Berkshire Hathaway HomeServices Florida Network Realty Offers Trusted Expertise
There is always a great interest in the real estate industry and its trends. Whether an individual is buying, selling or just interested in real estate’s economic indicators, there is good news about where the market is now and where it may be heading in the near future.
“The economy and the housing industry in Northeast Florida are strong, with low interest rates and positive news about job prospects and the local economy,” said Berkshire Hathaway HomeServices Florida Network Realty President and CEO Christy Budnick. “There are great opportunities available in our market for both buyers and sellers.”
Interest rates are low and even though unemployment has slightly edged up, Northeast Florida’s unemployment numbers are still below the national rate. Low inventory of homes for sale has led to higher prices, contributing to a seller’s market in most price points.
According to the Northeast Florida Association of Realtors market report for June 2019, new listings decreased 11 percent to 3,467, compared to June 2018. Pending sales were up more than 10.8 percent to 2,966 compared to June 2018 and inventory levels fell 4.7 percent to 9,226 units.
Low inventory remains a challenge, though it has brought higher prices with a median sales price increase of 2.6 percent to $241,000. Homes sold on an average in 63 days, compared to 58 days in 2018. The drop in inventory levels contributed to a 10.3 percent decline in the supply of inventory, which is down to 3.5 months.
Even with an increase in new home construction throughout Northeast Florida, inventory challenges remain in most price points. Many Baby Boomers who are in or approaching retirement are planning on aging-in-place in their homes versus downsizing. For those who are selling their homes, old housing stock is adding to the inventory challenges. The average resale home is 43 years old, and 60 percent of resale inventory is 20 years old.
The majority of today’s home buyers are Millennials and they have specific expectations about what they want in their new homes. Many are seeking a lower price point ($350,000 and below) home with features, innovation and technology. Millennials care about quality and aren’t interested in homes with outdated floor plans, old appliances, low ceilings and limited closet space. For sellers, it’s vital to update and price the home accordingly before listing.
“There are unique challenges to navigate in today’s real estate market, which is why it is more important than ever to work with a trusted real estate professional,” Budnick said. “Consumers today have access to more information than ever before, yet it may be difficult for a buyer or seller to stay on top of changing conditions in real estate’s hyper-local markets. Our dedicated and knowledgeable Realtors can provide expert consultation and guidance to achieve your goals.”
Berkshire Hathaway HomeServices Florida Network Realty helps buyers and sellers take advantage of the best opportunities in the market. The Northeast Florida real estate firm has the area’s best listings offering a wide variety of home styles and price ranges.