Hello, Hope your week is going great!
As of this week all of Florida schools are back in session in one way or another but the real estate rally before school started finished with a bang.
August 2020 numbers from our Northeast Florida area are in and WOW! Median sales price up 8% YOY and we are under 2.5 months worth of inventory - INCONCEIVABLE!
The pinch of inventory is across the board but the higher price range really jumped out at me. 356 homes sold for over 500K in August of 2020 vs 275 in 2019 that's a big jump! Also, there were 25% less homes for sale priced over 500K this past August vs 2019.
Back in April I was not what your would consider an optimist about the real estate market but after this summer selling season I feel like the market has legs. (I probably just jinxed it but we'll see)
You can keep up with the NE Florida real estate market here
Mortgage News:
Nationally mortgage demand is 28% higher than it was this time last year. It's putting stress on the lenders systems and mortgages are taking longer to close than even a month ago. Make sure to keep this in mind prior to signing an offer with a quick close time frame.
Foreclosures :
Seriously same as last week! 3- Tres, Three! Only three new foreclosures came on the market it past 7 days. Again, Florida is a judicial state and there is a moratorium on foreclosures throughout the state, so not sure when we will see an uptick but probably early 2021. here are all of the current bank owned properties
Have a great rest of your week, please give me a call if you ever need anything.
Thanks & Be Safe
Wes Broxson
Realtor® | Broker Associate
EXP Realty
904-716-3387
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