Jacksonville Florida Real Estate Market Report for October 2015
As we approach the fall/winter holidays we start to see a slow down, so know when we see showings and buyers out, these buyers are serious about purchasing a home.
We saw an increase of 8.5% in the median sales price in Jacksonville for the month of October 2015, compared to October 2014. That doesn’t mean that you can jump up and down with excitement, thinking your value of your home increased by 8.5%. Every neighborhood is different, so an in-depth analysis needs to be done to determine what your home would sell for in today’s market. If you’re thinking of selling and want to know what your Jacksonville home is worth, click the previous link.
I explain in more detail below under the stats, what the first column of stats mean. In the month’s inventory you see the numbers 4102/916. 4,102 is how many active homes there were in Jacksonville for October. 916 is the number of home sold in Jacksonville in the same month. In the 2014 column 4659/1010 is the same information, but for October 2014.
Median Sales Price: Looking at sold homes it means that half the homes that sold were more than 155k and the other half were less than 155k.
Month’s Inventory: Based on the number of actives and homes that have sold it would take 4.48 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.
