Davidson Realty, Inc.

Jacksonville Real Estate Trends in April – Millennials, Boomers & Investors all Competing for Homes

May 29, 2018

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Posted by in News, Northeast Florida Market Trends

The biggest issue we discuss every month is the homes available for sale in our local market and the nation. The largest shortage continues to be in the lower price homes. Millennials, boomers and investors are all competing for these homes creating a very competitive market.

 

According to the Northeast Florida Association of Realtors market stats for April 2018, the inventory of homes available for sale is down 9.4% from last year to 8,264 homes. The inventory of homes under $150,000 is down 40% from last April and the homes between $150,000 and $200,000 is down 19%.

 

There is 3.4 months supply of inventory available which is down 12.8% from last year. A balanced market is 5 to 6 months of inventory available.

 

In March and April, we saw over 3,800 new listings come on the market which is more than anytime in the past 24 months. New listings of 3,810 for April were up 13.8% over last April and year to date, we are up 6.3%.

 

The lack of available inventory and high demand from buyers continues to drive home prices up. The median sales price in April is $218.500 up 9.3% over last April and year to date a 13% increase. The average sales price of $269,251 is up 9.9% over last April and year to date an 11.1% increase.

 

The days on market until sale is down from 75 days last April to 63 days for a 16% decrease. “Being quick with an offer is still the rule of the day as the number of days a home stays on the market drops lower”. NEFAR

 

There were 2,998 pending sales or contracts written in April which is the highest monthly number in our history. We have averaged 2,455 contracts per month for the last 12 months.

 

Closed sales of 2,441 were down 2.4% from last April and 2.2% year to date. With the large number of pending sales in March and April, the closings should catch up in the near future.

 

“Lawrence Yun, chief economist of the National Association of Realtors (NAR), presented his 2018 midyear forecast and says that, despite headwinds, a moderate and multiyear increase in home sales is likely ahead. After accelerating 3.8 percent in 2016, existing home sales rose only 1.1 percent to 5.5 million in 2017 and Yun forecasts that they’ll finish 2018 at a pace of around 5.6 million (up 1.8 percent). He projects 5.7 million sales for 2019.” Florida Realtors

 

The local real estate outlook is strong. If we can assist you in any way with your real estate needs, please let me know.

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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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