Northeast Florida Jacksonville FL Duval County Real Estate Market Overview Dec 2012
CHECKMATE THE NUETRAL MARKET VS THE SELLERS MARKET
Duval County specific statistics (the above use the 5 county area) are indicating in the 4th Quarter Statistical Review that as a whole we are a neutral market yet teetering on the edge of a sellers market. Many areas already reflect a sellers market as the months of inventory is very low. Part of that lack of inventory is due to seasonal adjustments (sellers taking homes off the market for the holidays or delaying listing as not wanting to show over the holidays) and many owners in distressed properties were waiting it out to see if the Mortgage Debt Relief act provision got extended (which they did until end of 2013). It will be interesting to see the January 2013 statistics to see if these measures will increase the listing inventory.
12 Month Average: Duval county recognized a 2% increase in the average sales price leaving us at $152,577. The counties that recognized the most growth in all categories were St. Johns and Nassau. Duval county recognized an increase in Single Family Homes Lis Pendens (notices of foreclosure) of 25% in December 2012 to 820 from last years 653 (December 2011 vs December 2012). Again, this is another indicator of the uncertainty in the distressed market based on the late approval for the renewal of the Mortgage Debt Relief Act. Many lenders have changed their strategy for
foreclosure. Bank of America, for example, is no longer automatically delaying the foreclosure process based on an owner having their house on the market for sale seeking a short sale. Bank of America only stops the process once an offer has been fully accepted on the property and approved through their short sale process. It’s more important than ever now to involve your lender from the beginning when seeking a short sale, work with a professional REALTOR® experienced in short sales and be informed of your particular lenders programs including relocation assistance and cooperative or “pre-approved” short sales these programs vary based on the type of loan you have and the loans servicer and investor.
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