Move Quick or Miss Out
Things are moving pretty fast in my world. Speed is important in the real estate market today. Buyers have to be willing to move quickly to get the home they want.
The Northeast Florida Association of Realtors July 2013 market stats report began with this sentence: “It won’t be long before the housing recovery is simply referred to as housing.” That statement has a nice ring to it after spending 6 long years watching every month for small signs of market improvement. I am attaching the market overview because it is full of great information.
The median sales price for July is $169,525, which is up 25% over last July and up 15% year to date compared to the same period last year. It is interesting to note that the lender-mediated median sales price is $90,000 and the traditional property is $209,900.
The average sales price for July is $211,601, an increase of 21% from last July’s price of $174,803. The year to date increase is 10% over the same period last year. As lender-mediated activity eases and more traditional homes sell at a higher price point, overall prices tend to rise.
There were 3,056 new listings in July which is a 42% increase over 2,148 new listings last July. New listings are up 17% year to date. This is a very positive sign because the inventory of homes for sale is down 23% since last July. The months supply of inventory is at 4.6 months and 5 to 6 months is considered a balanced market.
The days a property is on the market until sale is down 29% to 83 days compared to 117 days last July. Lender-mediated properties average 91 days and traditional properties average 79 days.
Pending sales are up 46% over last July and up 31% year to date. We have not seen pending sales at this level since 2005. Closed sales are up 25% over last July and 25% year to date.
The Jaguars are about to begin their season. I would like to encourage everyone to come out to the season opener game on Sunday, September 8th against the Kansas City Chiefs. The NFL has approved the Jaguars request to dedicate the game to JT Townsend, his family and his organization. If you did not know JT, he was the captain of the Episcopal School of Jacksonville’s football team and a star player when he was paralyzed by a spinal cord injury in a football game in October 2004. JT didn’t let anything hold him back and is a true inspiration for all. He went on to graduate on time with my daughter’s class in 2005 and graduated from UNF with a sports management degree in 2013. From there, he started the JT Townsend Foundation (JTTF) to help others with similar injuries. JT recently passed away, but he lives on through his foundation and those that knew him. JT was a great friend of the Jaguars and Davidson Realty is very proud to be sponsoring the teal and black JTTF t-shirts that will be available to purchase at Sportsmania in Jax Beach. Most of the proceeds of the shirts will go to JTTF. The Foundation can benefit from your ticket purchase to any of the games if you buy through their link. If you want the link, please email Peyton at firstname.lastname@example.org and she will email it to you.
As always, if I can help you with any of your real estate needs, please let me know – Call Suzy at 904.347.5447