steady improvement in the northeast Florida real estate market. We are bullish on the market and excited to get our new Jacksonville Beach office open to better serve all of your real estate needs!

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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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