Davidson Realty, Inc.

Northeast Florida Real Estate Market Update

January 26, 2022

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Posted by in News, Northeast Florida Market Trends

“I always just thought if you see somebody without a smile, give ‘em yours!” Dolly Parton

 

 

A little Dolly wisdom to get 2022 off to a great start.

 

The Northeast Florida Association of Realtors Market Stats shows strong buyer demand, a very low supply of homes available, and prices continuing to rise. The buyer demand is particularly strong as mortgage interest rates have risen slightly and buyers want to lock in lower mortgage rates. The higher interest rates expected will decrease affordability for some buyers going forward.

 

Some great information shared by Bank of England loan officer Alex Stewart at the Sales & Marketing Council last week included some Redfin user search data showing 52% of buyers searching Jacksonville properties were local and 48% were from outside the area. The locals don’t have the perspective of buyers moving here from much more expensive areas.

 

The average price home in Jacksonville is around $358,000 for a 2,500 square foot home. A similar home in Washington DC is approximately $676,000, in New York $3 million and Seattle $807,000. These buyers relocating to our area find the homes very affordable.

 

Job growth is also adding to the demand for homes. The Jacksonville market has recovered more jobs than we lost when COVID caused so much unemployment. As of October 2021, Jacksonville has recovered 112% of jobs compared to the United States recovering 81%.

 

The supply of homes was around 20,000 homes in Northeast Florida in 2007 when the housing market changed. As the market improved, it dropped 52% to around 9,500 homes at the beginning of 2020. In the last 2 years, the supply has dropped an additional 62% to around 3,400 homes available in December 2021. There is a 1.1 month supply of homes available in December way below the 5 to 6 months supply that is considered a balanced market.

 

The median sales price in the Northeast Florida area in December is $323,880 for all property types in all 6 counties. That is an increase of 20.5% over last December. Most sellers got their asking price with 29.1% closing over list price.

 

The Northeast Florida real estate market is very strong. If you are interested in buying, selling, or renting your property, please give us a call for a consultation. Thank you so much for all of your support and referrals in 2021. Happy New Year!

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Selling Across Northeast Florida

January 12, 2022

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Posted by in Neighborhoods, News, Northeast Florida Market Trends, Staff

Since 1989, Davidson Realty has established itself as one of the leading real estate brokerages in Northeast Florida. Davidson Realty attributes much of their success to their value of people above everything else. With more than forty dedicated agents, Davidson Realty has served thousands of clients across Northeast Florida and is grateful to have had the opportunity to service the entire First Coast in 2021.

 

“Looking back 2021 was a crazy year,” shares Mirtha Barzaga, Davidson Realty Top Producing Agent. “The fact that the market was hot didn’t mean more sales and less work. On the contrary, the lack of inventory and the inflated prices drove a lot of buyers into remission.” With a market that proved to be competitive, Davidson Realty ensured their clients received TOP dollar for homes across Northeast Florida.

 

World Golf Village

945 Registry Boulevard Unit #302, St. Augustine, Florida 32092

With the help of Mirtha Barzaga, this beautiful, well-maintained, furnished unit in King & Bear sold for $232,000. Its lovely views and cozy balcony captivated home seekers. The extensive community amenities were the cherry on top to help this listing sell quickly. 

 

220 Presidents Cup Way Unit #204, St. Augustine, Florida 32092

In the heart of World Golf Village, you will find this upgraded and updated condo in The Legends. There was a lot to love about this home from the glass-enclosed lanai to the custom closets throughout. Lynn Whitley was the listing agent for this home which sold for more than $240,000. 

 

250 Holland Drive, St. Augustine, Florida 32095

This five-bedroom, four-bathroom home went through more than five weeks of improvements before going on the market. The hard work paid off when it sold in a flash for Rebecca Schaffer and her California-based clients. 

 

Ponte Vedra Beach 

695 A1A North Unit #117, Ponte Vedra Beach, Florida 32082

After being on the market for only NINE days, this move-in-ready Ponte Vedra Beach condo in The Fountains sold for $5,000 over list price thanks to listing agent Suzy Evans. Being just steps from the beach and near the large amenity center certainly helped attract attention to this property. 

 

Northside

319 Northside Drive South, Jacksonville, Florida 32218

Behind the gates of Pine Lakes, you’ll find this spacious, open floorplan home that sold in only EIGHT days and for $7,000 over list price. Yana Austin and her clients piqued prospective buyers’ interest with the property’s three-car garage, close proximity to the amenity center, and low HOA fees. 

 

Middleburg

2985 Chase Ridge Drive, Middleburg, Florida 32068

Listed by Shelley and Tim Nemethy, this brick beauty in Middleburg sold for $351,500 in October. This meticulously maintained cul-de-sac home had captivating features including an updated kitchen, thoughtful layout, and enormous fenced backyard.  

 

Palm Coast 

500 Canopy Walk Lane Unit #535, Palm Coast Florida, 32137

Overlooking the Intracoastal Waterway you’ll find this three-bedroom, two-bathroom end unit that provides stunning panoramic sunrise views. This window-lined unit draws in plenty of natural sunlight making it the perfect place to relax. Listing agent Mirtha Barzaga helped her clients sell this property for $440,000. 

 

Mandarin

12160 Chaseborough Way, Jacksonville, Florida 32258

In just THREE days this beautifully renovated pool home in Greenland Chase SOLD for more than $12,000 over list price – thanks to listing agents Shelley and Tim Nemethy! Positioned on a cul-de-sac and complete with stunning white cabinetry and granite, this three-bedroom, three-bathroom home quickly received multiple offers.

 

Intracoastal West

13176 Wexford Hollow Road North, Jacksonville, Florida 32224

Nestled between the 11th and 12th Jacksonville Golf and Country Club golf green, you’ll find this stunning executive estate. With more than $250,000 recently spent on renovations, this six-bedroom and four-bathroom, received multiple attractive offers. Caitlyn Hawkins was the listing agent that secured the sale of this home. 

 

Agents like Barzaga had to be extremely efficient and creative in this very competitive market. “I had a client this year from California who was looking for an investment property. I was able to write the contract remotely, complete their inspections, closed the transaction by mail, and put the property on the rental market for them – all this without them coming to Florida,” said Barzaga. “2021 was an interesting year in real estate, every day brought new challenges that the Davidson Realty team worked to overcome together.”

 

From Middleburg to Palm Coast and everywhere in between, Davidson Realty has the real estate experts to help you buy or sell your home with ease in 2022. There is no question Davidson Realty is equipped to serve you. Call the Davidson Realty team today at (904) 940-5000. 

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Northeast Florida Real Estate Market Update

December 16, 2021

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Posted by in News, Northeast Florida Market Trends

“God goes to those who have time to hear him—and so on this cloudless night he went to simple shepherds.” Max Lucado

 

 

At this holiday season, the Northeast Florida real estate market is still looking bright. The Northeast Florida Association of Realtors (NEFAR) market statistics show continued price increases and decreasing availability of homes.

 

The median sales price in November 2021 is $325,000 for all property types in all 6 counties. This is a 23.6% increase year over year and 4.8% higher than October 2021. In St. Johns County the median price is $450,000 for a 26.8% increase year over year. All predictions I have seen are for price increases to slow to single-digit increases next year.

 

There are 3,915 properties available in November 2021 which is down 31.4% year over year and down 14.7% from last month. There is 1.3 months supply of inventory which is down 33.9% year over year and 7.2% from last month. A balanced market is 5 to 6 months of supply.

 

Of the closings in November, 28.8% closed over list price. This number peaked at 40.6% of properties in July and has been dropping, but there was a slight increase from 28.3% last month.

 

There are many opinions on mortgage interest rates since the Federal Reserve announced Wednesday they will be shrinking their monthly bond purchases at twice the rate previously announced and forecasting to raise interest rates three times next year.

 

Nadia Evangelou, Senior Economist and Director of Forecasting at the National Association of Realtors said, “When inflation rises, lenders ask for higher interest rates as compensation for the decrease in purchasing power. Thus, if inflation remains elevated for a longer period, that will drive up mortgage rates.” She expects rates to rise to 3.5% next year. I have seen others predict 3.6% to 3.7%.

 

The supply of homes is expected to increase slightly in 2022; however, the demand should remain strong. More than 45 million millennials will be prime homebuying age, between 26 and 35, entering 2022 plus downsizing baby boomers and Generation Z buyers. We will have to see what effect rising mortgage rates has on demand.

 

For now, inventory remains low, demand is high and prices keep creeping higher. Please let us know if there is anything real estate-related we can help you with.

 

Happy Holidays and New Year! Thank you so much for your support and referrals during 2021.

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Northeast Florida Real Estate Market Update

November 19, 2021

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Posted by in News, Northeast Florida Market Trends

“Gratitude can turn common days into thanksgiving, turn routine jobs into joy, and change ordinary opportunities into blessings.” -William Arthur Ward

I rely on the Northeast Florida Association of Realtors (NEFAR) market statistics in my analysis each month. NEFAR has changed the company providing the statistics and the information is now interactive and allows you to choose property type, County, or region. Go to NEFAR.com and click on the market stats tab to check it out.

 

The median sales price of $310,000 is up 17.8% from last October, but unchanged from last month. Of the closings in October, 28.5% closed over list price. This is up 103.2% from last October, but down 7.3% from last month.

 

The inventory of homes for sale continues to be extremely low. There were 4,270 active properties for sale which is down 31.1% from last October and 7.9% from last month. The 1.4 months of inventory available is also down 25.8% year over year and 9.5% from last month.

 

The Northeast Florida real estate market may see smaller price increases and fewer multiple offers, but there is still a strong imbalance between buyer demand and homes available. It is still a seller’s market.

 

I wanted to share some interesting information from the 2021 National Association of Realtors (NAR) Profile of Home Buyers and Sellers. Jessica Lautz, Vice President of Demographics and Behavioral Insights at NAR, says both buyers and sellers “have been driven by the desire to be close to family and friends, as well as the need for a larger home” during the pandemic.

 

Of the sellers who also became buyers, many traded up to bigger, more expensive, and often newer homes, with 46% purchasing a larger home and 28% one of the same size. In the past years, convenience to work and affordability had ranked as top factors for reasons to move.

 

The pandemic likely spurred occupants to shorten their homestay, as tenure in the home decreased to eight years from 10 years, according to the report – the largest single-year change in home tenure since NAR began collecting such data. Historically, tenure in the home has been six to seven years, but it increased to nine to 10 years following the Great Recession.

 

It will be interesting to see how remote work opportunities play out in the future. It seems like employees and companies are still figuring out the new rules and how that will affect home sizes and locational choices.

 

I want to express my gratitude for your friendship and support in 2021. Davidson Cares raised $75,000 at our Clay Day thanks to all the generous people in northeast Florida. Have a wonderful Thanksgiving holiday!

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Our Agents Answer Six Common Real Estate Questions

November 8, 2021

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Posted by in News, Northeast Florida Market Trends, Staff

For nearly two years, seemingly every industry has had to deal with unprecedented changes. The real estate industry is no exception as inventory of homes for sale and interest rates were at historic lows causing the market to be fiercely competitive. As the story of the real estate market continues to unfold, it’s vital to have an experienced real estate professional by your side. Northeast Florida real estate experts at Davidson Realty are answering some of the most common real estate questions. 

 

When is the best time to sell a home?

“Quite a few people have asked me this lately and, honestly, in Florida or at least in our area, our selling season is year-round. Especially with the low inventory, we are experiencing, there doesn’t seem to be a wrong time to sell your home. Buyers are watching the market very closely for new listings to pop up. Some markets may slow down in the winter, but we have snowbirds who begin their search in January,” shares agent Shelley Nemethy. 

 

With the current market, should I still buy a new home before I sell my old one?

“If your current home is in an active community and in excellent condition, buying a new home before selling your current home could certainly be an option. However, if it is too much of a financial risk to put yourself in, in the event you had to carry both mortgages, I would advise against it,” shares agent Jennifer Todd. 

 

Is it still a seller’s market?

“It is still a seller’s market. Until we begin seeing a more balanced inventory in homes available, it will continue to be a seller’s market,” continues Nemethy. 

 

How should I prepare my home before selling it?

“Pack away or get rid of all clutter. The removal of clutter and items that you don’t need on a daily basis will enlarge your home. Eliminating excess furniture can also make a huge difference in how a home shows, “ shares agent Lynn Whitley. “You will recoup the cost of renting a storage unit and you will be a step ahead on packing when you accept an offer.”

 

What is your best advice for current home sellers?

“I suggest pricing your home to the current market and letting the market take the price to where it should be,” continues Todd. “ Always have your home spotless, no one wants to buy a dirty home!”

 

What is your best advice for current homebuyers?

“Hire an experienced real estate agent that knows how to help a buyer bid and win in this current competitive market. You’ll be glad you did,” continues Nemethy. 

 

If you are interested in buying or selling a home or have further questions about the market, contact Davidson Realty at (904) 940-5000.

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