Property owners across Florida are finally starting to breathe easier as the housing market is keeping to a positive track in the sunshine state. Median home prices, pending property sales and closed sales all increased in the month of July, while the number of homes and condominiums on the market in July dropped.
Jacksonville foreclosures remain high, but Florida foreclosures throughout the entire state have started to decline, something that is especially evident in South Florida. However, this isn’t something that Jacksonville residents need to be particularly worried about as the larger housing market appears to be on the mend and consumer and seller confidence are also on the rise.
The number of pending sales on existing single-family homes in July of 2012 increased 42 percent in comparison to the number of pending sales a year prior in July of 2011. Pending sales for condominium homes in Florida also increased, though more modestly at an increase of 26 percent from the previous summer.
Sales are ruled to be pending when a seller / purchaser agreement has begun, but the property has not yet gone to closing. Sales are generally completed between 30 and 90 days after an original agreement or sales contract is written. The number of closed sales during the month of July increased nearly 10 percent from July of 2011, while the median price of homes across the state increased by over seven percent over the past year.
All of these increases are a good indication of a recovering and healthy home market for property sales in Jacksonville. Whether you are looking to purchase a new home for your family or are contemplating finding an investment property with rental property management in Jacksonville, these upward trends would indicate that prices are on the rise and so waiting much longer could lead to an increase in how much you will have to pay for your property.
These upward trends are indicative of a move into a neutral buyer / seller market, whereas the past several years have been a solid buyers market. This means that current property prices are advantageous to both buyers and sellers, something that might encourage more sellers to put properties that they have been holding onto for some time on the market.
A lot of people have put their goals to buy or sell a property on hold over the past couple of years, but these trends indicate that it might be time to put your goals into action and begin researching potential property sales in the area. Buying a home is a stressful process but you are not alone. Contact your property sales and management specialist for more information about buying, selling or renting a home in Jacksonville.