Friday, May 25, 2007

More depressing real estate news in Jacksonville

...A day after the U.S. Commerce Department reported a surge in the sale of new homes across the country, FAR reported that sales of existing single-family homes in the first quarter of 2007 fell 26 percent in Florida, while the median price dropped 3 percent to $237,000.

In Jacksonville, sales dropped 14 percent from the first quarter of last year and the median price edged up 1 percent to $199,500.

Sales were down by at least 9 percent in 19 of the 20 markets tracked by FAR. Jacksonville was one of only six markets that saw an increase in the median price, with none more substantial than the 4 percent increase in Tallahassee.

In the condominium market, things were even worse. The median price of an existing condo in Jacksonville dipped 7 percent to $152,300, and sales were down 23 percent from the first quarter a year ago. Sales were down 30 percent statewide and the median price was up less than 1 percent to $210,800...

This info was provided by FAR (FL Association of Realtors) and the Jacksonville Business Journal.

I think the numbers speak for themselves. There are pockets of town that have faired much, much worse...some not hit quite as hard. Overall though, the air continues to seeeeep out of the bubble. In fact, there's not much air left in that ol bubble. To be continued...

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