#Jacksonville stats for #January 2014

It is a new day and a new year here for Real Estate in 2014. I appreciate all of my clients and customers, I have been informed that I ranked in the top 5% of all Real Estate professionals in Northeast Florida in terms of sales and transactions in 2013. Thank you to my customers.

The portrait in #Jacksonville Real Estate is similar to other parts of the country, albeit not as chilly now, but we have a judicial state which means we still have many more houses in foreclosure. Many more yet to hit the market, but for 2013, there were some nice surprises as compared to this time in 2012.

The median sales price in Jacksonville for January 2013 was $110,000. The median sales price for January 2014 in Jacksonville was $120,000. That’s a difference of 9.1%.  The median sales price is the average of all the prices of homes sold for a period of time, in this case, the last 12 months. So prices are rising.

I have highlighted the area of the data that I think is most compelling, Days On Market. The number of days a property sits on the market is down from 2013 to 2014 January to January, for low end houses it is down almost by 1/3. The old adage that time is money is true here. Imagine an investor, if they could shorten their time of ownership by one month, how many more homes they could process and sell?

REO sales are increasing, a sign that we still have a LOT of inventory on the books. With Florida as a judicial state, our foreclosure process takes a LOT longer than other states. In Texas, you can foreclose on a house in 21 days, in Georgia 30, but Florida is a long process.

What this all means? Well, it means that 2014 is acting much like a lion, we shall see when the lamb of real estate returns. Not even the threat of higher interest rates has really slowed down the march of investment. We are seeing investors move back into the market, we are seeing first time #homebuyers, we are seeing more people looking to buy. It is HOT, HOT, HOT out there, so if you see a home, and you LIKE it, but don't LOVE it, get to Loving it quick, homes are not staying on the market in hot areas of town.

#LizBobeck
lizbobeck.com