August 2015 Market Recap: No Sign of a Summer Slowdown

August 2015 Market Recap: No Sign of a Summer Slowdown

After a hot summer selling season, it would be normal to think that the market would experience a normal cooldown as we slide into the fall months. Nope, not this year.

Lower inventory levels are keeping buyers on their toes, and keeping sellers in control of the market. September will likely still see a slight slowdown in buyer activity, providing buyers still in the game a chance to pounce when that next great house comes on the market.

With the Federal Reserve holding meetings this week to discuss possible interest rate hikes, and the Department of Housing releasing reports indicating a jump of 10 percent in privately owned housing starts compared to this time last year, it looks like the fall real estate market in Jacksonville will prove to be an interesting one.

Here’s a quick recap of what we saw happening in the Jacksonville real estate market this August.

Quick Numbers

Total inventory stood at 9,510 homes on the market at the end of August, a decrease of nearly 16 percent from this time last year. There were a total of 2,271 closed sales, with another 2,649 under contract. New listings across Jacksonville were up 11.5 percent, with 3,110 total coming on the market in August.

Prices continue to steadily increase, with the median sales price up 7 percent to $171,320. Days on market was down 8.5 percent to 75 days, and sellers were further encouraged to throw their hat in the ring as the Months Supply of Inventory continued a downward trend another 27.6 percent from this time last year, finishing at 4.2 months.

Median Prices

Another month further into the year, another month of increasing prices. The median sales price in Jacksonville was up 7 percent in August from this time last year, finishing at $171,320. Prices are up 9 percent year to date, continuing the upward trend we saw in the spring and summer. The price range with the strongest sales was $300,000 to $499,999.

Have your eye on one of the newer neighborhoods popping up around the city? The median price for new construction homes in Jacksonville in August was $266,675, and the average median price for previously owned homes was $150,000.

Percent of Original List Price Received

It’s another sign up a sellers market; the list-to-sale price percentage is up yet again to 93.5 percent. Previously owned homes received 92.7 percent on average, and new construction homes received 98.7 percent of the original list price on average.

The price range with the highest percent of original list price received was $300,000 to $499,000, with a percentage of 95.7 percent. The price range with the lowest percentage of original list price received was for homes listed $1 million and above with 90.2 percent of original list price received.

Average Days on the Market

Take this stat with a big grain of salt; if a home is priced right in one of the city’s hottest neighborhoods it might only be on the market for a week (or less!). Sellers could expect a home to spend an average of 85 days on the market, a 1.2 percent increase from this time last year. The price segment with the lowest average of days on the market was homes priced $149,999 and below (80 days), and the price segment with the longest average of days spent on the market was for homes priced $1 million and above (143 days).

The average number of days a previously owned home stayed on the market in August was 82 days, and the average number of days a new construction property stayed on the market was 99 days.

New Listings and Total Inventory

The Months Supply of Inventory took its biggest hit of the year in August, with a 27.6 percent decrease in the number of homes on the market related to the number of homes closing and going off the market. At the current rates of new listings and sales, the current months supply of inventory is 4.2 months.

A More In-Depth Recap of August 2015

You can read the entire August 2015 market report over on NEFAR.com.

August 2015 Market Recap

 

Have more questions about Jacksonville’s real estate market? I love helping people navigate through the local market, so whether you’re buying or selling in 2015, I can help! For a look into Jacksonville’s communities, check out the GRJ Neighborhood Guides, or you can leave your question in the comment section below or send over a message on the contact page.