Is The Jacksonville Fl Real Estate Market Crashing Yet?
This report covers single family homes in Jacksonville Florida for the month of April.
The answer is no. No crashing. In fact, the spring market is still going strong and we still see a seller’s market here on the First Coast. More homes were available and more homes sold in April this year compared to last year. The days on the market dropped as well. The Jacksonville real estate report for March, showed a bigger jump in the median sales price than this month’s, but a little over 5% increase isn’t too small.
Many say we will see a crash due to the NAR settlement, but that isn’t settled until August. So, all talk is speculation and hype.
The current mortgage rates can be found at Mortgage Daily News.
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Median Sales Price: Looking at sold homes it means that half the homes that sold were more than 335,000 and the other half were less than 335,000.
Month’s Inventory: Based on the number of actives and homes that have sold it would take 3.01 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.
