Northeast Florida Sales Volumes Up, But Prices Still Down

The third quarter in sales of single-family and condominiums went up in Northeast Florida.

Sales prices were stagnant or continued to drop in all but a handful of ZIP codes in Clay, Duval, Nassau and St. Johns counties, while sales volumes picked up – by 20 percent or more in 14 ZIP codes.

Volumes rose sharply in two Westside ZIP codes and one in the downtown Jacksonville core. In Baldwin’s rural 32234 ZIP, sales rose by 62.5 percent; in the adjacent 32220 ZIP, they rose by 61.9 percent; and in downtown’s 32202 they rose by a sizable 77.8 percent.

While those increases are an encouraging sign – particularly for downtown’s condominium market – prices dipped during the quarter. In the downtown 32202 ZIP, median prices fell by 15 percent. In the two Westside ZIP codes with a volume increase, prices dipped as well, by 11.4 percent in 32234 and by 16.9 percent in 32220.

That isn’t to say median prices fell in every ZIP code in the Jacksonville area during the third quarter. Median prices rose by 33.7 percent in Arlington’s 32211 ZIP; prices also took an upward turn in the Northside’s 32254, by 27.3 percent, and in St. Johns County’s 32095, by 27.9 percent. There also were median price increases in Callahan’s 32011 in Nassau County, seeing a 14.7 percent increase; in the 32223 ZIP code on the St. Johns River in Mandarin, with a 16.9 percent increase; and in the St. Nicholas-centered Southside 32207 ZIP code, where median prices rose by 18.8 percent.

Median sales price losses of between 20 and 40 percent in the third quarter were concentrated in a ring of suburban and urban ZIP codes around the city’s center. They included Mandarin’s 32257; San Jose’s 32217; Orange Park’s 32073 and Argyle’s 32244; 32205, 32209 and 32206 on the Northside; and 32216 and 32246 in East Arlington and Southside.

Farther-flung ZIP codes experienced softer median value drops in the third quarter – with the exception of a 24.1 percent drop in Nassau County’s 32034, which includes Amelia Island and Fernandina Beach; and 32656 in Clay County, where median sales prices fell by 43.2 percent.

Qtr3 Median Sales Price and Sales Volume in Northeast Florida

Source: The Florida Times-Union