Lisa's Blog
Insight to Real Estate News in Jacksonville & Ponte Vedra Beach, Florida
May 2010 Real Estate Housing Statistics for the Jacksonville & Northeast Florida area
Good news in the local Jacksonville real estate market. Here’s a great article from the Northeast Florida Association of Realtors that I want to share with you:
May 2010 saw buyers continuing to take advantage of the great affordability of area home prices. Closed and pending sales were up substantially over a year ago, and pricing was still soft with foreclosures prominent.
Many homebuyers continued to take advantage of the great affordability of area home prices. There were 1,432 closed sales; a 12.2 percent increase over May 2009. Pending sales followed the same track, with the 1,543 pendings representing a 14.2 increase from a year ago. Median and average prices remain relatively soft. Median prices dropped 15.7 percent while the average price dropped 8.5 percent from a year ago.
NEFAR President Carol Hill says, “Although May was the first full month after the expiration of the federal home buyer’s tax credit, it will take a few months to determine any sort of post tax credit trends from broader market trends; particularly as closed sales should remain strong throughout the end of June, as buyers wrap up before the June 30 closing date deadline.”
Lender-mediated sales continue to make their mark. Out of the 1,432 closed sales in May, 608 were lender-mediated.
Market absorption and days-on-market are both heading in the right direction. Days on market in May was 100, down almost 11 percent from last May. There was 10.4 months supply of inventory, down a healthy 32.5 percent over last year. A market is considered balanced when there is a five- to six month supply of inventory.
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