The Northeast Florida Association of Realtors market stats show continued steady improvement in 2014. It was not the same level of improvement we saw in 2013, but it was improvement all the same. The percentage change by categories were:
New listings 20.4% 6.5%
Pending sales 18.3% 10.3%
Closed sales 23.3% 6.8%
Median sales price 15.4% 3.6%
Average sales price 7.5% 4.4%
I would like to share with you a couple of excerpts from the latest Florida Forecast published in December 2014 by Dr. Sean Snaith’s group at the University of Central Florida. “While no official dating of the business cycle is done at the State level, I would suggest that Florida spent an additional 32 months in recession compared to the U. S. as a whole.” He goes on further to say that Florida’s recession lasted 50 months.
“In 2012 Florida finally got back up off of the canvas after being knocked out cold by that Category 5 recession and the economy grew at a modest rate of 2.2%.” The growth in 2013 was about the same. He goes on to address housing prices in the State having risen to $177,000 from a low of $122,200 after plummeting from their median price high of $257,800.
I agree with Dr. Snaith’s thoughts that 2015 through 2017 could be great years for our State. He is predicting Real Gross State Product Growth for 2014, 2015, 2016 and 2017 to be 2.6%, 2.7%, 2.8% and 3.0% respectively. Issues that will determine the strength of the housing recovery are the availability of mortgage credit, interest rates, and an increase in the percentage of consumer purchases to offset the anticipated reduction in investor purchases.
The most positive statistic I have seen is the continuing decline in distressed properties. In December 2014, 23% of the inventory for sale was distressed compared to 36% last December. Of all the December closings in our market, there were 31% distressed compared to 38% last December and 60% in the worst part of the recession. This awesome trend has continued all year and I believe we will see the same in 2015.
Do you have questions about the Market in your neighborhood? Call Suzy & Chris Evans we have all the inside trends on the First Coast area!