Jacksonville Homes Market Update

Straight from NEFAR we have some great news. It appears as though we've finally hit the bottom and things are turning around! Call me with questions or concerns.


NEFAR Announces August 2011 Real Estate Sales Results Indicators point toward recovery: closed and pending sales up, inventory and new listings down, median and average sale prices increase, percentage of lender-mediated sales down. JACKSONVILLE, Fla. - The Northeast Florida Association of Realtors (NEFAR) announces real estate market statistics for August 2011. Statistics encompass both single-family residential and condo sales. Closed sales were up 1.5 percent year-over-year, coming in at 1,441 sales for the month. Pending sales popped in August, jumping 24.4 percent year-over-year to reach 1,744.

Inventory in August was noteworthy, dropping 32.2 percent from a year ago to arrive at 11,167 properties for sale as opposed to last August's 16,464. The number of months supply of homes for sale also showed exceptional improvement year-over-year, dropping from 11.8 months last August to just 7.9 months this August; a 33.1 percent drop. A market is considered balanced when there is roughly a five- to six-month supply of properties, indicating that northeast Florida is on the cusp of that normalcy. New listings were also markedly down, dropping 20.7 percent from 2,924 in August 2010 to 2,319 this August. Prices also rallied a bit in August. The overall median sales price was $138,000; a 2.2 percent increase over $135,000 last August. The $180,823 average sale price was 6.6 percent higher than last August's $169,658. The balance between traditional sales and lender-mediated sales also moved in the right direction. Of the 1,441 sales for the month, 626 (42.8 percent) were lender-mediated while 835 were traditional.

Last August, more than 51 percent of sales were lender-mediated.


NEFAR President Dane Leslie says, "August was a month of numerous positive indicators, sending a clear signal that we are on the path to a stabilized market with recovery now in progress."

Short sale market shrinking in Jacksonville

Is it too early to exhale?  Our market appears to be improving.

According to NEFAR (Northeast Florida Assoc of REALTORS), lender mediated home sale (short sales, foreclosures and distressed sells) numbers were down in August!  There were 729 lender mediated sales in August of 2010 and  626 in August of 2011. D-O-W-N.

The median sales price of lender mediated homes is also down. The median sales price in August of 2010 was $87,450 and in August of 2011 the median price of a lender mediated home was down to $81,000.  So, being the rocket scientist that I am, I have figured out that things are looking better! ESPECIALLY if you're a Buyer! The number of "problem homes" is down and the prices continue to drop. GREAT TIME TO BE A BUYER!  Could it be...are we finally at the bottom?

Now don't be a naysayer and tell me it's because of the robo-signing fiasco. I have heard rumors that there has been a virtual FREEZE on all foreclosures until the mess is sorted out. This could have a little bit to do with it....but surely there is some real improvement there?! ?! The numbers don't lie!  ...or do they?

We currently have a robust 8 month supply of homes on the market. When we get that down to a manageable 6 months of inventory, I think we'll turn the corner.

Let's hold our breath one more month and see what happens in September. I'll keep you posted.

Thinking about buying?  Call me today.