Davidson Realty, Inc.

Jacksonville Real Estate Trends in March – Home Prices & New Listings Are Up

April 25, 2018

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Posted by in News, Northeast Florida Market Trends

“One thing I can say about George… he may not be able to keep a job, but he’s not boring.” Barbara Bush

Barbara Bush was a great lady who had a great perspective on life and I will miss her.

The Northeast Florida Association of Realtors market stats for March 2018 continue to show strong buyer demand and the inventory of available homes remains tight with a 3.3 months supply. A balanced market is 5 to 6 months of supply.

This continues to cause the significant rise in prices. The median sales price is $224,118 which is up 15% over last March and 14% year to date. The average sales price of $269,415 is up 11% over last March and 12% year to date.

The builders are trying to meet the demand. The Northeast Florida Builders Association reports 1,519 building permits issued in the four county MSA in January and February 2018 compared to 1,289 for the same period last year reflecting a 17.8% increase.

I wanted to share a viewpoint from a Daily Wealth newsletter by Dr. Steve Sjuggerud. “In the early 1970s, a typical new house in America was about 1,500 square feet. Today, a new house in America is about 2,500 square feet – 1,000 square feet larger than houses were 45 years ago. When you take this into account, you learn that house prices today – per square foot – are actually about the same as they’ve typically been over the last 45 years.”

“Sure, house prices in America have run up – a lot – from the bottom. Even based on price per square foot, house prices are up nearly 25% from their lows in 2011. However, even after that run up, this measure is still below its long-term average.”

With rising interest rates and prices increasing, it might be time to consider a move or an investment property. If we can help you with any of your real estate needs, please let me know.  Enjoy this beautiful spring weather!

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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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