Davidson Realty, Inc.

REAL ESTATE MARKET UPDATE

April 23, 2021

 | 
Posted by in News, Northeast Florida Market Trends

“God could not be everywhere, and therefore he made mothers.” Rudyard Kipling

 

I wish every mother a Happy Mother’s Day!

 

The Northeast Florida Association of Realtors market stats for March shows 3,782 homes available for sale compared to 9,484 last March, a 60% reduction. It appears the low supply of homes for sale, high buyer demand and rising prices will be with us for several years.

 

The single-family home for sale inventory peaked in 2007 with about 3.7 million homes available nationally and has been dropping since then to 1.07 million homes currently.

 

A great article from The Mecklenburg Times cites the reason for continued buyer demand as low household formation rates following the Great Recession. If the historical household formation rate had continued after the recession, there would have been 5.7 million more households formed.

 

“The mid-2000s financial collapse began a domino effect. Roughly $6 trillion in real estate equity vanished during the housing crash, impacting the ability of many families to pass down wealth to their children. Young people who finished school around the late 2000s faced a soft job market, which can have long-lasting effects on a person’s finances and their ability to start a new household. Previous Zillow research has shown it takes about six years for homeownership rates of those who graduated college during a recession to catch up with those who graduated during better economic times.”

 

The last two years had shown that when the economy is good and most Americans have access to decent jobs, more of them are able to find a home of their own. More Millennials are turning 33 which has been the age most are marrying and starting families. This trend should continue rising for the next three to four years. Add to this the retiring Baby Boomers who are downsizing and the COVID-related moves where people can work from anywhere. The demand should continue for several more years at least.

 

The supply is tight and the demand is strong, so prices are rising. The median sales price is $274,900 up 12.7% over last March. The average sales price is $344,643, up 20.4%. Many buyers are offering to pay more than list price to get the offer accepted among multiple offers. The percent of properties sold over list price spiked 102.1%. In March 2020 14.2% of properties sold over list price and in March 2021 28.7% paid over list price.

 

It is a seller’s market, so if you are considering selling, we are happy to assist you. If you are interested in buying, we are finding ways to get offers accepted. Thank you for your continued trust and please let us know if we can help in any way. Happy Mother’s Day!

Comments currently closed.

Real Estate Market Update

March 19, 2021

 | 
Posted by in News, Northeast Florida Market Trends

“Four things for success: work and pray, think and believe.” Norman Vincent Peale

 

As we roll into the spring real estate market, there is more demand and less supply of homes than I have ever seen including the 2004 to 2006 timeframe. The Northeast Florida Association of Realtors market stats tell the story.

 

The pending sales of 3,063 are 11.4% higher than last February. The closed sales of 2,542 are up 5.9%. The new listings for February of 2,955 are down 13.5%.

 

There are 3,931 homes available for sale in February, down 56.1% from the 8,945 homes last February. The months supply of inventory is 1.3 months, down 60.6% from 3.3 months last February.

 

With the increased demand and diminishing supply, the prices continue to rise. The average sales price is up 14.1% in February compared to last February and the median price is up 11.8%. A recent article in the Jacksonville Business Journal says Redfin reports that Jacksonville leads the nation in rising housing market value. “The study from Seattle-based online real estate brokerage Redfin Corp. pointed to a 21.1% increase in the total value of homes in the Jacksonville metro between February 2020 and February 2021 – the largest increase in the nation.” They also pointed out that houses in our area remain below the national median price. “The median price here of $270,477 compared to $342,326 for the entire country.”

 

Florida Realtors Chief Economist, Dr. Brad O’Connor is predicting all of 2021 to be a great real estate market in Florida. He quoted economist from Realtors, Builders, Mortgage Bankers, Core Logic and more all predicting interest rates at year end between 3% and 3.6%. He says if rates rise too quickly the demand would be strong but we might be closer to historical norms than the market we are seeing now.

 

We are seeing fewer new listings as mentioned above. This may be related to COVID fears or concerns of where you can buy if you sell your home at a great price. The builders are adding homes as quickly as possible. The building permits issued for the Jacksonville MSA for January and February 2021 were 2,393 compared to 1,723 for the same period in 2020 for a 39% increase.

 

If you are buying or selling, you need advice from a trusted agent. The professional agents are finding ways to get offers accepted for buyers and know the best way to handle multiple offers for sellers. Please let us know if we can be of service.

 

Enjoy our beautiful spring weather, March Madness, Baseball Spring Training, our beaches and river. I wish you a Happy Easter!

Comments currently closed.

First-Time Homebuyer? Call Davidson Realty. 

March 12, 2021

 | 
Posted by in News, Northeast Florida Market Trends

Life is full of firsts. First car. First job. First child. First home. They are all memorable milestones that come with time and planning at various stages in life. Each first is unique and special in its own way. If buying your first home is a goal for you this year, Davidson Realty will be there. 

 

Like any first, you rely on the support and experience of friends, family, and industry experts. The same is true when buying a new home, especially with the current state of the real estate market, it is essential that a trusted real estate expert is by your side to help you navigate the process of buying a home. Davidson Realty has a team of real estate experts ready to educate and prepare you for what is to come. Davidson Realty Agents have the support and network that will give you a leg up when searching for your first home and sealing the deal. “With Davidson Realty, you have an ally in your corner and a real estate advisor for life to help and offer suggestions, repair vendors, community resources, and anything you need along your homeowners journey,” shares Davidson Realty President, Sherry Davidson. 

 

Preparation is key in the real estate market. “Buyers have to be ready to make an offer quickly in this market. Establishing a budget, type of loan you will use, how much of a down payment you are prepared for, and how much escrow deposit you have available is critical when you begin looking for a home,” continues Sherry. The state of the real estate market may present some advantages to home buyers as interest rates are some of the lowest seen in years which means lower monthly mortgage payments and bigger home-buying budgets. However, low interest rates have created a fiercely competitive market. “Buyers must be prepared to make aggressive offers within days of the home hitting the market. Sellers are receiving multiple offers often at list price or above. It’s a seller’s market, buyers need to be ready to bring their best offer to the table,” shares Sherry. 

 

With the market this competitive, it’s important to not only know what you can afford but what features and areas you are looking for. Whether you are looking for a starter home or your forever home, spending time deciding what is on your wishlist is critical so when a home that fits your criteria comes on the market you can act quickly. “Davidson Realty’s knowledge of the Northeast Florida communities, builders, schools, and entertainment options are invaluable.  Your Davidson Realtor ®  will take the time to understand the needs of your family and what you need in a home,” continues Sherry.  

 

Whether your first home is your one and only or the first of many, Davidson Realty will be your real estate partner for life. If you are ready to purchase your first home, call the real estate experts at Davidson Realty at (904) 940-5000.

Comments currently closed.

Real Estate Market Update

February 16, 2021

 | 
Posted by in News, Northeast Florida Market Trends

“Talent is God given. Be humble. Fame is man-given. Be grateful. Conceit is self-given. Be careful.” John Wooden

 

The Northeast Florida Association of Realtors market stats for January 2021 confirms what we are seeing in the market every day. The Inventory of Homes for Sale is 4,296 homes, down 51.6% from last January when there were 8,876. We have 1.4 months supply of inventory which is down 57.6% from 3.3 months last January. These numbers are staggering. The available inventory is lower than in the crazy period of 2004 and 2005.

 

It is the perfect storm if you are considering selling your home. When a new listing comes available buyers are offering list price with escalation clauses to pay more. Some buyers are removing appraisal and inspection contingencies to get their offer accepted. It is a very competitive market and you need expert advice to manage the process.

 

Buyer demand is strong as evidenced by 2,970 pending sales in January up 17.9% from last January. Closed sales of 2,210 is up 11.2%. With strong buyer demand and lower than normal inventory, prices continue to increase. The median sales price in January is $256,995 up 10.8% over last January. The average price is $319,811 up 16.0%.

 

National Association of Homebuilders (NAHB) Chief Economist, Dr. Robert Dietz and Florida Realtors Chief Economist, Dr. Brad O’Connor spoke at a recent Florida Realtors event and shared some interesting insights. Dr. Dietz said Florida had strong growth in new construction with 2020 building permits up “an incredible 30% year-over-year.”

 

The NAHB chief economist said he tracked data to look at the often-cited “shift to the suburbs” for housing in the latter part of 2020 due to COVID-19. He found that large metro areas with high density in the urban core still experienced a year-over-year growth rate of about 5.7% in 3Q 2020, but the lower-density, lower-cost suburbs out from the cities reported a growth rate of about 15%. Dietz also looked further out from Florida’s urban cores at communities known for second homes, investment homes or retirement. He said those areas reported a year-over-year growth rate of about 23.2% in 3Q 2020.

 

Dr. O’Connor explained that buyer wealth and available inventory matter more than density. “So, I would hypothesize that’s why you’re seeing a suburban shift in new home sales. And, why you’re seeing an overall greater surge in sales of upper-priced and luxury homes in Florida is that these kinds of homes are more freely available, and because many of the folks who are able to afford these kinds of properties also tend to be those who will be most able to work from home going forward.”

 

The northeast Florida housing market remains strong. It will be interesting to see what happens in the spring which is typically our strongest season. Enjoy the great spring weather and all the sports that are resuming. Thank you for your continued support and please let us know if we can help you with any real estate needs

 

 

Comments currently closed.

Meet St. Johns County’s Newest Master-Planned Community – SilverLeaf

February 12, 2021

 | 
Posted by in Featured Neighborhood, Neighborhoods, New Home Construction, News, Northeast Florida Market Trends, St. Johns County schools, Videos

If you drive around St. Johns County, you will see new businesses and developments popping up on every corner. And this growth has no plans of slowing down. St. Johns County is not going to stop growing any time soon. An upcoming jewel in the highly coveted area: SilverLeaf. SilverLeaf is a master-planned community that is family-friendly and features resort-style amenities with no CDD fees. “Our customers are drawn to SilverLeaf because of the location and convenience it provides as you can easily get to any destination from SilverLeaf. The community in St. Johns County is thriving and a wonderful place to call home,” shares Davidson Realty President, Sherry Davidson. SilverLeaf is zoned for 10,700 dwelling units, 2,650,000 square feet of mixed-use commercial space, and more than 3,500 acres of beautiful conservation land. Once complete, SilverLeaf will be one of the largest community development in Northeast Florida.

 

SilverLeaf will be home to several neighborhoods with homes for families and individuals with a size, price point, and style for everyone. SilverLeaf maintains the high standards of quality and detail that are a trademark of The Hutson Companies, well-respected developers of the community. The Hutson Companies bring more than forty years of development, construction, and community involvement to bring the vision of SilverLeaf to life. Each home in SilverLeaf will be expertly crafted to exceed expectations.

 

From the miles of walking and bike paths to the resort-style amenity center, this family-oriented community offers residents countless opportunities for activity and entertainment. However, the attraction to SilverLeaf doesn’t stop once you leave the community. St. Johns County is home to the #1 Public School District in the State of Florida with a one to eighteen educator to student ratio. It also doesn’t hurt that St. Johns County has the lowest property tax rate in the Northeast Florida Region and is ranked the healthiest county in Florida.

 

The builders in SilverLeaf are the best and brightest in Northeast Florida. Each builder brings unique character to their homes to ensure each home in SilverLeaf is distinctive.

 

Riverside Homes:

Award-winning homebuilder, Riverside Homes, is bringing its thoughtful floor plans and quality construction to SilverLeaf Village, one of the premier neighborhoods within SilverLeaf. Riverside Homes range from 1,570 square feet to more than 3,700 square feet on spacious 43′, 53’, and 63’ lots. With 18 plan options to choose from, there is a broad selection of home designs so you can find the perfect fit for your family. Home prices start in the $300s.

 

View an exclusive look at SilverLeaf’s ideal location (Part 1), amenity center (Part 2), and Riverside Homes model (Part 3) in our “Get to Know SilverLeaf” video series with Sherry Davidson and the owners of Riverside Homes, Matt Roberts, and Chris Wood.

 

MasterCraft Builder Group:

MasterCraft Builder Group is building semi-custom homes in SilverLeaf Village. Each home by MasterCraft Builder Group is thoughtfully designed and provide luxury features standard. Most of MasterCraft’s homesites offer preserve and lake views providing both privacy and serenity. MasterCraft Homes in SilverLeaf Village are starting in the $300,000s and will range from 1,480 to more than 3,980 square feet on 43’, 53’, and 63’ lots. 

 

Emerald Homes:

D.R. Horton is proud to bring Emerald Homes to SilverLeaf. Emerald Homes luxury homes will feature state of the art smart home technology for their one and two-story open concept home plans. Emerald Homes promises elegant exteriors and high-end features to deliver elevated design to your dream home. Homes will range from 1,646 to more than 2,896 square feet starting at $348,990. 

 

Dream Finders Homes:

Dream Finders Homes will offer both single-family homes and maintenance-free townhomes with a variety of designer features to customize your dream home to SilverLeaf neighborhoods, Holly Forest and Meadow Ridge. Homes in Holly Forest will feature 20’ and 24’ townhome lots and 53’ and 63’ single-family lots ranging from 1,250 to more than 3,000 square feet. The single-family homes in Meadow Ridge will place homes on 43’ and 53’ homesites. 

 

Ashley Homes:

With twenty-two floor plans to choose from, Ashley Homes is excited to bring their quality construction and unique floor plans to SilverLeaf. Ashley Homes provides the ability to customize your floor plan and feature to make your home your own. Standard features in Ashley Homes at SilverLeaf include gourmet kitchens and energy-efficient materials. 

 

With so many options to choose from and the current state of the real estate market, it is imperative to have a real estate agent help guide you through the new build process. “Davidson Realty agents work with builders continuously in various new construction communities. Our agents will get to know the needs of your family and will be able to suggest features and ideas you may not know about to ensure your family finds their perfect fit. The Davidson Team will help guide you through the process, help you negotiate with the builder to get the best pricing for your new home, and be your advocate if anything isn’t as you expected.”  The Davidson Realty Team is equipped with the knowledge of the area, market, and SilverLeaf community to help you successfully secure a new home for you and your family in SilverLeaf. Contact our office today at (904) 940-5000 to find your new home in SilverLeaf.

Comments currently closed.
« Newer Posts   Older Posts »

Davidson Realty