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Jacksonville Real Estate Trends in May – Short Sales Out, Foreclosures in…How Crazy is That?!

June 20, 2014

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Posted by in News, Northeast Florida Market Trends

“A truly rich man is one whose children run into his arms when his hands are empty” – Unknown

I picked this quote to honor all the great Fathers out there. I hope your Father’s Day was the best ever. The real estate market has improved every month in 2014.The numbers below are from the Northeast Florida Association of Realtors market stats report.

January

February

March

April

May
Pending Sales

1,840

1,909

2,193

2,347

2,467
Closed Sales

1,505

1,649

1,876

1,975

2,044

The median sales price and the average sales price are up 3.4% and 3.6% respectively year to date. 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 January 2011

February 23, 2011

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Posted by in Northeast Florida Market Trends

 “The path to our destination is not always a straight one. We go down
 the wrong road, we get lost, we turn back. Maybe it doesn’t matter
 which road we embark on. Maybe what matters is that we embark.”
        — Barbara Hall

We have embarked on a new year and January is already proving correct many predictions of ups and downs in the real estate market during 2011. See the table below for the latest Northeast Florida Association of Realtors statistics.

 

Jan 2009

Jan 2010

Jan 2011
Pending Sales

942

1,148

1,396
Closed Sales

701

921

993
Days on Market Until Sale

109

102

120
Median Sales Price

$155,000

$132,700

$120,750
Average Sales Price

$201,832

$164,825

$153,361
% of Original List Price Received

86.3%

88.6%

86.1%
Inventory of Homes for Sale

16,690

15,443

13,198
Months Supply of Inventory

15.9

12.3

9.4

As you can see, pending sales, closed sales, Inventory of homes for sale and months supply of inventory are all showing positive trends. There are more sales each year and less inventory.

The median and average sales prices are declining. One major reason for this decline is that a staggering 59% of all closings in January were short sales or foreclosures.

If you take a 12-month average of the average sales price for the most current year, you will see it comes to $169,465 which when compared to the previous year of $179,057 shows a 5.4% decline in pricing. This method helps to smooth out the bumps in pricing each month.

If you know of anyone that would like to buy, sell, or rent a home, please give me a call. I would love to take great care of any of your referrals.

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Jacksonville FL Real Estate Trends in October 2010

November 30, 2010

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Posted by in Northeast Florida Market Trends

“Every problem has in it the seeds of its own solution. If you don’t have any problems, you don’t get any seeds.” Norman Vincent Peale

This quote should give you a hint about the northeast Florida market for October. The numbers aren’t a surprise since many lenders halted foreclosure sales in October and 54.8% of the North Florida closings in September were lender mediated meaning a short sale or foreclosure. Only 48.7% of the closings in October were lender mediated.

• The number of closings in October reported by the Northeast Florida Association of Realtors (NEFAR) was 968 down from 1,263 in September.

I believe the foreclosure issues accounted for most of the drop in closings. On a positive note, the closings year to date through October 2010 are 13,393 up from 11,817 year to date through October 2009 and 10,686 year to date through October 2008.

• The number of pending sales in October were 1,280, which was down from 1,385 in September and 1,496 in August. Pending sales year to date through October 2010 like closings are up over 2008 and 2009.
• The median sales price and the average sales price are both higher than previous months. Again, I think this may be due to less foreclosure sales. The median sales price is $142,550 for October. It was only $130,000 for September which is a nice increase. The average sales price is $173,892 in October which is up from $166,504 in September. Read more

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Jacksonville, Florida Real Estate Trends in August 2010

September 29, 2010

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Posted by in Northeast Florida Market Trends

So, last month my marketing team was picking on me about being bitter and a “negative Nancy” when I wrote my market statistics. And, I tell them you try to make the worst month in real estate (as proclaimed by the media) sound good! With that being said, I must admit I would have needed a lot of champagne to put a positive spin on the numbers for August, too. I really am an optimistic person and I do truly believe this market will turn, but I can’t find a positive way to tell you that 51.4% of all closings in the Northeast Florida Association of Realtors (NEFAR) market area for August 2010 are lender mediated sales which is a foreclosure or a short sale. However, I can share some more information, some good and some bad, about Jacksonville FL real estate in August.

“Real optimism is aware of problems but recognizes solutions; knows about difficulties but believes they can be overcome; sees the negatives, but accentuates the positives; is exposed to the worst but expects the best; has reason to complain, but chooses to smile.” William Arthur Ward

We all need to read this quote a couple times a day!

Pending sales are 16.6% higher in August 2010 than in August 2009. The current trend is also positive. June 2010 pending sales were 1,455, July was 1,560 and August is 1,632.  Read more

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