18 Feb How’s the Market? January 2015 Recap
Those -6 degree temperatures happening up north? Just another reason we love living in Jacksonville. Looking back at what happened in the local real estate market in January, things look to be warming up not cooling down when it comes to new listings, pending sales and steady price increases.
We finished January 2015 with a total inventory of 9.455 homes on the market There were a total of 1,396 closed sales, with another 2,093 in pending at the end of the month. We are also seeing a slight uptick in new listings coming on to the market, with 3,008 new listings overall in the first month of the year.
Prices continue to gain traction across the First Coast, with an average increase of 11.5 percent in median sales price from this same time last year. Days on market is also up to 93 days on average (not really a great stat for sellers, but an indication that buyers may be waiting for more inventory to hit the market in the spring months).
We saw average median sale prices rise a nice bit in the first month of the year. The average median sales price for Jacksonville was at $145,500 in January, an increase of 11.5 percent from January 2014.
The average median price for new construction homes in Jacksonville was $252,206 in January, and the average for previously owned homes was $140,000.
Percent of Original List Price Received
The average percent of their original list price homes in Jacksonville received rang in at 92.2 percent in January, just a 0.8 percent increase from the same time last year. This stat looks to be holding steady, which means sellers should account for it accordingly when setting their first listing price.
The price range with the highest percent of original list price received was the $300,000 to $499,999 range with 95.6 percent. The price range with the lowest was $1,000,000 and above with an average of 88.9 percent of original list price received.
Average Days on the Market
Not the greatest news for sellers, but the average number of days a home spent on the market was 93 days as of January. We’re still seeing much, much lower averages in the hotter areas around the First Coast, so be wary to think that your home will be sitting for months waiting for the right buyers. Talk with your agent to get more information on how fast things are moving in your neighborhood.
New listings are on the rise
The number of new listings ticked up in January thanks to a more confident market outlook, with the overall number of listings currently on the market at 3,008, a nearly 7 percent increase from this time last year.