Real Estate in Northeast Florida and Around the World

If your business is involved with real estate in Northeast Florida, you have no doubt seen increased activity over the last several months.  Those of us working in real estate related fields know that the demand has been picking up, and haven't had to wait on the data to support it.  The phones are ringing more, there are more inquiries on our websites and if you have stores or offices, you are seeing more traffic.  If you aren't involved in real estate - then I think the information following will be very interesting and informative to you.

Well, the data is out for June 2009, and once again, interest in buying real estate is in positive territory.  Pending sales - meaning there are accepted offers awaiting closing - were up 42.2% from June 2008.  That's a WOW.  The good news for buyers - the average and median sales prices have dropped.  While this is not good news for sellers, who are needing to net more out of their sale, it is good that buyers are coming off the fence. 

The median sales price dropped to $161,000, which is also an indication of what is selling - those more moderately priced homes attractive to first-time home buyers.  That's not to say that the move up homes are not selling - in fact, the softening of the prices have made these homes very attractive as well.  But with more than 50% of the buyers being first time home buyers, the weight of the math will go toward the price range where they are buying.

More good news - the Housing Affordability Index is at 155.  This means the median income is 155% of what is needed to purchase a home - so there is a lot of buying power and opportunity out there!

If you are interested in what is happening in your neighborhood, take a look through this very informative report.  It is located under Market Data, on the menu to the right of the page.  And if you don't see what you are looking for, just contact me through the "Contact Missi" button at the top and send me your question.

See you around the neighborhood!