Written By: Clockwork Marketing Services, Inc.
Berkshire Hathaway HomeServices Florida Network Realty Helps Buyers and Sellers Achieve Real Estate Goals
The real estate market in Northeast Florida is sizzling and shows no signs of slowing down.
Earlier this year, Jacksonville earned the No. 1 spot on Trulia’s list of the top 10 real estate markets poised for growth in 2017. Home values, prices and sales have shown some of the strongest numbers since before the economic downturn a few years ago.
Take a look at the latest data from the Northeast Florida Association of Realtors. In the January 2017 monthly report, the Median Sales Price increased more than 6 percent. While prices continued to gain traction, the continued decline in the number of homes available for sale, with inventory levels falling by more than 18 percent, remains one of the biggest challenges in today’s market.
“Home prices continue to post steady gains and are nearly back to pre-recession levels in most of our markets,” said Berkshire Hathaway HomeServices Florida Network Realty Founder, President and CEO Linda Sherrer. “The pace of growth remains strong and, for home pricing, represents an above-average level of appreciation. The shortage of available properties should continue to drive prices higher. There is a significant demand for moderately priced homes that appeal to both first-time buyers and Baby Boomers wishing to downsize.”
Limited inventory is evident in Berkshire Hathaway HomeServices Florida Network Realty’s 2016 Market Statistics. The real estate firm, with nine branch offices throughout Northeast Florida, offers a wide range of home choices and settings in every price range.
The company’s statistics are remarkable in the homes priced at $250,000 and under category. The inventory of homes available for sale is down 26 percent with the months’ supply of inventory down to 2.9 months. The time it took to sell a home was only 73 days with a list-to-sell price ratio at nearly 95 percent.
Statistics in higher price points are similarly dramatic. The months’ supply of inventory of homes for sale in the $250,000 to $500,000 price range is 4.5 months with only 85 days on the market to complete the sale. In the luxury home category, homes prices $500,000 and up, the months’ supply is less than 10 months with 114 days on the market or homes selling in less than four months.
Additionally, what the statistics don’t reveal are the number of permits for significant home renovations or rebuilding, particularly at the $500,000 and up price level. This trend is evident throughout Northeast Florida, but particularly noticeable in Northeast Florida’s high growth beaches areas ranging from Atlantic Beach south to St. Augustine Beach.
“With the scarcity of land and available homes, we are seeing more and more people purchasing a home for the land it sits on, tearing it down and building a new, often larger home,” said Broker/Executive Vice President Christy Budnick. “It is astonishing to see the amount of rebuilding going on in our communities.”
With limited inventory, Budnick says the current real estate market is clearly a sellers’ market. With an abundance of buyers and homes selling more quickly than inventory can be replaced in many neighborhoods, it is important for buyers to understand the specific market trends in their areas of interest. Selecting a Realtor who is knowledgeable about the area and can clearly interpret the market data will help the buyer negotiate a competitive offer more likely to be accepted by the seller.
Considering the rising prices and tight inventory challenges in the current market, should homebuyers put off their purchase? Absolutely not!
The industry leaders at Berkshire Hathaway HomeServices Florida Network Realty are undaunted by market challenges. The company has provided premier real estate services in Northeast Florida since 1988 with a team of more than 370 real estate professionals in nine branch offices located throughout the region. The company offers its associates, who are respected for their excellence, integrity and real estate market experience, access to advanced technology, marketing support and training.
More information is available at www.FloridaNetworkRealty.com.
4529 Lawnview St., Jacksonville, Fla. 32205
Live near Four Corners Park in Murray Hill! This charming home is equipped with a new roof and includes an enclosed sun porch and detached garage! The home also features an updated kitchen with breakfast nook, and its open living and dining space creates a nice entertaining area. Hardwood floors, fireplace and built-ins add more historic charm and features for those who want to keep a piece of this home’s history! Enjoy numerous nearby local favorite restaurants. Priced at $199,000. Contact Realtor Lisa Nguyen at (904) 755-1911.
323 Charlotte St., St. Augustine, Fla. 32084
A rare opportunity to own a little bit of history. This 1900’s cottage is located in the prestigious section of historic St. Augustine. “True love at first sight.” The house comes turn-key. Vacation rental with one-week limitation. 323 Charlotte will be a “delight” to all those seeking a cottage in St. Augustine historic area, 323 Charlotte was built in the early 1900s and lovingly cared for over 110 years. It has been kept as it should be; windows, floors, doors including many updates in recent years. The location is serenely quiet yet, a short distance to center of town and one block to Maria Lake Sanchez. Priced at $468,000. Contact Realtor Shelley Trela at (904) 669-8107.
1761 Ocean Grove Drive, Atlantic Beach, Fla. 32233
Just two blocks from the ocean and a few short blocks to the Atlantic Beach Country Club, this is truly a rare opportunity to live the Atlantic Beach lifestyle for under $1 million. Meticulously maintained beach home with a great layout for entertaining and family living. Two bedrooms and a full bath on the first floor, two bedrooms and a full bath, kitchen, laundry, living and dining room on the second floor, and the master suite and office on the third floor. Three outdoor spaces make this a true beach house with second and third floor balconies to enjoy the ocean breezes and a relaxing pool with spa in the private backyard. Priced at $985,000. Contact Realtor Lee Elmore at (904) 699-4503.