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JAX Homes Selling at Fastest Rate in 10 Years

By Siddharth Mariappan
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According to a recent story in the Jacksonville Business Journal, the “average days on market” – the time between listing and sale — for single family homes in the JAX area is now 74 days, the shortest average in about ten years. The article cites statistics from the Northeast Florida Association of Realtors (NEFAR) showing that both the number of homes for sale and the length of time they stay on the market are at “near-decade lows.”

Low Inventory Affects Time on Market. NEFAR stats show that in June 2016 there were only 9,317 houses being actively marketed, the lowest level in a decade. That is a decrease of about 15% from June 2015, when there were 10,968 homes on the market.

Will Builders Get Busy? The Journal article noted that the last time the number of available homes was so low new construction increased to meet the apparently unmet demand. However, it said, “that doesn’t appear to be happening this time, as fears of the economy slowing down are firmly in builders’ minds.”

The Journal quoted the NEFAR report suggesting that events such as the upcoming election could impact home construction:

“With an interest rate increase still in the cards this year, combined with the American political landscape and global economic events, a cooldown could occur by winter. Presently, however, summery growth prevails as many locales are reaching near-record prices not seen in more than a decade.”

Buyers are actively looking for homes. If you are considering selling, this summer — when rates are still low and Buyer demand still high — could be the right time to make a move. To set up a free, no-obligation consultation, call me at 904-570-1216 or send me an email at jonkbrooks@gmail.com.

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