Jacksonville Housing Market Update - January 2021

Dated: January 12 2021

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December was a crazy month!!! There were substantial changes in most of the each category that we will be discussing……..So ITS GET TO IT!!! For the month of December, there were 2450 for new listings, New listings which was a 7.8% decrease from November!

 

SOLD listings: 3041 a 13.4% increase from November, which we sold 2680 and A 21% increase from last year.

 

Average time on market dropped tremendously from November to December, going from 57 days down to 48 days.

 

The average sales price in Jacksonville rose yet again, to $335,000 in December from $329,000 in November. That's nearly 80% increase from December of 2019.

 

The inventory dropped yet again to about 1.7 months of inventory, down from 2.2 now. What does that mean? A balanced market has about 5 to 6 months or for supply. So right now we need more properties and the properties are moving very fast, which is a major reason why there's an increase in average price.

 

As far as mortgages go, we closed out the year at record lows. As of today, the average APR on a 30-year fixed mortgage is around 2.869%.

 

So, everybody wants to know one thing, I threw a whole bunch of numbers at you, what does that mean for you?

 

If you're a seller:

 

You're still in the driver's seat! But don't get greedy, don't try to time the market. What I mean by that is, don't think that the market is going to continue to rise and you're going to sell at its peak. No one can time the market perfectly. So, the profits you may receive today for selling your house will be lost to you tomorrow.

 

If you are a buyer:

 

CAPITALIZE, CAPITALIZE, CAPITALIZE while rates are low! Let me explain, If rates were to rise at least 1% and you're looking to buy a $250,000 home, that 1% equals a $137 a month increase. Capitalize while rates are low.

 

If you are an investor:

 

Prepare for the second quarter, I've been saying this! Now, if you see a great deal, jump on it, right. But prepare for the homes that will be coming onto the market once the eviction memorandum is lifted. If you are in the market to buy, if you are in the market to sell…I’d would love to talk to you.

 

You can always click the link for my calendar to schedule A time so I could better understand your needs, your goals and find out what you're looking for.

 

And again, Happy New Year to each and every one of you, I wish you great success and prosperity in this year, have a great one.

 

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