How’s the Market? February 2015 Recap

How’s the Market? February 2015 Recap

Yikes. Inventory is still much lower than we’d like here in Northeast Florida, with certain price ranges really feeling a pinch while others are still seeing growth.

February was another lesson in accepting balance when it comes to the real estate market. Sure, agents and their clients would still like to see more homes coming on the market to help meet demand from buyers, but it’s also been a good run for sellers as we see more multiple offer situations and rising sale prices.

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

Quick Numbers

We finished February 2015 with a total inventory of 9,542 homes on the market, a decrease of 11.5 percent There were a total of 1,584 closed sales, with another 2,341 in pending at the end of the month. There weren’t quite as many new listings hitting the market, with 2,926 total for the second month of the year.

Prices around the First Coast are up 13.4 percent from February of last year, with the average sales price finishing at $158,000. Days on market held at the same number from this time last year – 90 days on the market on average.

Median Prices

We saw average median sale prices continue to rise in the second month of the year. The average median sales price for Jacksonville was at $158,000 in February, an increase of 13.4 percent from February 2014.

The average median price for new construction homes in Jacksonville was $258,164 in February, and the average for previously owned homes was $141,000.

Percent of Original List Price Received

Homeowners are still seeing around the same list-to-sale price on their homes, with an average percent of original list price received of 92.7 percent in February, just a 1.9 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 89.7 percent of original list price received.

Average Days on the Market

Things are holding steady when it comes to time spent on market, with the average number of days a home spent on the market at 90 days as of February. 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 2,926, a 6 percent increase from this time last year.

A Quick Recap of February 2015

February 2014 Market Recap

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

 

Have more questions about Jacksonville’s real estate market? I love helping locals navigate through the local market, so whether you’re buying or selling in 2015, I can help! Leave your question in the comment section below, or send over a quick message on the contact page.