March Real Estate Trends – Inventory is Down and Sales are up!

“It was high counsel that I once heard given to a young person. “Always do what you are afraid to do.” Ralph Waldo Emerson

That will be my advice to my youngest son, Sam, who graduated from UNF on Friday with a Degree in Mechanical Engineering. I am so blessed with a great family!

I found some interesting information in the Northeast Florida Association of Realtors Market Stats for March. We have a very positive trend in pending sales. There were 2,018 contracts written in March 2012 compared to 1,719 in March 2011 for a 17% increase. The first quarter of 2012 is up 18% over the first quarter of 2011. In my office, the first quarter pending sales are up 40% over first quarter last year.

Now for the interesting part, there were 1,419 closings in March 2012 compared to 1,529 closings in March 2011 for a 7% decrease. The first quarter closings are down 3% compared to first quarter last year. Pending sales have risen so dramatically in the last 3 months, the closings should be increasing soon. It was also interesting to note that the price range with the largest increase in pending sales is $1,000,000 and above with an 18% increase. Read more