The Jacksonville real estate market seems to be a bit sleepy leading into Thanksgiving. This is a normal occurrence for this time of year. Our overall numbers are holding relatively steady.
Right now we have 13.78 months of inventory in Jacksonville single family homes (non-condo) based on the past twelve months. Based on the number of sales over the past month our inventory level is around 19 months.
The interesting trend that is developing is in the area of short sales and foreclosures. Currently, less than 23% of non-condo inventory in the Jacksonville area are foreclosures and short sales. However, over 47% of Jacksonville homes under contract are short sales and foreclosures! Why? Because foreclosures and short sales are have a greater likelihood than straight re-sales to be priced correctly. The percentage of pending sales that are foreclosures has been increasing rapidly, although the total number of listings that are foreclosures and short sales are creeping up slowly.
Our pendings are up over last year this time, along with our pending to active ratio. The number of buyers in the Jacksonville real estate market seems to be holding steady, the biggest change in the market we've had in the past year is that prices have become more reasonable. This is largely due to short sales and foreclosures.
Savvy buyers are buying…but they are buying the most aggressively priced homes. The homes that are not priced well are getting overlooked and remain unsold.
