Great news this month if you’ve been thinking about listing your home for sale in the current Jacksonville real estate market. Florida’s existing home sales rose in January, marking 17 straight months of increased sales activity in a year over year comparison, according to the latest real estate data released by Florida Realtors®.
Additionally, the local Jacksonville real estate market has experienced a steady and significant drop in home inventory, currently there are 16% less homes on the market compared to last year’s numbers. This means that you will have fewer homes in your area competing for the attention of potential buyers. Compare that with a year over year increase of a whopping 66% of homes that are currently Under Contract in St. Johns, Duval & Clay counties.
A few more interesting market facts to note:
- Existing home sales increased 24 percent last month with more than 10,000 homes selling statewide, compared to 8,500 homes sold in January 2009
- January’s statewide sales of existing condos rose 81 percent compared to the previous year’s sales figure
- Record low interest rates are currently available for homebuyers with an average of 5% for a 30 year fixed mortgage
- The $8K tax credit is continuing to act as an added incentive, pushing buyers to act now on purchases they may have otherwise delayed. Buyers must have a home under contract by the April 30th deadline.
These numbers definitely add up to some very compelling reasons why you may want to consider entering the market now - rather than later - to capitalize on the steady stream of buyer interest that is being generated in the current Jacksonville market.
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