August Sales Rebound
In a recent article in the Florida Times Union, the Northeast Florida Association of Realtors (NEFAR) reports a strengthening real estate market in our region with improvements in year-over-year sales, pending sales, median price, and inventories.
Review of data over a longer term suggests that the Jacksonville real estate market hit bottom earlier this year and is beginning to recover. Closed sales are up about 1.5% from this time last year and pending sales (sales that have not yet closed) shot up 24.4% from this same time last year.
Median sales price, which has been decreasing in recent years, increased 2.2% since August 2010. And, the average sales price has also increased by 6.6% in the same period. Inventories of available homes have started to decline, another positive indicator of an improving market.
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