April proved to deliver showers and many, many flowers this year as the Northeast Florida real estate market maintained great momentum. As reported by the Northeast Florida Association of Realtors (NEFAR), the month of April delivered improvements in pending sales, closed sales, and prices.
Sales & Closings: In the year between April 2012 and April 2013, the market saw a 49% increase in pending sales (contracts written). At 2,432 pending sales, we are on the verge of reaching the 2,500 pending sales summit reached in mid 2005.
The market saw a 26% boost in April’s closings (1,840) above last April, as well as a 23% increase in year-to-date closings above the same period last year. Lender-mediated closings accounted for 38% of all closings – a 42% reduction from last April. For Davidson, April saw short sales fall to 25% of our closings and foreclosures drop to 2%. Perhaps the best news of all, 32% of Davidson’s closings were new construction.
Days on the Market: The average number of days a Northeast Florida property was on the market from listing to sale was 98 days in April 2013, a 15% reduction from 115 days in April 2012.
Sale Prices: Median sale prices rose 13% over last April to $152,000, and year-to-date prices increased 14%. At $199,124, the average sale price is 11% higher than last April, and 9% higher year-to-date.
Inventory: Inventory is on the decrease as well. At 7,869 homes for sale, the stats show a 32% reduction from last April. A contributing factor to the inventory decline is the decrease in lender-mediated inventory, which is down 56% from April 2012. We saw inventory of non-distressed homes fall 15% − a very good sign.
New Listing Volume: Homeowners are seeing these shifts in quicker sales and higher prices, and many are reacting by deciding to put their homes on the market. In fact, the volume of new listings has risen 18% over last April. To that, we’ve seen that lender-mediated new listings are down 3% and traditional listings are up 31%.
For any potential investors, a notable focus right now is on condos. There are some great buys out there, although it can be challenging to secure financing for most condos on the First Coast. So, the price reflects the limited pool of cash-in-hand buyers.
This spring has been incredibly busy and we at Davidson look forward to seeing what summer has in store! Contact Davidson to see what we have to offer at http://www.davidsonrealtyinc.com/ or (904) 940-5000.