U.S. Existing Home Sales Dip in August

30 09 2014

U.S. existing home sales retreated 1.8 percent to a 5.05 million annual pace in August.

Pending home sales dropped in August for the same reason closings did— investors retreated from the housing market

The National Association of Realtors’ Pending Home Sales Index, which is based on contract signings, fell 1 percent last month to 104.7. That number still represents an above-average level of contract activity.

But traditional home buyers who rely on mortgages will have to carry the housing market going forward — investors who pay cash aren’t buying as many homes as they were.

“Fewer distressed homes at bargain prices and the acknowledgement we’re entering a rising interest rate environment likely caused hesitation among investors last month,” said NAR Chief Economist Lawrence Yun.

The question is whether first-time buyers will become bigger players in the housing market. They’ve represented less than one-third of home purchasers over the past two years.

Yun thinks their share will go up gradually.

“The employment outlook for young adults is brightening and their incomes finally appear to be rising,” he said. “Jobs and income gains will help repay student debt and better position first-time buyers, setting the stage for improved sales growth in upcoming years.”

Yun projects existing home sales will total 4.94 million this year, down 3 percent from 2013.

The South remains the hottest market, with a Pending Home Sales Index of 117. The Northeast is the coolest, with an index of 86.5.

Source: Nightly Business Report and Bloomberg

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Twenty Mile at Nocatee

24 09 2014

Inspired by history, Twenty Mile will be Nocatee’s newest and most distinctive community featuring large oak trees, split-rail fencing and a rustic, old-Florida style. Set on the largest lots in the community — all with views of the nature preserve or the lake — homes in Twenty Mile will be up to 6,000 square feet with prices starting at $400,000.

The name of the community refers to its location, the halfway point in the 40 miles between St. Augustine and Fort Caroline. Spanish Admiral Pedro Menendez de Aviles first blazed a path in the area in 1565, as he and his men marched 40 miles from St. Augustine to claim Fort Caroline from the French. In the 1700s, a military outpost known as Twenty Mile House was established, serving as a “half way” station for soldiers and travelers.

The price point is a change when compared to the last several announcements. Although Nocatee has offered homes priced from $200,000 to more than $1 million in the past, many recent Nocatee additions have been lower: Willow Cove, a Nocatee community announced in 2012, started at $170,000 for a 2,100 square-foot townhome and more recently, Addison Park prices for 1,600- to 2,900-square-foot single-family homes started in the low $200,000s.

Part of PARC Group CEO Rick Ray’s approach to Nocatee, he said, has always been to monitor demand is and then fill the areas slated to become neighborhoods with where the demand is in real time.

Ray said Twenty Mile will be one of Nocatee’s most distinctive communities, featuring large oak trees, split-rail fencing and a rustic, old-Florida style.

The two new neighborhoods are the latest in a series of additions to Nocatee, including new neighborhoods — Greenleaf Lakes, Siena and Cypress Trails — and a kayak launch site.

Source: Jacksonville Business Journal





Jacksonville Home Sales and Prices Decline, But Pending Sales at Nine-Year High

15 09 2014

Fewer homes were sold in Northeast Florida in August than in the month before. And they sold for less money, too. Median sales prices dropped in August 2014, both from July and from August 2013, according to the Northeast Florida Association of Realtors.

There were only a few pieces of good news in the report. Even though sales were down, there more pending sales (contracts signed, but not closed) than any month since mid-2005.

The number of lender-mediated homes (foreclosures, short sales or lender-owned) continues to drop. At one point a few years ago, close to 60 percent of all listings were lender-mediated. That dropped to 34.9 percent in August 2013 to 23.5 percent last month.

The key numbers:

■ Median sales price – $158,500, down from $165,250 in July and $169,900 in August 2013.

■ Average sales price – $199,930, down from $216,305 in July, up from $198,360 in August 2013.

■ Pending sales – 2,305, up from 2,266 in July and 1,901 in August 2013.

■ Closed sales – 1,996, down from 2,196 in July and 2,045 in August 2013.

■ Average days on the market until sale – 82, down from 83 in July, up from 79 in August 2013.

■ Number of houses for sale – 9,758, down from 10,448 in July and 10,576 in August 2013.

Here’s the number of homes sold and media price sold in area of Northeast Florida. The first two figures are for August, the second two are for August 2013:

Area Sold Median price


 

NE St. Johns County – 19, $433,693; 12, $283,500

Neptune Beach – 9, $348,000; 10, $367,700

Ponte Vedra/Vilano/Palm Valley/Nocatee – 104, $340,051; 115, $328,750

Jacksonville Beach – 42, $295,000; 56, $275,500

NW St. Johns County – 205, $260,000; 222, $256,500

St. Augustine east of U.S. – 11, $239,500; 10, $154,500

Fleming Island – 58, $238,000; 56, $230,000

Atlantic Beach – 41, $211,000; 27, $310,000

Riverside/Ortega/Avondale – 25, $207,500; 51, $192,500

Ponte Vedra Beach North – 8, $184,500; 19, $230,000

Nassau County – 60, $183,510; 52, $177,000

Southside/Mandarin – 198, $182,500; 233, $180,000

SE St. Johns County – 77, $175,000; 65, $216,000

Jacksonville North – 90, $169,750; 92, !59,990

Middleburg – 60, $149,950; 42, $134,700

Green Cove Springs – 12, $149,500; 15, $116,500

Orange Park – 132, $142,000; 128, $136,900

Southside – 278, $136,775; 263, $168,000

Baker County – 24, $121,000; 16, $143,500

Marietta/Whitehouse/Baldwin/Dinsmore – 28, $119,750; 19, $78,000

Arlington/Fort Caroline – 149, $113,000; 160, $131,400

West Jacksonville- 94, $111,500; 119, $100,000

SW St. Johns County – 8, $102,000; 7, $192,481

Keystone Heights – 11, $87,000; 14, $79,500

Hyde Grove/Murray Hill/ Lakeshore/Wesconnett – 81, $60,000; 78, $47,500

West Putnam County – 18, $51,750; 13, $45,000

South Putnam County – 15, $44,000; 14, $41,250

NE Putnam County – 28, $39,950; 34, $68,100

Springfield/Downtown/Paxon /Trout River – 73, $21,000; 69, $23,150

 

Source: Florida Times Union and Northeast Florida Association of Realtors.





Jacksonville Housing Market Report – August 2014

12 09 2014

The Northeast Florida Association of Realtors published the 2014 August real estate report with in-depth summary of  Jacksonville housing real estate market including 29 submarket areas.

In retrospect, pent-up demand continues to push Jacksonville home prices up. Low housing inventory, sustained job growth, lower mortgage rates and a slow rise in the number of homes for sale in Northeast Florida helped boost the home sales and median prices in the second quarter.

New Listings in the Northeast Florida region decreased 6.9 percent to 2,759. Pending Sales were up 21.3 percent to 2,305. Inventory levels fell 7.7 percent to 9,758 units. The Median Sales Price decreased 6.7 percent to $158,500. Days on Market was up 5.1 percent to 83 days. Sellers were encouraged as Months Supply of Inventory was down 16.9 percent to 4.9 months. This indicates the seller’s market.

See full report here.

2014 August Jacksonville Housing Market Report

2014 August Jacksonville Housing Market Report





Watch MATT ABOUT JAX: Watson Realty Family of Services

3 09 2014

Watch Matt Pittman from The Florida Times-Union interviewed Donna Overman at Watson Realty Corp. and Greg Harris at Watson Title Services.

To learn more about Watson Realty and their Family of Services, visit www.bringyouhome.com.








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