Davidson Realty, Inc.

Jacksonville Real Estate Trends in November – Industry Experts Predict Home Sales Reaching Highest Level Since 2006

December 22, 2015

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Posted by in News, Northeast Florida Market Trends

“Yesterday is not ours to recover, but tomorrow is ours to win or lose.” — Lyndon B. Johnson

A great thought as we wrap up 2015 and embark on a wonderful new year in 2016. This time of year most of us begin planning the next year so let’s look at a few of the predictions.

The 2016 housing forecast issued by realtor.com said “New home construction and moderate gains in the existing home market will deliver a one-two punch that pushes total home sales to the highest levels since 2006.” They are predicting total sales for existing and new homes will reach 6 million, prices will grow around 3% year-over-year and new home sales will grow 16%.

A senior director at Moody’s Analytics also predicted that sales could possibly hit the 6 million mark. Laurence Yun, the NAR economist predicts that 2015 will end with 5.3 million sales and sales will rise to about 5.45 million in 2016.

Real estate is very local and the latest leading indicator report from the University of North Florida was positive. As quoted in the summary for Leading Indicator (LEI), “Despite a poor start for the year from February to April, the LEI has been up almost three points for the year overall, and nine of the last twelve months have revealed positive LEI numbers.”

The Northeast Florida Association of Realtors market stats for November show pending sales of 2,029 up 22% from last November when 1,662 contracts went pending. Pending sales are up 17% year to date over the same period last year. The last 12 months we have averaged 2,300 pending sales per month compared to the previous 12 months when we averaged 1,977 for an increase of 323 per month.

The closed sales for November of 1,729 were almost the same as last year’s 1,733. We have 12% more closings year to date. The last 12 months we have averaged 2,206 closings per month compared to 1,984 for the previous 12 months for an increase of 222 per month.

The median sales price of $164,650 is up 3% month over month and we are up 8% for the year. The average sales price of $216,372 is up 11% month over month and 6% for the year.

The inventory of homes for sale is down 17% to 9,210 homes and there is a 4.0 months supply of inventory which is below the 5 to 6 months inventory for a balanced market.

Based on what I am seeing in our office and the local area, I expect a very good year for North Florida real estate in 2016. I believe it is still a great time to buy an investment property or move to that new home you have been dreaming of.

Please save the date of Thursday, January 21st from 4:00 til 7:00 to drop by and see our new Jacksonville Beach office. If you don’t have your tickets for our Cooler & Cocktail raffle, please go to DavdsionCares.com and buy a few tickets to support St. Augustine Youth Services. We will be drawing for the cooler full of adult beverages at our grand opening.

I wish you a Merry Christmas and a Happy New Year. I hope you are dreaming big and setting wonderful goals for 2016.

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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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