10 Jun How’s the Market? May 2015 Recap
There’s a sense of hunger out there in the market lately; have you felt it? Buyers fight over the falling number of listings, sellers hunt for somewhere new to move to, and renters continue to push demand for newer, better developments.
Is there any relief in sight?
Even with the buyer vs. buyer market happening across the First Coast this summer, the market is looking pretty steady when it comes to average home prices, average number of days on the market and other market indicators.
One bright spot is that the weaker-than-expected economy is pushing the Federal Reserve to delay raising short-term interest rates like they had suggested doing earlier in the year. It now looks like any interest rate increases would happen at the earliest in September, giving homebuyers a longer time to leverage their buying power.
Here’s a quick recap of what we saw happening in the Jacksonville real estate market this May.
We finished May 2015 with a total inventory of 9,714 homes on the market, a decrease of more than 14 percent from this time last year. There were a total of 2,255 closed sales, with another 2,739 homes in pending by the end of the month. There was a slight bump in new listings in May, with 3,344 homes total hitting the market.
Amid the growing buyer demand and shrinking inventory, home prices continue to climb with a 10 percent increase in the median sales price. The average sale price for May rang in at $214,890, an increase of just over 6 percent, and the median sales price for homes sold in May came in at $175,000.
Up and up they go; home prices continued their steady upward trend in May with an increase of 10.4 percent in the median sales price from this time last year.
The median price for new construction homes in Jacksonville was in May $257,500, and the average median price for previously owned homes was $146,500.
Percent of Original List Price Received
Sellers will like this number; the average percent of original list price received came in at 94.2 percent for May. 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
Homes are exiting off the market faster than in April. The average number of days a home spent on the market in May was 86. 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 84 days, and the average number of days a new construction property stayed on the market was 100 days.
New Listings and Total Inventory
Inventory is the story of the moment. There were a total of 3,344 new listings hitting the market in May, bringing the total number of homes currently on the market in Northeast Florida to 9,714.
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 May 2015
You can read the entire May 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.