Jacksonville Real Estate Agent

Jacksonville Florida Market Watch October 2007

 
Are you looking to buy in the Jacksonville real estate market? Do you own a home in Jacksonville and want to know if this a good time to put your house on the market?  I’d like to share some market stats to help you with your decision.

  Here’s what Jacksonville Real Estate in October 2007 looked like: 

Current # of listings available in Oct 2007- 7,663

Average # of sales per month (homes that went under contract not sold)- 629

Ave days on market (under contract homes, not sold)- 129.11

Remaining # months inventory - 12.18

Selling price % of list price (original list price) (these were homes that sold and closed in October 2007)- 91.08%

Let’s go back a year!  

Here’s what Jacksonville Real Estate in October 2006 looked like:

Current # of listings available in Oct 2007- 6,500

Average # of sales per month (homes that went under contract not sold)- 811

Ave days on market (under contract homes, not sold)- 88.82

Remaining # months inventory - 8.01

Selling price % of list price (original list price) (these were homes that sold and closed in October 2006)- 90.58%  

These figures are based on residential homes (single family, town homes & attached). They exclude condos, commercial property and vacant land. It also does not include Jacksonville beach, Atlantic Beach or Neptune Beach.

  What do these numbers mean for me? 

 As a home owner, you may be thinking this isn’t the time to sell, which may be true. It depends on your situation. Let’s face the facts, with all the competition out there, the condition of your home needs to be great! It needs to stand out, in a positive way, to get the buyer’s attention. It also needs to be priced well. In this market, an overpriced home is not going to get any showings, much less offers. Now lets go back to your situation…let’s say you bought your home 10 years ago and you have a lot of equity. You have room to price your home competitively. You’re in great shape because even though you may lose on the selling side, you’re going to make up the difference when you buy your next home. Some of you may find yourself in the situation of only being in your home for a couple of years and you may not have enough equity to price your home competitively. You might want to consider renting your home for a year or you just might want to wait for the market to turn around.  If you would like to find out what your Jacksonville Florida home is worth, find out here! 

  As a buyer, this is great news! There are more homes to choose from, the interest rates are great and the prices are coming down. Sellers are offering more and more incentives than ever before. So, my question is, what are you waiting for? Are you waiting for the prices to drop more? It’s possible. Are you waiting for the interest rate to drop again? Might and they might not.  Think about what your missing! You’re missing the memories of being in your new home. You’re missing the looks on your kids faces as they race around trying to decide which bedroom they want to call theirs. You’re missing seeing your dog run around in the backyard, wondering where he can hide his bone first. Your missing holiday dinners in your new kitchen and the sounds of Christmas songs playing in your family room. What I’m trying to say is,  a house is an investment and yes you want your investment to make money (which in the long run real estate has proved to be a safe investment), but don’t forget a house becomes your home, a soft place to fall. A place where you make memories, so don’t wait too long,waiting for prices to drop more, to start your new memories! Start making your memories, search for properties.