Davidson Realty, Inc.

Northeast Florida Market Stats | November 2023

December 21, 2023

 | 
Posted by in Northeast Florida Market Trends

“The Son of God became a man to enable men to become sons of God.” C.S. Lewis

 

Enjoy your family, friends and all the joy of Christmas, but don’t forget the reason we celebrate.

 

As interesting and crazy as the real estate market has been in 2023, I am happy to welcome 2024. I have listened to several forecasts from experts, and I will share their thoughts.

 

First, we will review November 2023 market stats from the Northeast Florida Association of Realtors (NEFAR). The median sales price of $367,495 is up 7.2% over last November and up 5.0% over this October. The prices have not dropped even with high mortgage rates and home prices becoming unaffordable for many.

 

The pending sales and closings are down. There were 1,766 closed sales down 16.9% from October. The pending sales of 1,669 are down 18.7% from October. Many buyers are on the sidelines unable or unwilling to deal with the high and fluctuating mortgage interest rates.

 

The good news is mortgage interest rates have been declining for the last seven weeks. “The average rate on a 30-year mortgage dropped to 6.95% from 7.03% last week, mortgage buyer Freddie Mac said Thursday.” (December 14, 2023) It would be so important to the housing market to get some stability with the rates so buyers and sellers can make more informed decisions.

 

Dr. Lawrence Yun, the National Association of Realtors (NAR) Chief Economist is forecasting 4.71M existing home sales in 2024, up 13.5% from 4.1M anticipated in 2023. Yun forecasts new home construction sales will increase around 19%.

 

Brian Buffini, a real estate trainer and expert, believes the 2023 homes sales will come in around 3.9M, which is down 23.5% from 2022. He forecasts 4.6M homes sales in 2024 which is an 18% increase.

 

Dr. Yun forecasts the average mortgage rate for 2024 will be 6.3%. He believes it will start the year higher and decline as the year progresses. Brian Buffini forecasts we will be at 5.75% at the end of 2024.

 

Both are trusted sources and whether it is a 13.5% or 18% increase in transactions, it should be a much better year. They seem to be similar in the predictions of mortgage interest rates. They both also agree that there is a lot of pent-up demand for sellers to move. They have stayed in place for two years while family circumstances have changed with births, deaths, marriages, and divorces.

 

Wishing you and your family a Merry Christmas and Happy New Year! Looking forward to seeing what 2024 will bring.

 

Sincerely,

Sharon P. Davidson

President

, , , , , , , , , , , ,
(0) Comments
  • Print
  • Digg
  • Sphinn
  • del.icio.us
  • Facebook
  • Mixx
  • Google Bookmarks
  • email
  • LinkedIn
  • StumbleUpon
  • Twitter
  • Yahoo! Bookmarks
  • Yahoo! Buzz
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.

Comments are closed.

Davidson Realty