Davidson Realty, Inc.

North Florida Real Estate Trends – Housing Inventory Approaching Normal Market Equilibrium?

November 28, 2011

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Posted by in Northeast Florida Market Trends

“Before you can learn a new way of doing things, you have to unlearn the old way. So beginnings depend on endings.”– Rick Maurer

Everything has changed over the past few years and we have to learn to adapt. Some things haven’t changed though so when we see declining inventory and improved sales, you might well expect an improvement in the future housing market, especially if we can continue adding jobs in the northeast Florida area. I know the job growth has been slow but our area has started to see growth.

The Northeast Florida Association of Realtors market statistics for October, 2011 continue to show encouraging trends in the market. The pending sales are up 37.5% over October, 2010. The 12 month average for the most recent 12 months is 1,463 pending sales per month compared to 1,357 for the previous 12 months which is an increase of almost 8%.

The inventory of homes for sale in October, 2011 was 10,964 down 31.5% from 15,995 in October, 2010. The inventory has dropped consistently for the last 12 months. The largest drop in inventory is in the less than $150,000 price range at 36.5% however the $500,000 to $999,999 price range also dropped 28.5%. Of particular interest is that over the last year the price range hardest hit in our area ($500,000 – $999,999) has seen the strongest increase in sales with a 30.6% increase. Read more

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Northeast Florida Market Statistics for September! Is Increased Home Pricing in Our Future?

October 24, 2011

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Posted by in Northeast Florida Market Trends

“Capital isn’t scarce; vision is.” Sam Walton

This is a profound statement by Sam Walton and very appropriate today. There are a lot of bright people focused on making it through the day instead of looking forward.

The one consistent story in the market statistics produced by the Northeast Florida Association of Realtors for September is the inventory of homes for sale continues to drop. There were 16,280 active properties for sale in September 2010 and there are 32% less properties (11,011) in September 2011.The inventory has dropped every month in the past year. The months supply of inventory is at 7.7 months supply compared to 11.6 months in September 2010, a 34% decrease. The inventory reductions we are seeing should lead to increased pricing in the future.

Pending sales in September 2011 are up 24% over September 2010. The year to date pending sales for  2011 are up 7% over year to date 2010. The North Florida market has averaged 1,450 pending sales a month for the last 12 months compared to a 1,385 average for the previous 12 months. Read more

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Northeast Florida Real Estate Trends Remain Positive in August!

September 26, 2011

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Posted by in Northeast Florida Market Trends

13155-Blue-Man-Reaching-For-The-Stars-Clipart-IllustrationThe greatest danger for most of us is not that our aim is too high and we miss it, but that it is too low and we reach it. – Michelangelo

I chose this quote because it seems as if our recent economic challenge has put many people in survival mode. Survival mode can distract us from our long term goals.  We must not think this way but keep reaching for the stars.

I will share an overview of the market stats provided by the Northeast Florida Association of Realtors starting with Pending Sales. August 2011 pending sales of 1,744 is 24% higher than August 2010 sales of 1,402. There have been some confusing monthly comparisons because of the tax credits last year, but the year to date pending sales for 2011 are 7% higher than year to date pending sales for 2010.

The closings for August 2011 are up 1.5% over the closings in August 2010 and the year to date closings for 2011 are almost the same as 2010. I would like to go a little deeper into closings and share that there were 691 traditional closings in August 2010 and 835 in August 2011 for an increase of 21%. The lender–mediated closings dropped from 729 in August 2010 to 626 in August 2011 for a 14% decrease. This is a very good sign when we have more traditional closings and less distressed closings.

The lender-mediated closings dropped from 44.3% of July 2011 closings to 42.8% of August 2011 closings. We continue to move in the right direction. 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 Trends in June!

July 28, 2011

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Posted by in Northeast Florida Market Trends

“Progress always involves risks. You can’t steal second base and keep your foot on first.” -Frederick B. Wilcox

I love baseball especially this time of year. I chose this quote because I am going to take a risk and predict that the northeast Florida real estate market will continue to improve. In reviewing the Northeast Florida Association of Realtors market stats, I see monthly improvement in every area. Also, my office had the best month for closings since June 2008.

Let’s begin with prices. The average price in June is $181,700 which is 17% higher than January and has increased every month. The average sales price is 7% higher than last June.

The median price in June is $135,000 and has increased every month since February showing an increase of 12%. The median price is down 4% from last June.

June 2011 pending sales are up 34% over June 2010 and we are up 7% year-to-date over last year. Read more

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