More good news for the Jacksonville real estate market this week! For the third week in a row the pending to active ratio for the Jacksonville area has gone up! There are 48 more homes under contract this week than last. There are still less than 10,000 active listings in the area down from a high of 10,317 the last Friday in October. The ratio is currently at 18.67% for the Jacksonville area which is up over 3% from just three weeks ago. While the current market is still favorable for buyers, it looks like sellers may be starting to get back in the game.
Northwest St. Johns County has been one of the slowest locations in the area for quite a while. This is due to oversupply created by rampant building in the area. This area has seen an almost 4% increase in the pending to active ratio. This area is now at 14.54% up from a low of 10.62% just three weeks ago. There is still an eight month inventory level in this area but it's at it's lowest level since mid-November.
Southside has also seen a significant increase in the past three weeks. This area has enjoyed a hearty 5.68% jump in pending to active ratio in this period of time. Southside did not get hit as hard as many other areas in the past few months and it seems that it is recovering faster than most.
In the past few weeks the listings priced under $250,000 seem to be moving faster while the higher priced homes are still a bit sluggish. I am very optimistic that things are going to keep getting better and better! If this trend continues the market should hit a healthy balance by sometime this spring. This should be further fueled by the fact that the federal reserve failed to raise the interest rate again. Let's hope this trend continues!
Have a wonderful weekend!
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