What's up guys? This is Dr. Adrian A. Gentry, AKA Dr. Real Estate Jax with a housing update for the month of October to help buyers, sellers, and investors understand what's going on in the market
JACKSONVILLE REAL ESTATE MARKET UPDATE FOR OCTOBER 2020
Dated: November 19 2020
What's up guys? This is Dr. Adrian A. Gentry, AKA Dr. Real Estate Jax with a housing update for the month of October to help buyers, sellers, and investors understand what's going on in the market to make better-informed decisions. Now, let's jump right into it.
In October, there were 3,445 new listings up 4.29% from last year, which only had 3,303. Number of closings? Jacksonville has been pumping out houses, guys. We sold 3091, down from last months 3,215 but nearly up 30% from last year in which we only sold 2,375!
And they're selling a lot faster! The average time on market has decreased by 8.7% from September to October going from about 62 days on the market down to about 56.6, a decrease of about 14% from last year.
Now, the average sales price is Crazy! The market in Jacksonville is booming…I'll say that once again. The market in Jacksonville is booming! The average sales price was 328,830, which is a 2.8% increase from September and also up nearly 20% from last year with a sales price averaging 274,173. Now, that's a great thing as we continue to trend upwards as we close out 2020.
Inventory is currently very low. We have about two months’ supply of houses for sale, down 44% from last year. This is definitely a seller’s market and with the mortgage rates falling yet again to another all-time low ending on the week of November 5th, rates are down to 2.78%. This is the time to buy! If you were thinking about buying, you need to begin by talking with a lender to apply for a mortgage because rates are as low as they've been all year long.
Now looking forward to November and December, historically in all markets it tends to slow down a bit during the holiday season but will begin to pick back up in January. The rental market, while most rental values are actually down in many Metro areas, Jacksonville rental rates have grown by nearly 4%.
I know I’ve thrown out a bunch of numbers at you and a whole lot of percentages. So, what does this mean?
If you are a seller, houses are selling! Once again, if you're a seller, houses are selling fast and at higher values. If you were thinking about selling, you want to get a CMA performed on your property as fast as possible to see how much your house is worth.
If you are a buyer, you're going to have to be very aggressive and decisive with what you want. You cannot wait! We’re looking at houses going off the market within hours of being listed. Before you being looking make sure you go out and get pre-approved and have your wish list prepared. In this market, you could walk into a property, go home, and the property will be already locked up under contract. So be ready to make an offer!
If you are an investor, rental rates have risen! If you’re looking to buy and hold, start looking into multifamily properties, as one or two bedrooms are averaging about $1,248 a month. Yes, in the Jacksonville area, one- or two-bedroom apartments are literally averaging $1,248 and we're talking about 948 square feet. So multi-families are hot right now! As the year closes and we move into next year, there should be more off-market properties coming on the market, just do the effects of COVID and being able to actually have foreclosures and evictions. It's a horrible thing, but investors, please look at off-market properties as much as possible and multifamily.
In closing, if you are a buyer and you're looking to buy, let me help you out. We have a lender partner that can help you get qualified. If you have troubled credit, I won't say bad credit, we also do a rent to home program, not rent to own, but rent to home program! Where our lender sits down with you, looks at your credit, and tailors a program to help you get into a home typically within six months to a year.
If you're a seller, reach out to me. I perform free CMAs to let you know what your property's worth, and we can talk about what you could possibly walk away with. If selling is not something that you're looking to do, at least get informed about what your property is worth.
If you're an investor, we work with a lot of off-market properties and would love to be able to help you. If you’re a new investor, we would love to help you strategize and create an investment program for you.
You can find my information below, email or give me a call and we can have a sit-down, I would love to help you.
Signing off, Dr. Adrian A. Gentry of Sieva Realty with your October monthly update.
Have a fantastic day!
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