Jacksonville Fl Real Estate Market Report June 2017
Welcome to another real estate market report for Jacksonville Florida! This report I’m going to show some comparisons to the market back in June 2005, which was a crazy market that was followed with a nasty burst of the bubble. It is normal to have ups and downs in real estate, that’s just the nature of the beast, but I like to watch and learn from the past to see where the current market is going. So here’s an overview of June 2005:
Median Sales Price: $186,000
Months inventory: 2,555 available homes, 1,213 homes sold, which gave 2.11 months of inventory
Average days on the market: 45
Original List price to sales price: 97.5
It is hard to imagine only having 2,555 available homes back in June 2005, when right now in our current market, it is so hard to find houses due to low inventory levels, and that’s with having over 800 more homes to choose from now, than in 2005. More homes are selling now and for a little more, based on the median sales price, but the list price to sales price in June 2017 shows about a 2% difference than in June 2005. Oh and another cool stat, in June 2006, the inventory level was right around 5,484 available homes, with 1,150 sold homes, giving us 4.77 worth of months inventory. That was a big change in just a year. I won’t tell you what June 2007 looked like, that was scary stuff. Ok, I’m gonna tell you anyway!!! 🙂 Over 8,100 homes available in Jacksonville in June 2007, with only 890 homes sold, giving us 9.1 months of inventory. Whoa! My stomach just knotted up writing that out.
You might be wondering if that applies to your home, but each neighborhood is different, so if you’re thinking of selling and want to know more click: What’s my Jacksonville Florida Home Worth? If you’re a buyer and want to see what homes are available in Jacksonville, click the following link: Want to Search for Homes in Jacksonville Florida?
Median Sales Price: Looking at sold homes it means that half the homes that sold were more than 189,100 and the other half were less than 189,100.
Month’s Inventory: Based on the number of actives and homes that have sold it would take 3.30 months to sell the active homes, if no other homes came on the market. How to determine what type of market we are experiencing:
Buyers’ Market: More than 7 months of Inventory
Balanced Market: From 5-7 months of Inventory
Sellers’ Market: Less than 5 months of inventory
Average Days on the Market: This is the average based on the time the house came on the market until is went under contract.
Original List Price to Sales Price: This is the percentage of what the home sold for compared to what it was originally listed for. Not what it was listed for at the time it went under contract.