Davidson Realty, Inc.

Northeast Florida Real Estate Market Update

June 29, 2022

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Posted by in News, Northeast Florida Market Trends

“My father gave me the greatest gift anyone could give another person, he believed in me.” Jim Valvano

 

The Northeast Florida Association of Realtors (NEFAR) market stats for May are not showing many changes in the local real estate market, but I believe we will see a moderation in the market in future reports.

 

The median sales price for all property types in all 6 counties is $360,000 which is up 24.6% over last year and 2.9% over April. Lawrence Yun, chief economist at the National Association of Realtors (NAR) said recently “Home prices are still hitting new highs, but the pace of appreciation is not likely to continue. It’s just inevitable that home price appreciation will slow down in upcoming months.”

 

We are seeing sellers reduce prices if they are starting out with unrealistic pricing. Fewer buyers are offering extra incentives such as waiving appraisal contingencies and seller closings costs. I agree that we will see slower price appreciation in the coming months.

 

There were 41.3 % of the closings over list price. This is up 13.2% from last year and up slightly from 41.2% last month. This percentage should also come down in the future.

 

There were 4,002 new listings in May up 4.4% from last year and 7.1% from April. The active inventory of homes available were 4,233 which is still down 4.4% from last year but up 11.2% from last month. The months supply of inventory moved from 1.3 months in April up to 1.4 months.

 

I continue to see headlines of the number of resales and new homes dropping; however, it is hard for me to really understand clearly because inventory is so constrained. It is difficult to know if there would be more sales if there were more homes available.

 

There were 2,936 closed sales in May which is down 14.8% from last year and up 0.4% from April. There were 3,097 pending sales which is down 14.3% from last year and up 1.4% from April.

 

To summarize, while the supply of homes available and the days on market are still very low and home prices continuing to increase; the market is showing signs of change with higher interest rates and the stock market moving into bear market territory. In my opinion, It is very hard to predict the amount of change we will see since we are still in such a low inventory situation.

 

Happy Independence Day! Have a wonderful summer and please let us know if we can help you with any real estate needs.

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4 Neighborhoods in Northeast Florida You Need to Explore

June 24, 2022

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Posted by in Featured Neighborhood, Neighborhoods, News

Every neighborhood in Northeast Florida has something unique and special to share with its visitors. “Northeast Florida has something for everyone! With so many things to see and do, you are bound to make lasting memories while exploring the First Coast,” shares Davidson Realty President, Sherry Davidson. We’re sharing a few of our favorite neighborhoods that are worth visiting and exploring for yourself. 

 

 

Murray Hill

Nestled between trendy Riverside and historic Avondale, you’ll find Murray Hill – an old neighborhood with new treasures to discover. Take a drive down Edgewood Avenue to truly get a sense of the good vibes of Murray Hill. A few of our favorite spots to visit in Murray Hill are Bold Birds Nashville Hot Chicken, Moon River Pizza, and the iconic Dreamette! 

 

Atlantic Beach 

Relax and unwind in Atlantic Beach! From the breathtaking beaches and parks to the quaint town, you’ll be entertained for days. Check out local favorites Poe’s Tavern or Sub Cultured for a bite before hanging out at Jack Russell Park. Of course, you can’t pass up the opportunity to enjoy the sights and sounds of the ocean while you’re in the area. 

 

Ortega

The small and historic community of Ortega offers a quiet neighborhood with waterfront views, while still being miles away from the urban core. Sitting just across the St. Johns River from Downtown Jacksonville makes Ortega one of the best places to view the skyline and watch the sunset. Stockton Park is a promising location to take in the best views… and try catching a fish or two. 

 

Downtown

Where do you even begin with Downtown Jacksonville? A place where you can watch a Jacksonville Jaguar game at EverBank Field, catch a show at the Florida Theatre, or eat and drink at some of the best establishments in town, all within a few miles. Some of our favorite places to sit down for a bite are Indochine, Cowford Chophouse, and Intuition Ale Works. 

 

While all of these neighborhoods have their own unique personality, one thing is for sure, Northeast Florida is the PERFECT place to live!

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Congratulations to all our Top Producers in May!

June 16, 2022

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Posted by in News, Top Agents

May was another strong month for Davidson Realty with so many of our agents helping their customers make moves in this fluid housing market!  So, it’s especially important to us to recognize and congratulate our top performers who made such an impact!  In addition, we would love to share with you a little bit about them and what makes each of them so fantastic personally and professionally. Enjoy our Q & A of these great real estate advisors!

 

 

Our Top Producer (Closings) and Overall Top Sales Agent for May is Mirtha Barzaga with over $1.7 million in total closings and $1.4 million in overall sales for the month.

 

 

 

 

Q&A with Mirtha:

 

Q1 – What do you like best about living here in Northeast Florida?

Mirtha – World Golf Village in Northeast Florida is where l live and sell the most, it’s centrally located between Jacksonville, Old St Augustine, Daytona, and the beaches. To the north there is access to the Jacksonville work force as well as sports and theaters.  To the south you have the Old City, the beaches, theaters, and other attractions.  It is also a close commute to major airports like Jacksonville International Airport and Orlando where you can take day trips to the amusement parks.

 

Q2 – What is your favorite local restaurant and favorite dish to eat there?

Mirtha – Columbia Restaurant is a great place to entertain friends and family, my favorite there is Paella a la Valenciana and flan for dessert.

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Davidson Realty Welcomes New Agents Theresa Connolly, Sharon Mathis, Maurkee Ragin, and Molly Austin to Team of Experts

June 15, 2022

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Posted by in Agent Feature, News, Staff

Davidson Realty is constantly welcoming new faces to its team of real estate experts as they continue to be the go-to brokerage in Northeast Florida. The team at Davidson Realty is proud to welcome four new members to their family. 

 

Theresa Connolly  

Theresa Connolly is proud to be a part of the Davidson Realty team. In 2014, Theresa relocated to the First Coast from Philadelphia. As soon as she explored St. Augustine it was love at first sight. With a background in account management and sales training, Theresa strives to fulfill the needs of her client. She looks forward to sharing her passion and active involvement in the local real estate market. “Theresa is ready to earn your trust while helping you achieve your real estate goals,” shares Davidson Realty President, Sherry Davidson. “I have a feeling Theresa will make many lifelong friendships in the process.”

 

Sharon Mathis

With more than twenty years of experience in both new construction home sales and seller and buyer representation, Sharon Mathis is joining the team of real estate experts at Davidson Realty. Sharon’s professional experience combined with her extensive knowledge of the Northeast Florida area will be a true advantage when helping clients purchase a home or investment property. Sharon is a long-time First Coast resident and has worked in Orange Park and the Ponte Vedra Beaches area. “Sharon has sold homes across Jacksonville, from Avondale to the beaches! Sharon’s knowledge of the area along with her passion will be true assets to her clients,” shares Davidson. 

 

Maurkee Ragin

Maurkee Ragin joins the Davidson Realty team eager to help his clients find their first home, second home, or home of their dreams! Growing up in a military family, Maurkee has not only had a few homes across the country, but was taught at an early age the importance of leadership, ethics, integrity, and selfless service. He has continued to develop these values through the Florida Army National Guard and is now one year away from earning his Bachelor of Science degree in Mechanical Engineering from the University of North Florida. “Maurkee is grounded and focused on the needs of his clients. He is professional and we are proud to have Maurkee represent the Davidson Realty brand,” continues Davidson.

 

Molly Austin

With a vast experience in real estate, Molly Austin joins the Davidson Realty family ready to serve her clients. Molly began investing in real estate in 2005 before starting her own property management company that specialized in commercial properties in 2013. Through these experiences, Molly has always wanted to become a REALTOR ® and chose the Davidson Realty team through a ladies’ network at the Jacksonville Clay Target Sports called Belles with Shells. Molly has a passion for missions and animals. She is a long-time sponsor and team leader for Faithful Servant Missions and is a board member for the Wildlife Rescue Coalition of Northeast Florida. “Molly comes to Davidson Realty with wonderful experiences working with our community. We are proud to share not only a love for real estate with Molly but excitement to serve our neighbors as well,” shares Davidson. 

 

If you are interested in a career in real estate with Davidson Realty, call us today at (904) 940-5000. 

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Best Strategies to Win a Bidding War

June 2, 2022

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Posted by in News, Northeast Florida Market Trends

When buying a home in today’s real estate market, be prepared to pull out every weapon in your arsenal. Most agents are dusting off strategies and techniques they haven’t used since the early 2000s to compete in this competitive seller’s market. “Homes are selling fast and for thousands over list price. Homebuyers need to be ready to move quickly and aggressively when they find a home they love,” shares Davidson Realty President, Sherry Davidson. 

 

Putting together an offer to sellers? Make it strong! With only a month’s worth of inventory up for sale, more and more buyers are making all-cash offers. Cash sales are attractive because the seller has seemingly no risk of financing problems and they save time with the elimination of the underwriting process. 

 

Opt for a shorter inspection period or no inspection. Make an estimate of how much necessary improvements will cost and consider them in your offer. For newer homes, waiving the inspection could be a valid tactic, but the buyer must truly understand and be comfortable with it as it could be extremely risky. 

 

Allowing the seller to rent back the home for a short time is another way to appeal to the seller’s needs. If the seller needs time to find or move into their next home, the buyer can allow the seller to stay for a set period of time and pay rent, usually the mortgage payment, or stay rent-free as the buyer would begin paying the mortgage. Being flexible could be what helps you win a bidding war!

 

Waive the appraisal contingency. The appraisal contingency allows a buyer to get out of a pending sale if the appraised market value of the home is less than the agreed upon contract price. If the contingency is waived, the buyer agrees to pay the difference between what the bank is willing to lend on the appraised value and the contract price. Waiving the appraisal contingency is clearly an attractive strategy, however, the buyer needs to be aware of the risk. 

 

A tool many agents are recommending to buyers to win bidding wars is an escalation or escalator clause which states the buyer will pay a certain amount above the highest bid. This clause makes the offer more attractive because it guarantees it will beat the highest bid. Usually, a limit is set on the clause to avoid the buyer overspending.

 

Footing the bill for closing costs and paying the commission for both sides of the transaction is another way to sweeten the deal for the seller. Additionally, writing a “love” letter could appeal to the emotions of the seller. Trusting your agent to help you select the strategies that work best for your situation is key. 

 

In this real estate market, be ready and act fast! For expert advice on strategies to catch the seller’s attention and put your offer at the top of the list, contact Davidson Realty today at (904) 940-5000. 

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