That was Fast! Property Sales in Jacksonville are Moving Quicker

By September 13, 2012Traditions Property Blog

Here today, gone tomorrow. That is a property sales theme that home owners in Jacksonville crave. Unfortunately, over the past several years the amount of time homes have stayed on the market for extended periods of time. When the housing market was at its prime in 2004 and 2005, the average house sold in only four weeks. This was a great incentive for those who have homes for sale, and for those looking to buy it was crucial to act on a property quickly, as it might be gone the next day.

Since 2005, the time a home spent on the market before being sold rose annually at a rate of 10.3 percent. Houses in some areas remained on the market for as long as 10 weeks before being sold, while a lot of people removed their homes from the market after extended periods without finding a buyer. These figures are not incorporative of Jacksonville foreclosures, but instead are only considering the data on formal figures.

One of the key factors that influence property sales in Jacksonville, as well as the rest of the nation, is the supply of houses on the market pending sale. At the end of the summer in 2011 there was a 9.3 month supply of homes on the market. This is to say that if no-one else put their home on the market in July of 2011, houses would have still been available for sale for another 9.3 months. At the end of the summer in 2012, just one year later, that estimated time of availability decreased to 6.4 months.

This decreased inventory has encouraged home sales to occur at a faster pace. There are a few reasons that might be attributed to this upward trend, such as buyers having fewer choices since the housing market isn’t as diluted with homes. Also, since there are fewer homes available, potential buyers are quicker to make an offer on a home, since there is a greater likelihood of competing interest on a property, buy it and hire a moving company right away.

It is estimated that a healthy housing market has a sell-time period of about six weeks. In July, the median time a home stayed on the market was only 69 days—just over the six-week period that indicates a healthy market. As the middle figure in home sales, there were homes that spent both more and less time on the market in July, as well. For instance, one-in-five homes sold in July were on the market for more than six months. However, two-thirds of the homes sold in July were on the market less than one month. You’ll need to contact moving help wilmington nc to be able to have a good process.

These upward trends are encouraging for both home buyers and sellers. For more information about the time it takes to sell a home in Jacksonville, contact your real estate agent.