Temperatures are hot here in Jacksonville, Florida, and so is the real estate market! As you can see in the Market Summary, there is good news on almost every front. A few highlights:
- Year to date Sales up 25% over 2012
- Year to date Pending Listings up 31%
- Absorption Rate (how long it takes to sell a house) down 34%
- Year to date Median Sales Sales Price up 12%
And this one:
- Number of Active Listings down 21%
Welcome to the new seller’s market! Last year I wrote a blog post entitled “Where are all the homes for sale?” At that time, I noted that our inventory in the Northeast Florida Multiple Listing Service had decreased from a high of around 22,000 during the recession in 2008 to 9,784 in June of 2012. The number of homes for sale as of June 30, 2013 is 7,660.
This shrinking home inventory is occurring throughout the country, and may be the biggest real estate story of 2013.
Another interesting statistic is the dramatic increase in the number of sales and pendings in the $250,000 to $1 million price range – up anywhere from 42% to 65% over this time a year ago.
You might ask “What does this mean for me?” Well, if you have been thinking of a move, now might be a good time. Homes are selling quickly! It is also a good time to buy a home. Homes are still reasonable and interest rates are at a 60 year low.
Please give me a call at (904) 386-9816 or send me an email at LizPapenbrock@gmail.com if I can help!