Sunday, April 1, 2012

Latest update on the Jacksonville FL real estate market

Wow! What a difference a few months make! The short and sweet version of what's going on in the Jacksonvile Market is this:

Our inventory is DOWN to a 6 and a half month supply. A "normal" or stable market is considered to be a 5-6 month supply.  We're almost back to normal! Break out the champagne!

Have you been house hunting lately? Good luck! The inventory is VERY low.  It's hard to find very many houses to look at. Guess what this (historically) means?  Yep. Supply vs Demand = Higher home prices.  Keep that in mind if you're still sitting on the fence.

Need more proof?  How about these factoids?  New listings crept up a little in February, but not nearly enough to keep up with the number of sold properties.. I'm thinking that means that we're exactly where we were this time last year. Know what that means? Yep. The bottom is here or so close I can almost see it!

More evidence?  The median sales price was down a whopping 0.2% over last year. I say that doesn't count. I'm going to call it a wash and say that the median sales price didn't fall. I mean seriously, 0.2%? I'm thinking that means that we're exactly where we were this time last year. Know what that means? Where are all of the REO's and Foreclosures that were headed to the market? They haven't made it here YET.  CAN IT BE THAT WE'VE HIT BOTTOM??

Just maybe. Pending sales are up 26.5%. Yes, you read that right UP 26.5%.  About half of those (47.4% to be exact) were distressed sales (short sales, foreclosures, REO's) and the rest were gool old fashioned seller owned properties.

Can it be?  Someone pinch me. I think we've hit bottom and maybe, just maybe, with this shortage of new listings, prices just might to start going up. I will be happy if they just stablize and stop falling. Afterall. All we want is a healthy market where Sellers can Sell and Buyers can afford to buy.....

I think we just might be there now. What do you think?

Thursday, January 12, 2012

Jacksonville Market Improving

You can almost feel it in the air. Now that the inventory of homes on the market continues to drop........ Buyers really aren't in the drivers seat anymore. I sold a house last week and we (of course) got into a multiple offer situation. I explained to my Buyers how it works in great detail. Then I suggested that they "sleep on it" and consider their "highest and best offer". Keep in mind, they LOVE this house. We looked at a dozen others AFTER we looked at this one back in November. Everytime we left a home, they compared the others to this one. They asked me if I thought they should go in at full asking price. After another CMA and a lot of discussion, they decided they wanted it bad enough to offer full price. We did and we got it!  I had written a sweet cover letter and I'd like to think that helped the Seller make his decision. My Buyers are ecstatic and we're well into the process of getting the financing together. So there you go... Another home in Jacksonville sold at asking price.

The numbers don't lie. According to the National Assoc of Home Builders, our market has shown improvement in housing permits, our employment numbers have improved and house prices have improved for at least six consecutive months. This is another indicator that our overall real estate market is improving. According to NAHB:  "The three indicators that are analyzed are employment growth from the Bureau of Labor Statistics, house price appreciation from Freddie Mac, and single-family housing permit growth from the U.S. Census Bureau. NAHB uses the latest available data from these sources to generate a list of improving markets. A metropolitan area must see improvement in all three areas for at least six months following their respective troughs before being included on the improving markets list."

There may never be a better time to buy in Jacksonville. The interest rates remain low (my latest buyer locked in at 4%) and the home prices have stabilized at historical lows. We are attracting new companies and according to the Chamber of Commerce 8,000 new jobs were created in 2011. Not a huge number, but better than most cities.

We're excited about the real estate market in Jacksonville Florida!  Things are looking up and we're looking forward to market growth.

Contact us today for more information.

Some information from the National Home Builders Association