Market Stats are out for April
We think this is an amazing time to be a Buy and Hold Real Estate Investor. Although home ownership is increasingly difficult because money is still very tight, the rental market is stellar! Join us at our May 21 Meeting and get a FREE Special Report on the investing strategy of Buy and Hold.
Here’s the overview of NEFAR’s Market Stats for the Jacksonville area:
As we turn the page to the second quarter of 2015, a proliferation of new listings is expected in most markets across the U.S. Spring is traditionally the commonplace time of the year that we see some of the most desirable gems polished for eager buyers. Though some Google searches and Twitter posts will blatantly offer pessimism about the state of the housing market, on-the-street evidence does not support bad tidings.
New Listings in the Northeast Florida region increased 6.3 percent to 3,410. Pending Sales were up 24.0 percent to 2,743. Inventory levels fell 12.9 percent to 9,664 units. Prices continued to gain traction. The Median Sales Price increased 11.2 percent to $172,000. Days on Market was up 2.2 percent to 91 days. Sellers were encouraged as Months Supply of Inventory was down 25.0 percent to 4.5 months.
The national homeownership percentage is the lowest since 1993, when Jurassic Park was the highest-grossing movie. Rental prices continue to astonish with accelerated price growth, which may cause some to think twice before locking in a 12-month lease. Lending practices and mortgage rates will also have a decided effect on the number of buyers who will become homeowners this year. With the release of Jurassic World this month, we are reminded of cyclical conversations in both real estate and moviemaking.
The full report can be found here.