Davidson Realty, Inc.

All is Well in Northeast Florida Real Estate: July Market Stats

August 27, 2019

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Posted by in News, Northeast Florida Market Trends

All is well in Northeast Florida real estate this summer in the most recent report from the Northeast Florida Association of Realtors. The pending sales and closed sales are up, the median and average sales price are up, and the inventory of homes for sale and months supply of homes for sale are down.

 

There were 2,983 contracts written in July which is up 6% over last July and 6% year-to-date. The local data continues to be positive and in June the national numbers were also positive. A National Association of Realtors article says, “The Pending Sales Index (PHSI) – a forward-looking indicator based on contract signings – moved up 2.8% to 108.3 in June, an increase from 105.4 in May. Year-over-year contract signings jumped 1.6%, snapping a 17-month streak of annual decreases. The 2.8% increase is likely the start of a positive trend for home sales, predicts NAR Chief Economist Lawrence Yun.”

  • The closed sales in July of 2,820 were up 1% over last July and 4% year-to-date.
  • The median sales price of $242,000 is up 5% over last July and 2% year-to-date.
  • The average sales price of $283,038 is up 3% over last July and 2% year-to-date.
  • The inventory of homes for sale is down 7% from last July to 9,173.
  • The months supply of inventory is down 12.5% from last July to 3.5 months.
    Five to six months of supply is a balanced market.

There is an interesting trend from ATTOM Data Solutions. Prior to the recession (from the first quarter of 2000 to the third quarter of 2007) homeowners averaged 4.21 years in their home. The record high length of time was 8.17 years in the fourth quarter of 2018. The first quarter of 2019 showed a slight decline to 8.05 years.

 

Our Davidson Cares Clay Day will be October 24, 2019 benefitting St. Augustine Youth Services, Investing in Kids! and Builders Care. Go to DavidsonCares.com for information about shooting or to purchase your raffle tickets. We have three amazing raffle items and would love for you to be the winner.

 

Thank you so much for supporting Davidson Cares, Davidson Realty and Davidson Property Management! We truly appreciate your referrals.

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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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