The number of real estate sales transactions (all statistics quoted are non-condo) in Jacksonville is up a little as of the end of September although definitely not our highest number of sales in a month this year. Our lowest number of transactions for the Jacksonville area came in January at 541 for the month. Our highest month this year was July at 1,159 transactions for the month. September, as of this morning, posted 1,004 closings. (This number will continue to move up slightly as all agents do not post their sales to the MLS as quickly as required.)
Percentage of sales breakdown between Distressed Properties and Straight Resales
- Over 41% of the sales closed in Jacksonville were distressed properties. This includes both Jacksonville short sales and Jacksonville foreclosures.
- 47% of the sales closed in Jacksonville in September were straight resale. (non- distressed properties also not listed as new construction)
Pending-to-Active Ratios for Jacksonville Real Estate Sales
- Pending-to-active ratio for September was 32.3%
- Pending-to-active ratio for distressed properties was a whopping 72.7% although they only accounted for 25.8% of all homes actively for sale in the MLS.
- Pending-to-active ratio for straight resale properties was only 14.8% although they account for 64.9% of all active home listings.
As of September 30th the inventory level in the Jacksonville market overall was 10.04 months based on the past 12 months of sales. Based on the past 30 days of sales, this number was 8.8 months. Keep in mind the tax credit that is set to expire the end of next month is fueling some sales and might account for the uncharacteristic increase of September sales over August sales and the bump in the related ratios. (Although September exceeded August last year as well, looking back to data beginning with 1993 August sales exceed September.)
Here is the historical chart of Jacksonville real estate sales (blue line) I created from the data dating back to 12/31/02 through 9/30/09. I also added a line for straight resales(green line) and distressed property sales (red line) which include Jacksonville foreclosures and short sales...which just recently entered the scene. You can click on the graph to see the larger version. Straight resales and distressed sales traded top position for the first time in January of this year. Since then the sales in each category have been charting relatively close together. The pursuit of the tax credit has taken the short sale option off of the table, for buyers who hope to qualify, in recent months.
