Davidson Realty, Inc.

North Florida Real Estate Trends for January 2012

February 27, 2012

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Posted by in Northeast Florida Market Trends

“If it is important to you, you will find a way. If not, you’ll find an excuse.” Unknown

This quote really hit home for me, I hope you enjoy.

The Northeast Florida Association of Realtors market stats for January revealed some interesting information. First I noticed the large drop in closings from 1,432 closings in December, 2011 to only 977 closings in January 2012. I looked back and found similar trends every January. Next I compared January 2012 to January 2011 and saw a 6% decline in closings. I looked a little closer to discover that in January 2011 there were 612 lender-mediated closings and this year there were only 488 for a 20% decline. The traditional closings increased by almost 14% from 430 in January 2011 to 489 in January 2012. So overall closings are down but non distressed closings (traditional) are up.

It has been reported that the banks are going to increase foreclosing properties. How they market these foreclosures and whether this impacts short sale negotiations may be a major factor in 2012. We have seen the banks get much tougher lately with negotiations on short sales. Read more

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A Look Back at 2011 Real Estate Trends!

January 30, 2012

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Posted by in Northeast Florida Market Trends

“Those who say it cannot be done should not interrupt the person doing it.” Chinese Proverb

I thought I would start 2012 by sharing my favorite quote and an optimistic attitude that we will continue to see stabilization and improvement in the real estate market. The main reason I predict continued improvement is the tightening of inventory.

The numbers are drastic enough to tell the story. At the end of 2010 there were 14,510 active properties for sale compared to 9,902 properties available at the end of 2011. That is a 32% decline in inventory. The “months supply of inventory” dropped from 10.6 months supply at the end of 2010 to 6.7 months supply at the end of 2011. A 5 to 6 months supply indicates a balanced market. The inventory declined the most (45%) in the under $150,000 price range but declined by 41% in the $500,000 to $999,999 price range.

A more practical example of the decline in inventory is how often my agents tell me stories about a customer liking a home and calling back a few days later to move forward with a purchase only to find out the home is under contract. Read more

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Jacksonville FL Real Estate Trends for December 2010

January 28, 2011

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Posted by in Northeast Florida Market Trends

“A journey of a thousand miles begins with a single step.” Chinese proverb

I picked the quote this month because I am seeing some small positive signs in the Jacksonville real estate market. I don’t expect dramatic improvement, but single steps in the right direction will get us started on our journey.

My information comes from NEFAR which covers much of the Jacksonville MSA. The information I use by zip code comes from Metro Market Trends and is pulled from the County tax records.

Pending sales for 2010 were 17,040 compared to pending sales for 2009 of 15,111. There was a 12.8% increase in pending sales year over year.

There were 16,106 closings in 2010 compared to 14,525 in 2009 for a 10.9% increase. Just to put this in perspective 2008 had 12,604 closings and 2007 had 16,775 closings. As you can see the 2010 closings are pretty similar to what we saw in 2007. Read more

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