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 November 2007:
- Active 297 active listings for Single Family Homes (no condos)
- Pending 6 pending (there is a contract and inspections/financing have been done)
- Sold 6 sold (prices ranged from $367,000 to $1,187,000)
The good news is that new listings are decreasing. While we still have 25 more listings in 2007 than we did in 2006, this is 12 fewer active listings than we saw in October.
This may not seem like a huge number, but it represents a sizable drop, meaning the sellers on the market are more motivated, and the people who really do not have to sell have decided to wait to put their homes on the market.
Let's see what the numbers looked like in November 2006 to see what the true impact is.
- Active 272 active listings for Single Family Homes (no condos included)
- Pending 7 pending (there is a contract and inspections/financing have been done)
- Sold 9 sold (prices ranged from $259,000 to $495,000)
We did have more homes sold in November 2006; however, this is traditionally a slower time for home purchases and sales. Most people prefer to be in a new home prior to the holidays, so the showing activity and buyer pool will be slow through the New Year. Truly motivated buyers are out there, be patient!
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. Ask your Realtor for comparable neighborhood properties to see first hand what those houses sold for so you can prepare a solid offer. A low ball offer does not always make the most sense: a recent house I sold ended up closing for $20K less than the seller paid for it in 2006, and he paid for my buyer's closing costs, so that was a win-win situation, and the buyer is thrilled to be in her first home!
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.