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!
We are 9 days into the New Year, and there is already much to be excited about!
Real estate is hopping! Throughout the year, market statistics have improved across the board in every category. Lender mediated transactions (short sales) are declining, while the prices of those homes have risen New inventory, days on market, and months supply have all seen decreases. Pending sales, average price, and properties sold have all seen positive gains. Some homes are even receiving multiple offers and selling over list price!
As we begin a new year, I look forward to sharing more Things to Do and, as always, welcome your comments or suggestions. Have a blessed New Year!
The October Year-to-Date Market Summary from our Multiple Listing Service shows what most of us in Jacksonville, Florida and the First Coast area are easily able to see: our listing inventory is down! There are only 8,365 homes for sale. To put this in perspective, at the height of the real estate crash in 2006, we had over 22,000 homes for sale. By 2010, that number had dwindled to around 16,000.
Here is the report:
What is especially interesting is the increase in home sales in the $250,000 to $500,000 price range and in the sale of luxury homes over $1 million.
In summary, if you are considering selling, now may be a good time to put your home on the market. If you are thinking about buying, I would consider looking seriously now while interest rates are still at historic lows and before prices jump up.
For the complete report, personalized statistics in your area, or a list of great homes for sale, please call me at (904) 386-9816 or send me an email using the contact form on this site. I will have the information right out to you!
Wondering how our National Mortgage Settlement $ are being spent? I found an interesting graph this morning.
National Mortgage Settlement Fund
The majority of the funds are going towards short sales. If you are having difficulty making your payments and do not wish to stay in your present home, a short sale is nearly always the best option. Please contact me for more information, or visit my website at AvoidForeclosureinJacksonville.com.
Temperatures are heating up here in NE Florida, and so is the real estate market. Headlines everywhere report the good news:
Numbers are improving in local economy
Figures show housing purchases and prices are up
(Florida Times-Union, May 19)
More Americans expressing confidence in economy and home values
(dsnews.com, May 11)
Home prices show strongest gain in 6 years
(Jacksonville Business Journal, May 23)
A few reasons for optimism:
- Inventory is down
- Sales are up
- Median and average prices are up
- Building starts are up
Our to recovery is closing tied to the broader economy, and will come one step at a time. The recession has left many people underwater in their homes, and these distressed properties will continue to impact the market. But it is wonderful to finally hear good news, and we are excited to be busy again!