Jacksonville Beaches Real Estate

Wow! What a difference a few months make! The short and sweet version of what's going on in the Jacksonvile Market is this: Our inventory is DOWN to a 6 and a half month supply. A "normal" or stable market is considered to be a 5-6 month supply.  We're almost back to normal! Break out the champagne! Have you been house hunting lately? Good luck! The inventory is VERY low.  It's hard to find very many houses to look at. Guess what this (historically) means?  Yep. Supply vs Demand = Higher home prices .  Keep that in mind if you're still sitting on the fence. Need more proof?  How about these factoids?  New listings crept up a little in February, but not nearly enough to keep up with the number of sold properties.. I'm thinking that means that we're exactly where we were this time last year. Know what that means? Yep. The bottom is here or so close I can almost see it! More evidence?  The median sales price was down a whopping 0

Great article in the Biz Journal today. Here's a little snippet for you to ponder . Jax ranked No. 4 for in the nation for home sales in January Jacksonville Business Journal Home prices in Jacksonville improved by 3.5 percent quarter-over-quarter, according to the report, though they were down nearly 8 percent year-over-year. Real-estate-owned saturation, which Clear Capital defines as the percentage of REO properties sold compared with all properties sold in the last rolling quarter, was nearly 30 percent in Jacksonville. Could it be that we've hit bottom??

Overall home values in Northeast Florida fell 11.6 percent in 2008, according to the latest data from Zillow.com. Median home sale values fell to $163,800, compared to the market peak of more than $210,000 in mid-2006, with nearly 30 percent of all homes selling at a loss . Single-family home values fell 11.2 percent, while condo values fell 17.3 percent. Nationwide, home values fell for the eighth consecutive quarter, declining 11.6 percent to $192,119. That means homeowners lost a cumulative $3.3 trillion in home values during 2008, with $1.4 trillion of it coming in the fourth quarter. It could be worse! We could be in South Florida where the value dropped 23.5% in 2008. Condo prices dropped 23.9%. It's been reported that more than 34.5% of those homes sold at a loss. Obama had better do SOMETHING to stimulate the building industry, free up mortgage money and make credit available to buyers or we are going to be in VERY SERIOUS condition in a very short time! Let's not sp

Prices in the Jacksonville area continue to drop. It's been subtle in some areas, and "in your face" in others. I'm beginning to wonder how appraisers are managing! There aren't hardly any comps to use because sales have been super slow! MLS continues to show numerous drops in price every single day. How low will it go??? I'll keep you posted...