Davidson Realty, Inc.

Northeast Florida Market Stats | October 2024

November 26, 2024

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Posted by in Northeast Florida Market Trends

“We often take for granted the very things that most deserve our gratitude.” – Cynthia Ozick

 

I do not take for granted all of you that have supported and encouraged me for years. Thank you!

The October 2024 market review from the Northeast Florida Association of Realtors (NEFAR) shows continued price stability, closings and pending sales are down and inventory of available homes is up.

The median sales price for all types of homes in all 6 counties is $345,125. The median price has hovered slightly above or below $350,000 for many months. It is down 1.4% from last year and up 0.9% from last month.

 

There were 2,026 closed sales, which is down 5% from last year and down 5.7% from last month. Some homebuyers began looking at homes when rates dipped in September, but did not lock in an interest rate and the rates increased and now, they are looking at rates closer to 7% than 6%.

 

Some homebuyers got cold feet due to mortgage interest rates, economic uncertainty, and election jitters gripped the country; nationally roughly 53,000 home purchases were canceled in October, equal to 15.5% of homes that went under contract last month. That’s the highest percentage in nearly a year.

 

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Northeast Florida Market Stats | September 2024

November 4, 2024

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Posted by in Northeast Florida Market Trends

“Spread love everywhere you go. Let no one ever come to you without leaving happier.”
— Mother Teresa

 

We all need to spread a little extra love right now with the hurricane damage and the election craziness. It is wonderful to see all the people helping each other.

 

The Northeast Florida Association of Realtors (NEFAR) market review for September shows our home prices continue to be stable. The median sales price for all types of properties in all 6 counties is $349,000 which is down 0.3% from last year and last month. The median price in August was $350,000.

 

There were 2,027 closed sales in September which is down 9.8% from last year and down 15% from last month. Pending sales in September of 1,500 are down 24.8% from last year and 31.7% from last month.

The mortgage interest rate dropped some in mid-September but has increased slightly since. The market is still looking for some stability in rates.

 

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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)

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Northeast Florida Market Stats | July 2024

August 27, 2024

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Posted by in Northeast Florida Market Trends

“Buyers rejoice! Every single metric in the Northeast Florida Association of REALTORS® (NEFAR) Market Statistics report for July shows the housing market making a shift towards a balanced market. Although the market is not totally balanced yet, stabilization is on its way, and that is good news for buyers.” NEFAR press release.

 

The NEFAR market review for July 2024 median sales price for all property types in the 6-county area is $369,150, which is up 2.5% from the previous year and down 0.2% from the previous month. As we have seen over the past 12 months, there are small moves up and down monthly, but prices are moving within a small range.

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Northeast Florida Market Stats | June 2024

July 30, 2024

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Posted by in News, Northeast Florida Market Trends

“In any given moment we have two options: to step forward into growth or step back into safety.” Abraham Maslow

 

The National Association of Realtors settlement will require growth and moving out of our comfort zone for most Realtors in the country.   However, the team at Davidson Realty is educated, prepared for change and will continue to take the best care of our customers with knowledge and expertise.

 

The Northeast Florida Association of Realtors market stats for June 2024 show stability in the median sales price and the number of new listings. Due to the decrease in closed sales and pending sales, the active inventory continues to grow.

 

The growth in available inventory is positive. We have been at low levels of inventory for a long time and buyer demand is very low because of the high interest rates. If mortgage rates drop and buyer demand increases, it will be great to have more properties for buyers to purchase, which should keep prices from rising too quickly.

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