Davidson Realty, Inc.

Jacksonville, Florida Real Estate Trends in August 2010

September 29, 2010

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Posted by in Northeast Florida Market Trends

So, last month my marketing team was picking on me about being bitter and a “negative Nancy” when I wrote my market statistics. And, I tell them you try to make the worst month in real estate (as proclaimed by the media) sound good! With that being said, I must admit I would have needed a lot of champagne to put a positive spin on the numbers for August, too. I really am an optimistic person and I do truly believe this market will turn, but I can’t find a positive way to tell you that 51.4% of all closings in the Northeast Florida Association of Realtors (NEFAR) market area for August 2010 are lender mediated sales which is a foreclosure or a short sale. However, I can share some more information, some good and some bad, about Jacksonville FL real estate in August.

“Real optimism is aware of problems but recognizes solutions; knows about difficulties but believes they can be overcome; sees the negatives, but accentuates the positives; is exposed to the worst but expects the best; has reason to complain, but chooses to smile.” William Arthur Ward

We all need to read this quote a couple times a day!

Pending sales are 16.6% higher in August 2010 than in August 2009. The current trend is also positive. June 2010 pending sales were 1,455, July was 1,560 and August is 1,632. 

Closings are 8% higher in August 2010 than in August 2009; however, the current trend for closings isn’t so positive. The June 2010 closings were 1,781, July was 1,357 and August was 1,316. The June number was inflated by closings related to the homebuyer tax credit. We’ll only know how the market will do without the tax credit when we have a few more months of data. The closings year to date for 2010 are 11,043 which is still better than 2009 year to date through August of 9,026.

The median and average sales prices are both down from the previous months. The median price was $142,000 in June 2010, $136,488 in July and $130,000 in August. The average price was $170,081 in June 2010, $169,024 in July and $167,741 in August. I am not quite sure how to present this as a positive, but I can choose to smile!

 The total active listings available for sale continue to decline and the months supply of inventory is also down to 10.1 months of inventory. Less inventory is positive news!

I would like to be able to give you my expert opinion on the real estate market, but I’ll see what the NEFAR Market Stats say for September and tell you the facts. Please remember if you know anyone who is interested in buying or selling a home, I would love your referral. I may not sound positive about the real estate market but the values are amazing and the interest rates are the best. I promise to work on my attitude before next months stats!

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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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