15 Jul How’s the Market? June 2015 Market Recap
The first half of 2015 is done and behind us, and there’s plenty to review as the real estate market chugs ahead to the second half of the year. Jacksonville’s median home prices continued on an upward trend with a 9.3 percent increase from this time last year, a sunny stat thanks to interest rates remaining low through the summer selling season.
As we hit the halfway mark through the year, we’re still seeing the same main storyline we’ve been seeing for the past several months: more homes are going under contract (up 31.8 percent in June from this time last year) and inventory levels are down (15.7 percent lower than this time last year). The squeeze is real my friends.
What does this mean for the local real estate market? It’s time for a serious check up. The looming hike in interest rates will surely shake up the market, even if it’s a minimal aftershock. Prices will have to even out and adjust. Sellers who are holding out for even higher prices will have to consider how long they’re willing to wait, and if the trade off of a higher sale price will be worth the also higher interest rates (and homes prices when they go to buy).
Here’s a quick recap of what we saw happening in the Jacksonville real estate market this June.
We finished June 2015 with a total inventory of 9,667 homes on the market, a decrease of more than 15.7 percent from this time last year. There were a total of 2,587 closed sales, with another 2,779 homes in pending by the end of the month. There was a solid increase in new listings in June, with 3,455 homes total hitting the market.
Home prices continued to rise among the shrinking home inventory, with the median sales price rising just over 9 percent from this time last year. The average sale price for June rang in at $224,387, an increase of just over 6 percent, and the median sales price for homes sold in June came in at $183,590.
Going on up, the median sales price for Jacksonville continued to float upwards in June with an increase of 9.3 percent from this time last year, and an increase of 8.3 percent year-to-date. The current median sales price is $183,590.
The median price for new construction homes in Jacksonville was in June was $259,590, and the average median price for previously owned homes was $149,000.
Percent of Original List Price Received
It’s the number sellers will have their eye on; the percent of original list price received by sellers in June was 93.3 percent. Previously owned homes received 92.4 percent on average, and new construction homes received 98.6 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. The price range with the lowest percentage of original list price received was for homes listed $1 million and above with 90.1 percent of original list price received.
Average Days on the Market
The average amount of time a home spends on the market remains steady, with a slight nudge up from this time last year to an average of 86 days on the market. 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 in June was 83 days, and the average number of days a new construction property stayed on the market was 101 days.
New Listings and Total Inventory
It’s no secret that agents and buyers alike would like to see more listings on the market. The inventory of homes available for sale continues to shrink; when will the tides turn? There were a total of 3,455 new listings hitting the market in June, bringing the total number of homes currently on the market in Northeast Florida to 9,667; a decrease of nearly 16 percent from what we saw last June.
The Months Supply of Inventory took another big hit this past month, with a 26.7 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 4.4 months.
A More In-Depth Recap of June 2015
You can read the entire June 2015 market report over on NEFAR.com.
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.