Davidson Realty, Inc.

Northeast Florida Market Stats | August 2024

September 30, 2024

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Posted by in Northeast Florida Market Trends

“Not all of us can do great things. But we can do small things with great love.” Mother Teresa

 

We present our Jim Davidson’s Annual Clay Day to you with great love. Our event is October 17th, and you could do a small thing to support six great local charities by purchasing a raffle ticket to one of our four great prizes. We have $1,000 of scratch off lottery tickets, our cooler and cocktail, a $1,000 gift certificate and basket to the Ponte Vedra Spa, and a 12-gauge shotgun. Go to DavidsonCares.com for all the details.

 

We are all wondering what will happen with mortgage interest rates with the Federal Reserve meeting next week. “Predicting mortgage rates is difficult due to the complexity and interplay of various economic factors that influence them. However, in very simple terms, historical data suggests that a 100-basis point rate cut typically leads to an 87-basis point drop in mortgage rates. With the Fed expected to lower its rates by 50 basis points by the end of the year, mortgage rates could fall to around 5.9% by year’s end. Nevertheless, this impact will likely be lessened as mortgage rates have already priced in some of the expected rate cuts. As of now, mortgage rates are already over 100 basis points lower than they were at the end of May 2024.” (National Association of Realtors)

 

The Northeast Florida Association of Realtors (NEFAR) August market review shows the median sales price of $350,000 is still moving up and down monthly in a small range.

 

The 2,285 closed sales are down slightly (-6.6%) from last month. The 1,700 pending sales dropped significantly (-28.7%) from last month. The mortgage interest rates began dropping in late August, so we will have to watch and see if the lower interest rates bring buyers back into the market.

 

There were 10,347 active homes on the market. Our available inventory has been rising most of the year, but it seems to be leveling off. The increase was only 3.4% from last month. If we do have increased buyer demand, this additional inventory will be very positive for the buyers.

 

If you have been considering buying or selling and have questions about the local market, please let us know how we can help. Enjoy all the great sports happening in the fall!

 

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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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