Pendings are up around 3% this week from last week. Pendings are up a big 25% from last year at this time.  In addition, the number of homes sold in the past 30 days has increased roughly 11% since last week.

There is still a 13.5 month inventory in the Jacksonville Real Estate market but this number has been trending down over the past couple of months.

Jacksonville Real Estate Short Sale and Foreclosure activity still remains strong.  These are the homes that are driving the current market and bringing down the prices.  Almost 50% of all homes pending in the area are short sales or foreclosures.  This number has been getting stronger every week.  As the prices go lower due to short sale and foreclosure activity, homeowners are finding it harder to meet the lower prices when they need to sell.  This results in overpriced listings from straight resales, while short sales and foreclosures can be priced at fair market value which is dictated by the real estate market.

Roughly 1/3 of all closings in the Jacksonville real estate market in the past 30 days were short sales or foreclosures.  In comparison, only 24% of homes on the market are short sales or foreclosures.

Short sales and foreclosures have a pending to active ratio of 30.5% while the overall market has a pending to active ratio of only 14.74%.  The lower the number, the more weighted towards buyers the market is.  The higher the number the more weighted towards sellers the market is.  A balanced market is somewhere in the middle around 50%.

Short sales and foreclosures are still where the action is.  If you are a straight reseller, you have to compete with them or your home is priced out of the market.  Many Jacksonville homeowners who have to sell for relocation reasons are finding they have to go the short sale or short payoff route even if they are not having financial problems because of the impossibility of selling their homes and getting back what they owe.

Let us know if you need help analyzing your situation.  We specialize in helping homeowners remedy their situations.