Davidson Realty, Inc.

Real Estate Market Update

January 21, 2021

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Posted by in News, Northeast Florida Market Trends

“Have enough courage to start and enough heart to finish.” – Jessica N. S. Yourko

 


This quote seems like a wonderful way to begin a new year that looks to be a wild ride. All predictions are for continued strong demand for homes in the northeast Florida area and nationwide.

 

I have huge respect for Dr. Lawrence Yun, NAR’s Chief Economist. At a recent event co-presented by RISMedia and the National Association of Realtors (NAR), Dr. Yun indicated that the momentum from the second half of 2020 will continue into 2021. His predictions for the new year are interest rates at historic low levels, increased job creation due to the stimulus package recently passing and vaccines being widely distributed, improved unemployment rate, and more housing inventory.

 

He also expects the following:

– Strong home sales momentum, with sales up roughly 8 to 12 percent in 2021 vs. 2020

– Home prices rising more moderately, about 4 percent nationwide

 

The demand for homes in our area remains strong, but the supply of homes continues to decrease. There were 4,549 homes available for sale in December 2020 down 46.9% from the 8,569 available in December 2019 according to the Northeast Florida Association of Realtors market stats.

 

There is 1.5 months supply of homes for sale in our area down 53.1% from last December’s 3.2 months of supply. A balanced market is 5 to 6 months of supply. If you are buying or selling a home, you need guidance from a professional. We are seeing crazy things happening in this market on both sides of the transaction.

 

– Pending sales of 2,685 were up 25.7% December over December and up 12.9% year over year.

– Closed sales of 3,187 were up 15.2% December over December and up 8.2% year over year.

– Median sales price of $267,000 is up 11.3% December over December and 9.0% year over year.

– Average sales price of $331,242 is up 14.6% December over December and 11.8% year over year.

 

New home construction has increased and will help with the supply of homes, but builders are facing challenges also. From a blog posted today on the National Association of Homebuilders site, “Rising material costs led by a huge upsurge in lumber prices, along with a resurgence of the coronavirus across much of the nation, pushed builder confidence in the market for newly-built single-family homes down three points to 83 in January, according to the latest NAHB/Wells Fargo Housing Market Index (HMI) released today. Despite the drop, builder sentiment remains at a strong level.” Any number over 50 indicates that more builders view conditions as good than poor.

 

Thank you for all the support of Davidson Realty and Davidson Property Management. If we can assist you with any of your real estate needs, please let us know.

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How COVID-19 Impacted Real Estate in 2020

January 15, 2021

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Posted by in News, Northeast Florida Market Trends

The resilience of the real estate market was perhaps the biggest surprise in 2020. Despite the COVID-19 pandemic, the loss of millions of jobs, and a crippled economy, millions of American’s made waves in the real estate industry by browsing and, oftentimes, purchasing a new home. With thousands of businesses negatively affected by the COVID-19 pandemic, the real estate market saw positive trends and record-setting numbers.

 

The 2020 real estate market was expected to see steady growth. Lawrence Yun, National Association of Realtors (NAR) Chief Economist predicted there to be more than 750,000, for an 11% increase, in new home sales while existing homes sales would be repressed by low supply of homes to more than 5.56 million for a modest 4% increase. The median home price was anticipated to land at  $270,400 for an increase of 4.3%. Overall, the NAR was forecasting a healthy year for real estate. 

 

At the end of the first quarter of 2020, in the infancy of the pandemic, the real estate market was merely reacting to the sudden, bizarre changes that were happening in the world. With the new phrase called “social distancing” added to American vocabulary, all players in the real estate industry were in uncharted waters. With schools closing and businesses shut down, the needs of home seekers shifted.  

 

The COVID-19 pandemic made an interesting impact on the real estate market. While inventory was low and homes were selling quickly, the NAR reported a surge of people moving to more rural areas from larger, more crowded cities while desiring more moderate climates. “We are seeing many buyers coming from the Midwest, Northeast, and South Florida,” shares Sherry Davidson, President of Davidson Realty. This shift was caused by multiple COVID-19 related effects. Offices started allowing employees to work exclusively from home to successfully socially distance and people were enjoying the new routine COVID-19 brought and desired a slower pace of life. 

 

Throughout the changing times, Davidson Realty was able to adjust to new safety procedures and listen to the new needs of their clients. “Buyers were looking for homes that were more in tune to the daily needs of their families. Many were working from home and homeschooling their children, requiring more functional space for work and play,” shares Sherry Davidson. “Families were eager to purchase a home, but with inventory at record lows, we were seeing multiple offer situations and buyers were paying more than appraised values. Sellers were in a position to not consider offers with contingencies for financing and appraisals.” With interest rates at record-setting lows, buyers were eager to get their hands on their dream home. 

 

Although NAR has not yet released their year-end sales report, NAR reported in December they were expecting to reach 5.52 million in purchases in 2020, which is the highest annual mark since 2006. They also anticipate the median home price will hit a record-setting high at $293,000. Lawrence Yun has stated that the momentum from the second half of 2020 will carry into 2021.  Yun foresees interest rates remaining favorable and an increase in supply which will give home buyers more choices and repress home price growth. 

 

It’s safe to say the real estate market is still on fire. If you are interested in buying or selling your home, contact Davidson Realty today at (904) 940-5000. 

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Real Estate Market Update

December 23, 2020

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Posted by in News, Northeast Florida Market Trends

“God has given us two hands – one to receive with and the other to give with. We are not cisterns made for hoarding; we are channels made for sharing.” Billy Graham

 

The Northeast Florida Association of Realtors market stats continue to show more buyer demand than seller supply. Pending sales were below normal in March, April, and May due to COVID-19; however, the year to date pending sales are up 11.6% over the same period last year. The 2,858 pending sales in November is 21.3% higher than last November.

 

The 2,680 closings in November are 13% higher than last November. We are up 6.7% year-to-date over the same period last year.

 

The homes available for sale is the lowest number on any reports I have seen. There are 5,211 homes available in Northeast Florida down 44.7% from 9,418 in November 2019 and 9,976 in November 2018.

 

There is 1.7 months supply of homes for sale which is down 51.4% from last year. A balanced market is 5 to 6 months of inventory.

 

The Northeast Florida builders are building more homes than in any year since 2005. There have been 11,343 permits issued in the Jacksonville MSA through November. That is 18% higher than 2019 in the same period. There were 10,345 permits in all 12 months of 2019.

 

The low supply and increased demand is causing prices to continue to rise. The median sales price of $262,000 is 12.9% higher than last November and we are up 8.8% year-to-date. The average sales price of $317,602 is 17.2% higher than last November and we are up 11.5% year-to-date.

 

Realtor.com has issued the first predictions for 2021. They are predicting a 7% growth in sales nationally and a 5.7% price increase. The 2021 prediction for the Jacksonville area is 9.4% growth in sales and 5.0% increase in prices.

 

Realtor.com is predicting more homes will hit the market in 2021, but buyers will struggle with affordability as home prices continue to rise. Mortgage rates will slowly rise toward 3.4%.

 

· Millennials will continue to drive the market. Older millennials will likely be trade-up buyers while the younger segment of the generation age into their key home-buying years.

· Affordability will become a growing obstacle.

· Inventory will begin the slow road toward recovery.

· Suburbs will shine if remote work stays around.

 

I wish you a wonderful holiday season and an amazing 2021. This year was full of ups and downs with COVID and the election. I wish you a wonderful and safe New Year!

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Davidson Realty Welcomes New Agent Shauna Huddleston

December 14, 2020

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Posted by in Agent Feature, News, Staff

“Only a life lived in service to others is worth living.” Albert Einstein. 

 

Serving others has been instilled in Shauna Huddleston from an early age. The Jacksonville native spent most of her childhood traveling the world as her father was in the United States Air Force before eventually settling back in Saint Augustine, Florida. 

 

Shauna spent twenty-five years in the medical field using her passion of caring for the well-being of others every day. Shauna retired in 2015 from the healthcare field and quickly found excitement for property management. After spending nearly five years helping people find their perfect apartment home, Shauna Huddleston is fulfilling her grandmother’s wish to pursue a career in real estate and Davidson Realty is thrilled that she has joined our team of real estate experts. 

 

“Shauna is a great and very welcomed addition to our team. She brings a wealth of knowledge and experience having a background in property management services,” shares Andrea Gallagher, Davidson Realty Sales, and Training Manager. “Transitioning into a full-service real estate advisor helping customers buy, sell or rent seems only fitting and natural for her skill set and abilities.” 

 

For Shauna, Davidson Realty was the perfect fit. “I had an immediate connection with Sherry Davidson and the rest of the team. I felt led to join the brokerage as we share the same passions and core values. I am excited to share my passion for this area and help others find their dream homes,” shares Shauna. Shauna looks forward to continuing to serve her community as a member of the Davidson Realty family. 

 

In her spare time, Shauna loves spending time with her family and friends. Shauna has been married for twenty years to a retired St. Johns County Deputy Sheriff and has two amazing children, two “bonus” kids, and a three-year-old Chihuahua! Some of Shauna’s favorite activities include traveling, camping, snorkeling, and paddleboarding. Shauna is also very active in the community and tries to do as much charitable work as possible. 

 

Shauna works out of the Davidson Realty World Golf Village Office. If you are interested in buying or selling your home, give Shauna a call today!

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Congratulations to our TOP Producers for July!

August 19, 2020

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Posted by in Agent Feature, News, Top Agents

Concerned about the real estate market? Davidson Realty’s team of agents closed another stellar month of real estate transactions proving NOW is the time to sell your home. And if you’re looking to buy a home, our Davidson Realty team is here to help you with that, too.

 

Davidson Realty kicked off the third-quarter with a strong month of home sales. Our agents at our St. Augustine and Beaches offices ended the month with 49 closings totaling more than $16.5 Million in volume. Congratulations to Davidson Realty’s Top Producers for your hard work during July. 

 

The Top Producer with the most closings for the month is Suzy Evans. Suzy had five closings for more than $2.5 Million. Suzy’s years of experience are evident in her service to her clients. She is ranked in the Top 2% of all Northeast Florida Realtors. 

 

 

 

Mirtha Barzaga was our Top Sales Agent for the month of July. She had more than $1.8 Million in sales and four home sales. Mirtha has been recognized as one of Davidson Realty’s top agents in both service and production. 

 

 

 

Davidson Realty’s Top Listing Agent for the month of July was Candy Gil with more than $450,000 in listings sold. Candy helped two of her clients sell their homes. Candy is dedicated to her clients and particularly enjoys working with first-time home buyers and downsizing retirees. 

 

 

 

Once again, Shelley and Tim Nemethy of The Nemethy Group were Davidson Realty’s Top Producing and Top Sales Team. Shelley and Tim had more than $3.8 Million in closings and more than $2.6 Million in sales for the month of July. Team Nemethy is an incredibly dynamic duo and continues to provide top-notch service to their clients.

 

 

Caitlyn Hawkins was Davidson Realty’s Top Producer for our Jacksonville Beach office last month. Caitlyn had more than $525,000 in closings and continues to help homeowners quickly sell their homes. In addition to her passion for Real Estate, Caitlyn enjoys blogging on a variety of topics ranging from Design to Real Estate Tips. 

 

 

 

Davidson Realty’s Jacksonville Beach Real Estate office had Steve Rodriguez as their Top Sales Agent in July with $500,000 in sales. Steve is phenomenal and helps his clients navigate the home buying and selling process with ease. He has repeatedly been named among Davidson Realty’s top agents in production and sales.

 

 

Congratulations to the entire team at Davidson Realty and especially to these Top Producers! If you are interested in buying or selling a home in Northeast Florida, let one of our experienced agents help you.

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