With all the negative publicity that’s been heaped upon the Real Estate Market locally and nationally I am happy to report that there are signs of improvement. Home prices, just like any other product or commodity, are impacted by supply and demand. When supply is low and demand is high home prices will increase as they did between 2002 to 2006. Conversely when supply is high and demand is low prices fall as they did from 2006 to present. In July of 2007 Jacksonville had nearly 13 months of inventory available for sale. This year the available inventory in July was just over 9 months.
Comparing home sales data from July 2010 to July 2011 shows that the supply of available homes has decreased 22 percent and the number of homes under contract has increased 13 percent. These figures show a sharp decrease in supply and a clear increase in demand. While 2 percent fewer homes were sold this year the sold volume or total cost of homes sold increased by 2 percent and the average sale price has increased 4 percent.
Another factor influencing home sales is the record low interest rates which has a huge impact on home affordability. Consumers are discovering that they can own a home for less than it costs to rent and are taking advantage of the current low prices while they last.
I would recommend anyone considering a home purchase to make their move now before prices go back up.
Lucien Vaillancourt, Broker Owner, Native Sun Realty (904) 994-0493
info@NativeSunRealty.com
Visit Jacksonville Florida Real Estate to search Jacksonville Homes For Sale
Hi Lucien, Nice video doing an excellent job of showing and explaining the market statistics! I just might have to do something like this myself.
Thank you Cindy. Showing people some good news for a change will help change the public perception of the market. I truly believe the positive numbers indicate that the bottom has been reached and a modest recovery is beginning to materialize.
Lucien - show don't tell is always a good practice by reporting the facts and letting them make their own call you outshine all the others who put their own spin on the real facts.
Thanks Kathy, when the news is good there is no need to spin it.
Lucian - congratulations on being selected as one of the finalists good luck with your entry
Thank you Kathy. Most unexpected.
Lucian,
Congrats on the being one of the finalists!! Great post!
Lucien, congratulations on being in the top 5 in the contest! Love your video :) We are so happy to see the inventory reducing finally in our market!
Sharon
Love seeing the statistics - especially when they're good news! You're right - now is the time to become a homeowner rather than a tenant.
Dorie - Thank you. It was quite a surprise and an honor.
Frank & Sharon - Thank you as well. IMHO inventory reduction is key to restoring home values. Hopefully this trend will continue.
Marte - A recent study did show that, at least in terms of monthly payments, owning is more affordable than renting. Once people realize that they should be looking at home ownership as financially prudent.
Lucien, two things, congratulations on being in the top five of this contest, and secondly your video was really informative and you did a great job of explaining so that the average person, not in real estate, could understand what has happened in your marketplace this lst year. Many reasons for buying a home now if one is ready to jump into the market.
Lucien, nice to see things improving there in Jacksonville. First positive post on the market that I've seen out of Florida!
Mary - I do try to make sure that people are well informed. I have found that a confused mind always says no.
Connie - Yes, Florida was among the hardest hit by this correction which makes good news even more welcome. People now have a reason to believe things are on the upswing.