Davidson Realty, Inc.

Jacksonville’s October Real Estate Trends – Florida Mortgage Delinquencies Have Biggest Drop of Any State

November 25, 2015

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Posted by in News, Northeast Florida Market Trends

“In daily life we must see that it is not happiness that makes us grateful, but gratefulness that makes us happy. And that gratefulness always leads to a satisfied, simplified life.”

I am very grateful for my family, our company and all of you that have referred business and contributed to our growth this year. Please save the date January 21st from 4:00 to 7:00 for the grand opening of our Beach office to see our latest growth.

The NEFAR October market stats show continued recovery in our real estate market. The pending sales are up 10% over last October and 17% year to date. The closed sales are down 2% from last October, but are up 12% year to date. I would like to add that traditional closed sales for October are up 6% over last October and the distressed sales are down 19%. It is very positive that distressed sales have dropped so much.

More good news is that mortgage delinquencies of at least 60 days on residential loans for the third quarter of 2015 were 2.40 percent, down from 2.72 percent the previous quarter. Florida’s mortgage delinquency rate dropped from 6.42 percent third-quarter 2014 to 3.75 percent last quarter. The biggest drop of any state.

The median sales price of $170,000 is up 5% over last October and 8% year to date. The average sales price of $216,842 is up 5% over last October and 5% year to date.

Florida Realtors report shows cash sales for single family home closings in the Jacksonville MSA at 28.5% for October. Cash buyers accounted for 45.4% of the townhouse and condo closings. We are still seeing a decent amount of investor activity and it is still very difficult to get financing on condos which is why there is such a high percentage of cash buyers. There is much talk of making it easier to get government backed financing on condos, but the rules will have to be changed then implemented so I wouldn’t expect any changes in the near future.

The inventory of homes for sale at the end of October is 9,499 homes which is 15% less than October last year. There are 4.2 months supply of inventory available which is down 25% from last year. A 5 to 6 months supply is considered a balanced market. We are still able to find buyers a great property, but the supply of homes continues to decline.

Davidson Cares is now offering tickets for our Cooler & Cocktail raffle. This great cooler full of your favorite adult beverages was sponsored by Bank of England. Every dollar of ticket sales will benefit the wonderful boys at St. Augustine Youth Services who have suffered abuse and live in the SAYS therapeutic homes. Please go to DavidsonCares.com and purchase your tickets or send me a check to Davidson Cares and I will get you the tickets. The drawing will be held on January 21st at our grand opening event.

I wish you a Happy Thanksgiving and I hope you are grateful which will make you happy!

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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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