The big news for today’s Monday morning Market report in Jacksonville, is PRICE REDUCTIONS! There were 17 price reductions this week in Avondale, Ortega and Riverside Last week there were 13. That’s a lot of reduced pricing. The Stats for this week are:
New Listings: 8
Contingent: 1 (Under Contract but pending inspections)
Price Reductions: 17
Please note that this week I added a new category to the weekly stats (Contingent). This means that there is a fully executed contract on the property but something has yet to be satisfied such as inspections or financing approval. I’m making a separate category because occasionally something goes wrong with inspections or financing and the property reverts back to Active status. So…I don’t want to report a property as Pending until it really is pending!
One more VERY IMPORTANT NOTE! The computer this week shows that there were actually 13 New Listings but I report only 8. Why? As I researched them (for you) I discovered that 5 were actually re-lists of properties that had just expired. I chose not to “count” properties that were re-listed at the same price and within a matter of days of the expired listing as NEW.
If there has been a dramatic price reduction or if it’s been at least a month since the property was listed, I’ll count it. Sound fair? I feel that counting a property as a new listing just because it has a new MLS number is a bit misleading.
One more note…I’ve added the stats from last week to this week’s graph so that we can get a better idea of what’s happening. It really helps to have a point of comparison!
As we observe what’s happening in the market, and lookng for a shift, we hope that the number of new listings is going to drop and the number of pending sales and closed sales will increase. In order to accurately report that when I see it, I think it’s important to count only those listings as new that REALLY ARE NEW! If you disagree, I hope you’ll drop me a line and let me know.
Thanks for reading! Please join me for next week’s synopsis of what’s happening in the Avondale, Ortega and Riverside neighborhoods! Keep up with me and I’ll make sure you get the news as it happens!