Jacksonville Real Estate Market Showing Signs Of Improvement!

By
Real Estate Agent with Native Sun Realty, Inc.

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.

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Rainer
40,388
Mike Kelly
Sellstate Advantage Realty - Cape Coral, FL
Inventory  down here in Cape Coral has dropped and the buyers have reappeared! What a welcomed sign after 2 years! Let's get to work!
May 06, 2008 10:10 AM #1
Rainmaker
777,768
Michael A. Caruso
Surterre Properties - Laguna Niguel, CA

Hi Lucien,

I'm glad to hear things are looking up in Jacksonville. Hopefully this is the start of a better trend across the nation. Have a great day! Michael A. Caruso

May 06, 2008 10:13 AM #2
Rainer
24,844
Earlene Myers
Fleming Island, FL
Your Client Connection

Hi Lucien,

I live in Clay County and have seen sold signs appearing in my Eagle Harbor and Fleming Island neighborhood with a little more frequency... YEA!

May 06, 2008 10:30 AM #3
Rainer
47,026
Lucien Vaillancourt
Native Sun Realty, Inc. - Jacksonville, FL
Jacksonville Florida Real Estate

Well another month has passed and market conditions continue to improve in Jacksonville, FL.  According to the North East Florida Multiple Listing Service (MLS) 2,818 residential properties came on the market as new listings in May.  During the same period, 1,020 properties were sold and 1,847 property listings expired without a sale.  Compare these figures to 2,940 new listings, 910 sold listings and 2,791 expired in April and you can see that each area has improved and contributed to reducing inventory to 14.3 months which is down nearly 7 months from a high of just over 21 months in January.  New construction starts are down too.  In the first quarter, 797 permits were issued, the lowest number of first-quarter permits in more than five years.  The dwindling supply of new construction and resale homes is just what is needed to help put an end to falling prices and restore buyer confidence.

On the down side, rates on 30-year mortgages jumped to the highest level in nearly eight months with industry experts expecting the trend to continue.  Obviously the time to buy is now.

Jun 18, 2008 08:50 AM #4
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Lucien Vaillancourt

Jacksonville Florida Real Estate
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