Jacksonville Florida Market Trends | Months of Inventory
Looking at the months of inventory of homes for salein Jacksonville Florida, you can see that all across the board, the number of homes for sale are down from February 2011 to February 2012.
Months of inventory in all price ranges is down from 10.3 months to 6.7 months.
Months of inventory of single family homes is down to 6.9 months from 10.5 months and Condo-Townhouses are down from 9.0 months to 5.3 months.
So what do all these numbers say?
They say that a Real Estate Recovery is on its way. After years of increasingly high inventory, the number of homes for sale has decreased and Jacksonville is approaching a balanced market. Between 6 and 7 months is considered a balanced market.
What is fueling the reduction of inventory?
Interest rates are historically low and home affordability is back to the 1970s or even 1960s depending on whom you read. Since last year, Buyers have been scooping up the deals of the century and future millionaires are being made every day. There is an indication that the market bottomed in prices last year and are bouncing around the bottom.
So what does this mean for you, the potential buyer?
It means that you have maybe the best opportunity in your life to buy a house in Jacksonville Florida. You know interest rates aren't going to stay this low forever, and with so many buyers jumping into the market, prices will eventually increase (and already have in some markets) and the selection won't be as good.
With the months of inventory approaching a balanced market, the next step is a Seller's market. Don't pass by this market if you are qualified and considering buying a home.