As economic indicator, housing sales strong in Jacksonville

Posted on February 10, 2014 By Editor Neighborhood News

Closed sales highest since 2006

Riverside/Avondale/Ortega was one of five areas that experienced the greatest upticks in median sales price (by percentage) from 2012 to 2013, according to the 2013 Annual Report from the Northeast Florida Association of Realtors. Those neighborhoods enjoyed a collective 17.5 percent increase in the median price for homes sold last year, which was slightly higher than the 15.3 percent area-wide increase.

Other annual report highlights included a continuing drop in inventory of properties for sale, decreasing 7.9 percent from 9,515 year end 2012 to 8,767 year end 2013. Good news for sellers.

Also, closed sales in 2013 reached 21,883, a healthy 21.7 percent increase over the 17,974 sales in 2012, and the median sales price for the year came in at $153,400; 15.3 percent more than the 2012 median of $133,000.

Homes changed hands quickly during 2013, averaging just 88 days on market until sale; a 20.7 percent reduction from 111 days in 2012. The sales cycle was slightly better for condos and townhomes, taking nine days less than the 89-day average for single family detached homes to sell.

Northeast Florida’s housing market is markedly stronger than a year ago, according to 2014 NEFAR President Linda McMorrow, who said, “The $153,400 median home price for 2013 marked a five-year high and 21,883 closed sales was the largest number of sales since 2006. Low inventory has spurred rising prices, which in turn equates to more homeowners seeing the equity in their homes increase.”