I'm sure most of us are sick of hearing the drum beat of gloom and doom coming from the mainstream media and are anxious to point to some good news for a change. Well I am happy to report that, at least in Jacksonville, FL, the real estate market is showing signs of improvement. The graph below from the North East Florida MLS shows that the inventory of available homes has declined for three consecutive months with just over 16 months of inventory as of 31 March 2008. Although 16 months of inventory still represents a strong buyers market if this trend continues we should achieve a balanced market of 4 to 5 months of inventory by years end. For more detailed market stats visit my market update page on http://www.lucienvaillancourt.com.
I have also noticed an increase in showing activity on our company listings. I think the news of possible rate hikes on fixed rate mortgages and a belief that the market may have bottomed out is bringing buyers back into the market. Although it is still a great time to be a home buyer in Jacksonville the window of opportunity to get the best deal on a home is begining to close. I would advise anyone waiting for the best time to buy to act now. If anyone else has some good news I'm sure we would all love to hear it.