How’s the Market? March 2015 Recap

How’s the Market? March 2015 Recap

If you’re a seller on the fence about listing your home over the summer, you’re going to like the numbers we have for you this month.

Inventory levels continue to fall across Northeast Florida, with overall inventory levels down almost 13 percent from this time last year and the number of pending homes sales up almost 30 percent; buyers are on the hunt for homes in a big way, but the inventory is dwindling fast. For sellers, this means conditions are ripe for selling quickly and easily thanks to sparse competition, and for buyers it means you may have to be patient and start your home search several weeks out in order to be ready when that perfect home hits the market.

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

 

Quick Numbers

We finished March 2015 with a total inventory of 9,487 homes on the market, a decrease of 12.8 percent There were a total of 2,241 closed sales, with another 2,752 in pending at the end of the month. There was a slight uptick of 5.9 percent in new listings in March, with 3,296 homes total hitting the market.

Prices around the First Coast are up 5.4 percent from March of last year, with the average sales price finishing at $200,144. Days on market also went up slightly from this time last year, with 92 days holding as the average.

Median Prices

We saw average median sale prices continue to rise slightly at the end of the month. The average median sales price for Jacksonville was at $160,000 in March, an increase of just 0.8 percent from March 2014.

The average median price for new construction homes in Jacksonville was $258,251 in March,, and the average median for previously owned homes was $245,000.

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 92.9 percent in March, a 0.5 percent decrease 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 92 days as of March. Don’t let that number fool you though; 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 and Total Inventory

The number of new listings came in at 3,296 for March, a nearly 6 percent increase but still not quite what the market is demanding to see based on the current absorption rate (months supply of homes for sale based on current demand) at 4.5 months, a 23.7 percent decrease. Total inventory levels stood at 9,487 at the end of March.

A Quick Recap of March 2015

You can read the entire March 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.