2013 First Quarter NE Florida Real Estate Market Overview
It’s a Seller’s Market
Low inventory levels continue to strengthen the sellers market, if you’re a buyer don’t let it surprise you when you’re faced with fierce competition and told to render your highest and best offer.
In Duval County the $40,000-$50,000 had the highest number of sales while the $400,000-$500,000 showed the most growth in number of sales. Also, the $200,000-$250,000 accounted for the most number of homes for sale and the $250,000-$300,000 reflected the highest growth in 1st Quarter 2013. 64% of the properties sold were “distressed” sales (foreclosure or short sale). There has been a slight downtrend in the number of Lis Pendens (notices of foreclosures) served in Duval County. Loan modifications are on the rise and many lenders are adjusting parameters to keep owners in their homes either by refinancing under programs like HARP 2.0 or loosening loan modification parameters to include homeowners that are current on their payments.
In St. Johns County the highest number of sold transactions were in the $200,000 to $250,000 range and the most growth within the $30,000-$40,000 range (likely vacant lots to build). The highest number of active listings are within the $300,000 to $400,000 range and builders are having a hard time keeping inventory and are relishing in the great increases in new construction starts as buyers are finding themselves willing to wait out a build to get exactly what they want. The number of distressed sales in St. Johns continues to drop also and now accounts for 22% of the total quarterly transactions down from 30% in first quarter 2012.
The move up market has returned. There is great opportunity to get a larger or newer home and take advantage of the low interest rates. Renting your current home is a great option as rents are on the rise and our rental listings are renting in less than 2 weeks. Contact your Atlantic Shores Realty of Jacksonville agent today for real advise. Full Service, Full Time, Performance Guaranteed!!