Davidson Realty, Inc.

Northeast Florida Real Estate Trends in July

August 30, 2010

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Posted by in Northeast Florida Market Trends

This week’s headlines on the historical drop in national home sales certainly didn’t help in creating market confidence.  Closings in the Northeast Florida Association of Realtors (NEFAR) market area in July are down almost 30% from the number of closings in June. I really believe the tax credit is part of the reason for this drop.  It is encouraging to see that pending sales or new contracts being written in Northeast Florida have increased over June.

Out of curiosity I did some research on high-end transactions in the Nease High School attendance zone which includes communities such as Nocatee, Palencia, World Golf Village and everything in between. Since January 2010 there have only been 25 single family homes closed over $500,000. My statistics come from the Northeast Florida Multiple Listing Service and do not include any home listed only in the St. Augustine MLS. Sales of high-end residential homes are still hampered by the lack of consumer confidence and the mortgage lending market.

Here are a couple facts about St. Augustine and  Jacksonville FL real estate in July:

• While the median sales price in the NEFAR area dropped in July, the average sales price in the NEFAR  area showed a slight increase. Unfortunately our primary markets 32092 (World Golf Village) and 32095 (Palencia) showed a decrease in the average sales price. Home price improvement will only be generated by reduced housing inventories and increased job production in the private sector.
• The number of homes available for sale continues to drop. When looking at “for sale” inventories, keep in mind there is a need to segregate listings based on sales price viability. There are many sellers listing their homes high above true market value. These properties are “for sale” but not saleable.
• The inventory of available homes in the World Golf Village is less than half of what it was 2 years ago. In August 2008 there were 258 active listings and in July 2010 there were only 122 active listings. Read more

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NEFAR Market Trends for May 2010

June 22, 2010

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Posted by in Northeast Florida Market Trends

More than ever, folks have a lot of questions for those of us in the real estate industry. The fact is real estate values impact most people’s lives. I would like to share some statistics about sales, pricing and inventory and my thoughts on the local market.

The pending sales for May 2010 in the Northeast Florida Association of Realtors market stats were down about 25% from March and April but 14% above May 2009 pending sales. Many experts were predicting May sales to decline dramatically because homebuyers can no longer take advantage of the tax credits that were available for contracts signed through April 30, 2010. Our office did not see a decline in May sales.

The median and average sales prices were both up slightly in May over March and April. The median sales price for Jacksonville FL real estate was $139,900 and the average sales price was $175,785. These prices are below May 2009 prices but that should not be a surprise. I look for trends from the previous months. What happened last year is over and I look for current trends. Read more

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Top 3 Jacksonville FL Real Estate Market Trends in April

May 25, 2010

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Posted by in Northeast Florida Market Trends

My top three trends from the Northeast Florida Association of Realtors (NEFAR) Market Stats for April 2010 are:

1. The lender mediated sales for April which is the foreclosures and short sales were 44.4% of total April closings. This is down from over 50% of closings in January 2010.
2. The Year to Date closings for St. Augustine FL homes and Jacksonville FL homes from January to April 2010 are 4,908 which is 31.5% more than January to April 2009 when there were 3,731 closings.
3. There were 2,206 pending sales in April, 2010 which is 66.4% more sales than April, 2009 when there were 1,326.

The real estate trends in the St. Augustine and Jacksonville area continue to show signs of a slow recovery.

For more information or to talk to a knowledgeable Jacksonville or St. Augustine realtor please call (904) 940-5000.

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Jacksonville FL Real Estate Market Statistics – What to Know

April 28, 2010

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Posted by in Northeast Florida Market Trends

Almost every article I read about the Jacksonville FL real estate market compares the current month activity to the same month a year ago. When I try to understand what is happening in the current market, I am much more concerned with trends from the last few months than the percentage change from last year.

My favorite 3 trends from the Northeast Florida Association of Realtors market stats are:

1. The median sales price and the average sales price have increased.

The prices of St. Augustine FL homes and Jacksonville homes continue to show signs of stabilizing after falling for the last couple of years. The average sales prices for the NEFAR area for January, February and March were $162,752, $166,812 and $169,944. Read more

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February 2010’s NEFAR Statistics: 3 Facts to Know

March 26, 2010

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Posted by in Northeast Florida Market Trends

I enjoy analyzing the market stats from the Northeast Florida Association of Realtors (NEFAR) each month and I continue to be optimistic about the real estate market, but I wanted to share 3 facts that may surprise you.

First, we are having a great sales month at Davidson Realty and pending sales are up dramatically at NEFAR from 1,244 pending sales in January to 1,627 in February, which leads to the first surprise. I always believed that pending sales would close. It is logical but it isn’t true. I can’t tell you how many homes we have sold multiple times! Read more

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