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?

1 comment:

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