Duval County and Clay County Florida Real Estate Topics

July 5th, 2016 4:07 PM
 The first half of 2016 is now behind us, so I wanted to take a quick look at trends over the last six months.  Buyer demand on Fleming Island was strong, but the shortage of listings remains.    

About 180 non-distressed, closed MLS sales on Fleming Island were reviewed and a scatter chart showing the data is available by clicking the link.  
six months-nd-no nav-det.pdf
The median sale price of the sample was just over $260,000, median living area 2,308 SF, median price per square foot $116.41, median age 16 years, and median days on market 46.

The median sale price was up nearly 8% during the first half of 2016, compared to the same period in 2015.  This is good news since sale price in 2015 was flat.    

The number of closed sales during the first six months of 2016 was down about 7.1% compared to the same period in 2015.  The number of homes for sale is also lower than the same period in 2015 and the current inventory represents 4.1 months of supply according to InfoSparks market data provided by MLS.  

Overall, there is a shortage of listings, but we are reaching an over supply of listings over $350,000.  Sale prices increased over the last six months and is above the same period in 2015.  

Interests rates remain low, so the market could continue to improve in the second half of the year, but there are economic and political headwinds that could impact the market.  
  


 

January 26th, 2016 11:34 AM
A recent post illustrated how sale prices were mostly flat in Fleming Island in 2015. A study using non-distressed MLS sales in Orange Park revealed a similar pattern.  Nearly 1,300 closed sales in Orange Park are shown on the scatter chart below and the median sale price for the sample was $170,000 and median living area was 1,868 square feet (SF). The median age of the sample was 15 years and the median days on market (DOM) was 48.   

Nearly 50% (46.5%) of the sales were in the Oakleaf Plantation area (MLS 139), where the median sale price was $214,600, median size 2,206 SF, median age two years, median DOM 67.   This market segment was mostly driven by new construction as Oakleaf Plantation continues to develop.  


The median sale price for the rest of Orange Park (excluding MLS 139) was $147,500, median size 1,716 SF, median age 32 years, and DOM 41.  Overall, the trend line for this market segment was only slightly improved in 2015.

The number of sales was strong in 2015 and demand seems to remain high.  Interest rates remain low, but the Federal Reserve (FED's) is indicating plans for 3-4 rate hikes in 2016. Economic conditions could  slow the FED'S 2016 plans, resulting in continued low mortgage rates.  


Posted by Scott A. Austin on January 26th, 2016 11:34 AMLeave a Comment

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