Here are the numbers of active property listings, those under contract, and sold properties for Single Family Homes in Jacksonville Beach, FL for the month of September 2007:
Active 278 active listings for Single Family Homes (no condos)
Pending 17 pending (there is a contract and inspections/financing have been done)
Sold 5 sold (prices ranged from $165,000 to $1,850,000)
Roughly, this translates to 8% of active listings going to sold during the month of September 2007.
Let's see what the numbers looked like in September 2006 to see what the true impact is.
Active 142 active listings for Single Family Homes (no condos included)
Pending 18 pending (there is a contract and inspections/financing have been done)
Sold 19 sold (prices ranged from $173,000 to $465,000)
These numbers show that approximately 13% of the active listings sold during September 2006. So, we've seen listings going to closing decrease by 5%, and the supply of homes increase by almost 50%.
How can consumers use this information to their advantage? If buying, it's obvious the supply of homes has increased dramatically in 2007 compared to 2006. Shop around, and ask your Realtor to research the houses you are most interested in to know how long they have been on the market. If you are selling, ask your Realtor to provide you with properties that have sold that are the most similar to yours. Your property will need to be priced right and presented right to grab attention in this market.