13 May How’s the Market? April 2015 Recap
As we round into the second quarter of 2015 there’s one word on every real estate professional’s lips: listings.
We need more of ‘em. The number of homes going into pending shot up by 24 percent in April, bringing the overall inventory levels down as the Months Supply of Inventory dropped 25 percent to 4.5 months. Yikes. We need more listings, and we need them quick if we want to meet buyer’s demands this summer.
If you’re a buyer, April showed once again that there’s some major competition out there when you’re on the hunt for your next home. That feeding frenzy is only going to increase as we ease into the summer buying season, so if you’re planning to buy sometime in the next few months, it’s time to lace up those running shoes.
If you’re a seller, you should be happy with rising home prices adding to the value of your home. Simply putting your home on the market is not going to guarantee a sale however; the average number of days a home spent on the market was 91, proving that homes can still sit for a few months if not priced fairly for the current market or those in need of better staging.
We are in a full-blown sellers market, so whether you’re buying or selling – prepare accordingly.
Here’s a quick recap of what we saw happening in the Jacksonville real estate market this April.
We finished April 2015 with a total inventory of 9,664 homes on the market, a decrease of nearly 13 percent from this time last year. There were a total of 2,201 closed sales, with another 2,743 homes in pending by the end of the month. There was a slight bump in new listings in April, with 3,410 homes total hitting the market.
Home prices around the Bold City continue to edge up ever so slightly this year; a definite result of the overall lack of inventory meeting a growing buyer demand. Average home sales for April rang in at $208,583, an increase of nearly 4 percent, and the median sales price for homes sold in April came in at $172,000, an increase of 11 percent.
Can’t keep them down; median sale prices continued their upward trend in April with an increase of just over 11 percent to hold at $172,000.
The average median price for new construction homes in Jacksonville was in April $257,670, and the average median price for previously owned homes was $145,000.
Percent of Original List Price Received
It’s a big number when considering offer negotiations: the average percent of original list price received stayed at 93 percent in April. Previously owned homes received 92 percent on average, and new construction homes received 98.5 percent of the original list price on average.
Average Days on the Market
The average number of days a home spent on the market in April was 91. The price segment with the lowest average of days on the market was homes priced $149,999 and below, and the price segment with the longest average of days spent on the market was for homes priced $1 million and above.
The average number of days a previously owned home stayed on the market was 83 days, and the average number of days a new construction property stayed on the market was 99 days.
New Listings and Total Inventory
Inventory is the story of the moment. There were a total of 3,410 new listings hitting the market in April, bringing the total number of homes currently on the market in Northeast Florida to 9,664.
The Months Supply of Inventory took its biggest hit in over a year, with a 25 percent decrease in the number of homes on the market related to the number of homes closing and going off the market.
A More In-Depth Recap of April 2015
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.