Is the Jacksonville, Florida Housing Market Improving in 2012?

Is The Housing Market Improving
In 2012? 

This is the question I hear more often than any other: "Is the Housing Market Improving in 2012?" As would be expected everyone has a different opinion. That's because nobody has a crystal ball so no one can know what the future holds for certain.

What we can know is how the market has been trending over the past 12 months. What we need to look for are positive signs pointing toward a recovery in the housing market. So, are there positive signs? Is the housing market improving in 2012?

As of January, 2012, the National Association of Realtos reported the housing inventory of for sale homes has fallen to its lowest level since March of 2005. And, in the Jacksonville market that trend has continued throughout the first quarter.

Nationwide, the absorption rate is down to a six-month supply. Jacksonville is just a little above that average although continuing to trend in a positive direction. The absorption rate chart shows how long the current inventory of properties would last at the current rate of sales.

Meanwhile, total home sales rose 13%, nationally, in the last six months according to another industry report. Jacksonville has been pretty stable over the past 12 months. National trends and other local indicators are encouraging signs to me that Jacksonville will see an upturn in this statistic over the next 6 months as well.

My answer to the question, "Is the housing market improving in 2012" is a confident "YES, the housing market is improving in 2012."

With continued low mortgage rates, buyers are better positioned to get the best deals right now. Those who gamble and wait in hopes that prices will decrease are likely to be kicking themselves in a few months. Even if prices did drop (or remain stable, which is more likely) when mortgage rates increase it is going to cost buyers more. 

Buy low; sell high...... buy now.