Davidson Realty, Inc.

Real Estate Market Update

March 19, 2021

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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!

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Davidson Realty Welcomes New Agent Bonnie Weinstein

March 8, 2021

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Posted by in Agent Feature, News, Staff

Bonnie Weinstein knows all about making dreams come true. Growing up in Northeast Pennsylvania, Bonnie always dreamed of moving to Florida. Six years ago, she made her dream a reality by making Northeast Florida her new home. Now, Bonnie has joined the Davidson Realty team and is ready to help her clients’ dreams come true, too! 

 

Bonnie comes to Davidson Realty with an extensive background in both business and real estate. Her knowledge of the market, perseverance, and customer service skills make her a true joy to work with. “I believe my clients appreciate my flexibility, low-pressure sales, patience, and ability to hear what they want,” shares Bonnie. 

 

“Davidson Realty is very excited to have Bonnie on our team. Bonnie is a knowledgeable resource to her customers and truly takes the time to understand their needs. Bonnie is professional and we are proud to have her represent the Davidson Realty brand,” shares Andrea Gallagher, Davidson Realty Sales and Training Manager.

 

“Choosing Davidson Realty was easy. They have the same values and work ethic that I follow. Davidson Realty always puts people and relationships first. The support they provide is unparalleled which allows agents to fully focus on our clients and their needs. I’m so grateful to be part of a team that has a caring heart,” shares Bonnie. Bonnie is a Nocatee Certified Agent and looks forward to helping clients “love where they live” with Davidson Realty. 

 

When Bonnie isn’t helping her clients find their dream home, you can find her enjoying the beautiful beaches in Northeast Florida.  Bonnie, who recently celebrated her 25th wedding anniversary, loves spending time with her family, especially her two daughters and Shih Tzu named Hamilton. 

 

If you are ready to make your real estate dreams a reality, call Bonnie Weinstein at (570) 690-4432 or email her at bweinstein@davidsonrealtyinc.com.

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Real Estate Market Update

February 16, 2021

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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

 

 

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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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Real Estate Market Update

September 17, 2020

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Posted by in News, Northeast Florida Market Trends

“Nobody made a greater mistake than he who did nothing because he could do only a little.”

Edmund Burke

 

The big real estate story across the nation and locally is the shortage of available homes for sale. There were 6,403 homes for sale at the end of August according to the Northeast Florida Association of Realtors (NEFAR) market stats. That is 35% less than August 2019 number of 9,874 for a reduction of 3,471 properties. We have 799 fewer properties than last month.

 

There is a 2.3 months supply of inventory available in Northeast Florida which is down 38% from August 2019 when there was a 3.7 months supply. A five to six month supply is considered a balanced market.

 

The inventory is down even with building permits rising. Building permits in the Jacksonville MSA are up about 6% year to date over the previous year even with COVID 19 slowing the process down. There were 7,823 permits issued through the eight months ending August. Most of the builders are selling their speculative homes before construction is finished.

 

The new listings in August 2020 from the NEFAR report are 3,441 homes. This is 4% fewer new listings than August 2019 and we are down 5% year to date. As new listings become available, they are going under contract quickly and many times with multiple offers.

 

There is a strong demand for homes in our market now. In addition to local buyers that want more space for working from home, schooling virtually, or more outdoor space, we have many people moving from other states. Some employers are allowing employees to work from home permanently or at least until mid-2021 and that allows employees to relocate to areas with better weather, more space, and lower taxes.

 

The strong demand and short supply of homes continues to drive prices higher. The median and average sales prices are up 8% and 9% respectively year-to-date. It also creates the perfect time to sell your home. If you are dreaming of a new or different home, please let us know and we can give you the guidance you need to make a good decision.

 

Davidson Cares is not making the mistake of doing nothing as mentioned in the quote. We have found a safe way with individual shoot times and no group gatherings to have our 5th Annual Davidson Cares Clay Day on October 29th. We would love for you to participate and support St. Augustine Youth Services, Investing in Kids and Builders Care with a donation, sponsorship, or as a shooter. Please go to DavidsonCares.com to get all of the information.

 

It is so nice to have sports back. I hope your favorite team has a great year. Thank you for your continued support of Davidson Realty, Davidson Property Management, and Davidson Cares!

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