Living in Jacksonville, Florida, is something to be truly thankful for! As I walked along our beautiful beaches in South Jacksonville Beach this morning I had to reflect on the positive changes I see taking place in our real estate market.
Inventory is lower than I have seen it in such a long time. Movement in the upper price ranges is steadily picking up and prices seems to have stablized - even apparently rising in some places. I see the price trend increasing in Ponte Vedra, along the oceanfront, and in Marsh Landing on a recent house hunting expedition for a family relocating to Jacksonville. They were disappointed at the limited number of properties that were in their price range since their last visit.
Is the lack of inventory seasonal perhaps? Perhaps....but I havent seen much of the traditional seasonal impact on our market in the last three or four years. I dont think it is seasonal. I think the upper price ranges are recovering. Those in financial dire straits have probably resolved so very few of those more expensive homes appear to be short sales or foreclosures. This is not a researched statistic - just the result of showing homes in the last couple of weeks. I am thankful to notice the changes.
Our Hud owned listing inventory and REO's is also extremely active. The sales are HOT HOT HOT. Two sides of the same coin and signs of consumer confidence returning and banks lending. Investors are buying rental property and even talk of rehabing and selling again. I truly believe the real estate market is stabilizing.
Short sales appear to be moving more quickly. Offers occur earlier and the banks are responding more quickly.
and more most importantly, more realistically!
Just wanted to share only a small portion of all I am thankful for. I wish you a moment to count your blessings today and hopefully, among them, a feeling of confidence in our economic future!
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