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Jacksonville FL Real Estate Trends in May – New Listings, Closings, Sales and Prices are all up!

June 20, 2013

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Posted by in Northeast Florida Market Trends

“I’d rather be a could-be if I cannot be an are; because a could-be is a maybe who is reaching for a star. I’d rather be a has-been than a might-have-been, by far; for a might have-been has never been, but a has was once an are.” — Milton Berle

If you did not have to read that more than once, you are much smarter than me.

I would like to share a few insights from Dr. John Tucillo, the chief economist for Florida Realtors who spoke in Jacksonville recently.

  • 1- The real estate market is heavily tied to employment. Employment will not change significantly unless we have new industries to create employment or we restore manufacturing. Read more
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Northeast Florida Market Stats Continue to Show Recovery in the Housing Market in January 2013!

February 25, 2013

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Posted by in Northeast Florida Market Trends

“To think creatively, we must be able to look afresh at what we normally take for granted.” George Kneller

January 2013 was a great month. We celebrated our 6th year in our building on January 31st. Time sure flies when you are having fun.

The Northeast Florida Association of Realtors market stats for January 2013 continue to show recovery in our housing market. I would like to begin with Pending Sales. There were 1,997 contracts written in January which is an increase of 47% over last January when 1,361 contracts were written. The great news is that pending sales were higher than any month since mid 2006. Read more

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Northeast FL Real Estate Trends for November – All Signs are Positive Going Into the New Year!

December 27, 2012

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Posted by in Northeast Florida Market Trends

“You only live once, but if you do It right, once is enough.” Mae West

I am counting my blessings this holiday season and you are a blessing in my life. My parents are also a blessing. They are celebrating their 63rd wedding anniversary this month.

I wanted to share a few interesting things I learned at the Florida Realtors Economic Summit earlier this month.

• Thirty-one percent of transactions in Florida year to date through October were cash and 19% were international. Read more

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Northeast Florida Market Trends in July are Encouraging!

August 29, 2011

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Posted by in Northeast Florida Market Trends

Opportunity dances with those who are already on the dance floor.
–H. Jackson Brown Jr.

danceIn my opinion, it is time to get on the dance floor. There are opportunities in great neighborhoods for investors, first time homebuyers and anyone in between. I am  feeling encouraged about the real estate market after reviewing the July market stats data produced by the Northeast Florida Association of Realtors. The pending sales are up; and the inventory numbers continue to improve. Quite possibly in the near future we may reach inventory stability which will lead first to stabilized pricing with a gradual increase in pricing.

The pending sales in July 2011 of 1,661 are up 18% over July 2010. The pending sales year to date for 2011 are 6% higher than year to date 2010. It is encouraging to see more contracts being written despite the continued turmoil in Washington.

Closings in July 2011 are 1% less than July 2010. This is not unusual since closings normally dip in July each year. Closings are also down from the previous month.

The average sales price in July 2011 is up 5% over July 2010; however, the July 2011 average sales price of $177,596 is down from the previous month average price of $184,166. The drop from last month doesn’t concern me because the average price normally varies each month. The overall pricing trend this year continues to be up.

The median sales price in July 2011 is down 5% from July 2010. The July 2011 median sales price of $130,199 is also down from the previous month’s price of $135,364. The July median price is higher than every month this year except June.

The consistent good news is that the inventory of homes for sale is down 30% from July 2010. The available inventory of homes in July 2011 of 11,529 homes is also down from 12,285 the previous month. The months supply of inventory is down to 8.2 months and continues to drop every month. Read more

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Jacksonville FL Real Estate Statistics in April 2011

May 31, 2011

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Posted by in Northeast Florida Market Trends

“Genius is the ability to reduce the complicated to the simple.”C. W. Ceram

The most successful people I know are able to simplify complicated issues. When I reviewed the Northeast Florida Association of Realtors market statistics this month I struggled with how to simplify what seemed like some very conflicting information.  As with many issues dealt with in today’s business environment, the analytical complexity was a result of yet another “helpful” government program. Any statistical analysis comparing April, 2010 vs April, 2011 must factor in the 2009 homebuyer tax credit program. As you may recall, homebuyers were initially required to be under a contract by November 30, 2009 which was then extended to April 30, 2010. As a result, 2010 results were directly impacted by this program.

First let’s look at activity. Pending sales and closings for April look very good compared to recent months; however, when you compare them to April, 2010 pending sales are down 13.2% and closings are down 8.8%. To give a little perspective, closings are up 2% year to date over 2010.

In April, 51.1% of closings were distressed properties. That number is down from the previous three months when the percentage was closer to 60%.

Now we will look at pricing. The median sales price for April is down 8.1% when compared to last April; however the average sales price is up 1.7%. Due to the 2009 homebuyer tax credit program many of the closings last April were first time homebuyers. This year we are seeing more mid and higher priced properties selling. We will not see any strong improvement in prices until the distressed properties situation improves. Read more

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