Davidson Realty, Inc.

Northeast Florida Real Estate Market Update

May 23, 2022

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Posted by in News, Northeast Florida Market Trends

“You will never see the end, if you give up in the middle.” – Joyce Meyer

 

I can’t wait to see where our housing market is going next.

 

In a recent Business Journal article “Observers and economists are cautiously optimistic that more inventory will hit the market in the coming months, which, combined with potentially fewer buyers because of rising mortgage rates and home prices, should help moderate the market.” We will be watching metrics like active inventory and days on market to see if we see this moderation.

 

Right now, the Northeast Florida Association of Realtors market stats doesn’t show the moderation in our market. The median sales price of $350,000 is up 22.9% from last April and 2.7% from the previous month. There were 41.3% of the closings over list price up from 39.5% the previous month. Our buyer demand is still very strong.

 

The median days on the market is 13 days down from 14 days the previous two months. The properties are still selling very quickly.

 

The active inventory is 3,432 homes which is 24.3% less than last April. There was a slight increase (3.7%) from the previous month. The months supply of inventory is 1.2 months which is down 9.6% from last April but up from 1.0 months in March. We will have to see whether the slight increase in inventory is a change in the market or sellers just pricing their homes over market price causing them to sit on the market a little longer.

 

There are many issues that could affect the real estate market. The rapid rise in mortgage interest rates, inflation, and the continuing supply chain issues could be three of the biggest. Housing prices and wage increases due to the shortage of workers seem to be major factors causing inflation.

 

A recent USA Today article made an interesting point about older workers comprising the largest group of Americans that stopped working during COVID. Many retired early but with the runaway inflation, financial pressures, and an abating pandemic many of them are returning to the labor force. Pew Research believes 1.5 million of the 3.5 million baby boomers who retired during the pandemic did so sooner than intended. The Fed puts the figure at 2.4 million. These workers may help some with the worker shortages.

 

I will continue to watch for changes in our market but if you are considering selling, it is a very good time to get your home on the market.

 

Enjoy all the great spring activities and the sports going on this time of year. If we can assist you in any way with real estate advice, please let us know.

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Northeast Florida Real Estate Market Update

April 25, 2022

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Posted by in News, Northeast Florida Market Trends

“A true friend is someone who thinks you’re a good egg, even if you’re cracked.” — Unknown

I hope everyone had a wonderful Easter! It is an amazing time of year.

 

The Northeast Florida Association of Realtors market stats for March 2022 show a continuing seller’s market with low available inventory and prices continuing to rise. The buyer demand remains strong.

 

The median sales price for March is $340,600 for all property types in all 6 counties of Northeast Florida. This is an increase of 3.2% from February and 24.8% from last March. The median price for a single-family home in St. Johns County jumped to $558,700. This compares with $330,000 in Duval, $345,000 in Clay, $222,000 in Putnam and $385,000 in Nassau.

 

The active available inventory for the entire market area is 2,888 properties which is down 8.0% from February and 32.7% from last March. We have 1.0 months supply of inventory which is down 24.3% from last year.

 

We continue to see new listings, but they are selling quickly with multiple offers if priced correctly. We will have to watch the market in April and through the summer to see the impact of rising home mortgage rates on demand.

 

A recent Harris Poll survey conducted for Coldwell Banker of more than 2,000 US adults shows 44% of Gen Z (18-25) and 35% of millennial (26-41) homeowners say they plan to sell their homes in the next 12 months. Many of these first-time homebuyers bought smaller starter homes that have gone up in value and they have enough equity to make a sizeable down payment on a larger home.

 

A Realtor.com housing report says the two primary motivations for selling are new familial needs (31%) and the desire for updated features (15%). The study indicates the majority of sellers planning to make a move are millennials ready to swap their starter homes for larger ones (49%). The study continues “compared to all survey respondents, higher shares of millennials want a more affordable home (34% vs. 21%) and need the sale money as soon as possible (14% vs. 11%) to help offset inflation, student loan debt, and other economic burdens.”

 

Given the projected increase in interest rates and increase in properties available for sale, it would appear to be wise to sell sooner rather than later. Additionally, the current market favors the seller with buyers agreeing in many instances to waive inspections, repairs, and pay cash.

 

If we can help you analyze your home’s value and discuss options, please let us know. We love to talk about real estate. Enjoy our beautiful weather and all the great activities outdoors this spring.

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Northeast Florida Real Estate Market Update

March 21, 2022

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Posted by in News, Northeast Florida Market Trends

“Life will always throw you curves, just keep fouling them off. The right pitch will come, and when it does, be prepared to run the bases.” – Rick Maksian

I love all sports, but baseball is my favorite. My heart is happy now that the owners and players have come to an agreement. Go Braves!

 

Even with all that is happening in the world right now, there is a huge demand for real estate in Northeast Florida, unfortunately, the supply is continuing to decline. As a result of the supply shortage and overall inflation, the prices keep going up.

 

The Northeast Florida Association of Realtors market review for all property types in all 6 counties shows a median sales price of $329,995 which is up 25.3% over last year and 3.6% over last month. In February, 32.5% of the closings were over list price. The median days a property was on the market is 16 days which is down from last year and last month.

 

There were 2,818 new listings; however, there were 2,987 pending sales. We sold more homes in February than came on the market. There is 1.2 months supply of inventory.

 

The Northeast Florida Builders Association reported 1,332 single-family home building permits were issued in February which is an increase of 150 over last year. St. Johns County issued 612, Duval 474, Clay 144 and Nassau 102. The builders continue trying to meet the buyer demand.

 

An interesting article from Florida Realtors says “Nationally, a homeowner who purchased a single-family existing home 10 years ago at the median sales price of $162,600 is likely to have accumulated $229,400 in housing wealth. Of this wealth gain, 86% can be attributed to price appreciation.” Lawrence Yun, the National Association of Realtors Chief Economist is quoted in another article talking about home prices being a great inflation hedge.

 

I hope you are adjusting to Daylight Savings time and get to enjoy some basketball and baseball this spring. Please let us know if we can help you with any real estate needs. We are always happy to share our knowledge and talk about options.

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The Best of the Best – Davidson Realty 2021 Awards

March 14, 2022

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Posted by in Awards, Community Involvement, News, Staff, Top Agents

The Davidson Realty Team closed out another successful year. “From involvement in various charity events to their top-notch real estate services, we are so proud of all the incredible things our team accomplished in 2021,” shares Davidson Realty President, Sherry Davidson. “The passion and dedication our team possesses is inspiring.” The Davidson Realty family recently got together for their annual Awards Banquet. A huge thank you to the awards committee: Amy Thornton, Bonnie Cherhoniak, Matt Burkhart, Mirtha Barzaga, and Andrea Gallagher!  

 

Terri Apodaca

Davidson Property Management – Most Rentals

Davidson Property Management – Most Properties Referred

5 Million Dollars Closed 

6 Million Dollars Sold

 

Max Reyna 

Davidson Property Management – Rookie Agent of the Year

 

 

 

Jeanne Denton-Scheck

5 Years of Service

 

 

 

Rebecca Schaffer

5 Years of Service

3 Million Dollars Closed

4 Million Dollars Sold

 

Vern Shadowen

5 Years of Service

 

 

 

Andrea Gallagher

10 Years of Service

 

 

 

Caitlyn Hawkins

10 Years of Service

3 Million Dollars Sold

 

 

Shirley Barber

15 Years of Service

 

 

 

Laura Hendricks

Value People First Award Winner

 

 

 

Liz Pappaceno

Value People First Award Winner

5 Million Dollars Closed 

5.5 Million Dollars Sold

 

Lynn Whitley

Value People First Award Winner

 

 

 

Reba Barkley

Break Out Year Award Winner

7.5 Million Dollars Closed

10 Million Dollars Sold

 

Tammy Peacock

3 Million Dollars Closed 

4 Million Dollars Sold

 

 

Jennifer Todd

5 Million Dollars Closed 

4.5 Million Dollars Sold

 

 

Candy Gil

6 Million Dollars Closed

6 Million Dollars Sold

 

 

Margherite Myers

8 Million Dollars Closed

7.5 Million Dollars Sold

 

 

Suzy Evans

15 Million Dollars Closed

15.5 Million Dollars Sold

$7,500 Bonus Recipient – 3rd year

 

TEAMS

 

Shelley & Tim Nemethy

15.5 Million Dollars

18 Million Dollars Sold

$5,000 Bonus Recipient – 2nd Year

 

Mirtha Barzaga

17 Million Dollars Closed

22 Million Dollars Sold

2021 Closing Agent of the Year

2021 Sales Agent of the Year

2021 Listing Agent of the Year

$10,000 Bonus Recipient – 5th Year 

 

We would also like to recognize our amazing staff for all their support throughout the year: Shirley Barber, Matt Burkhart, Matt Davidson, Sam Davidson, Rochelle Richardson, and Andrea Gallagher. 

 

Additionally, we’d like to give a big thank you to our property management team who help take care of all our owners and tenants: Laura Hendricks, Bonnie Cherhoniak, Amy Thornton, and Judy Kashou.

 

The Davidson Realty Team is proud of all the hard work and dedication displayed in 2021 and strives to have an even more successful 2022. These achievements would not be possible without the trust and loyalty of Davidson Realty clients. Thank you for choosing us as your real estate experts. If you are interested in experiencing the Davidson Realty difference, contact us at (904) 940-5000.

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Real Estate Market Update

September 22, 2021

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Posted by in News, Northeast Florida Market Trends

“Fear does not stop death. It stops life. And worrying does not take away tomorrow’s troubles. It takes away today’s peace.” Unknown

It is easy to agree with the truth of this quote, but much harder to live it.

 

The Northeast Florida Association of Realtors market stats for August continue to show rising prices, continued high buyer demand, and low inventories of available homes. The most recent trend we are seeing is double-digit rent increases.

 

“Put simply, August trends suggest rents are making up for lost time. Rents remained low during some of the worst months of the pandemic, growing at a sub-2% pace from September 2020 to March 2021, which is also when for-sale home prices were growing by double-digits,” said Realtor.com Chief Economist Danielle Hale.

 

Many buyers are unable to find a suitable home to purchase and have been forced into the rental market. According to Apartment List, rents in Jacksonville have risen 19.7% since August 2020, and 4.4% since July 2021.

 

There were 3,787 new listings in August, up 5.7% from last August and 6.7% year-to-date. The builders are also adding more homes. Industry sources predict an 11% to 12% increase in housing starts for 2021 or about 1.55 million units. That would be up from 1.38 million housing starts in 2020, which was a 7% increase over 2019. (Business Journal article) Builders are still being delayed by materials like windows and appliances and labor shortages.

 

The good news for buyers is that the frenzy of competitiveness of the spring market has cooled a bit. Some sellers are still pricing their homes very high, but many buyers are no longer willing to pay the prices they were during the spring and the homes are sitting or the sellers are reducing the price. While 41.0% of homes sold over list price, that is down from 44.8% in July.

 

There were 3,424 pending sales down 2.0% from last August, but up 12.4% year-to-date. Closed sales of 3,200 were down 3.1% from last August, but up 15.6% year-to-date.

 

The median sales price of $300,000 is up around 14% month-over-month and year-to-date. The average sales price of $362,699 is up 14.2% month-over-month and 17.7% year-to-date.

 

There are 4,651 homes available for sale which is down 37.2% from last August and we have 1.4 months of supply available. Five to six months is a balanced market.

 

While we are seeing more homes come available, the buyer demand remains very strong. We should continue to see prices increase, multiple offers, and increased rental rates.

 

Please come join us on October 21st for our major fundraiser, Davidson Cares Clay Day. We support Builders Care, St. Augustine Youth Services, and Investing in Kids. Go to DavidsonCares.com and register or buy a raffle ticket for one of our great prizes.

 

We appreciate your support and referrals. Please let us know if we can assist you in any way.

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