12 Aug July 2015 Recap: the Hunger Games, AKA the summer market
If you’re searching for a home this summer, you’ve surely felt the heat of a fast-moving market. Homes seem to barely sit on the market, multiple offers abound and the term “house hunting” is as true as it gets as buyers try to track down the perfect home and place an offer before it goes off the market.
With buyers feeling like Tributes sent out into a volatile market full of twists, dangers and upsets, it’s easy to see that this summer’s market has us feeling like we’re on the set of “Hunger Games.” There’s been fierce bidding wars, homes going off the market the same day they entered and a sense of scarcity as Jacksonville’s inventory of homes for sale continues to drop in the face of rising demand.
What’s a buyer to do in this seller’s market?
Catch up on resources like this, this and this to help you plan out your buying strategy with your agent. May the odds be ever in your favor (and remember I’m here to help when you’re ready to jump into the market!)
Here’s a quick recap of what we saw happening in the Jacksonville real estate market this July.
We finished July 2015 with a total inventory of 9,722 homes on the market, a decrease of more than 15.2 percent from this time last year. There were a total of 2,534 closed sales, with another 2,661 homes in pending by the end of the month. There was an increase in new listings in July, with 3,373 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 July rang in at $224,891, an increase of just 3.8 percent, and the median sales price for homes sold in June came in at $181,000.
Up and up it goes; the median sales price for Jacksonville continued to float upwards in July with an increase of 9.1 percent from this time last year, and an increase of 9.4 percent year-to-date. The current median sales price is $181,000.
Thinking of buying into one of the new neighborhoods popping up around town? The median price for new construction homes in Jacksonville in July was $262,400, and the average median price for previously owned homes was $150,000.
Percent of Original List Price Received
It’s another great stat for home sellers; the percent of original list price received by sellers in July was 93.4 percent. Previously owned homes received 92.6 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
Take this stat with a big grain of salt; if a home is priced right in one of the city’s hottest neighborhoods it might only be on the market for a week (or less!). Sellers could expect a home to spend an average of 85 days on the market, a 2.4 percent increase from this time last year. The price segment with the lowest average of days on the market was homes priced $149,999 and below (81 days), and the price segment with the longest average of days spent on the market was for homes priced $1 million and above (140 days).
The average number of days a previously owned home stayed on the market in July was 83 days, and the average number of days a new construction property stayed on the market was 100 days.
New Listings and Total Inventory
We’re entering another month of low new inventory coming onto the market; not great news for lessening the “Hunger Games” feel we’re experiencing. There were a total of 3,373 new listings hitting the market in July, bringing the total number of homes currently on the market in Northeast Florida to 9,722; a decrease of just over 15 percent from what we saw this time last year..
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 July 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.