Jacksonville Home Sales Rebound in August

16 09 2011


Prices and volume of home and condominium sales in Jacksonville rebounded in August, and the Northeast Florida Association of Realtors says that means market recovery is under way.

NEFAR’s latest statistics, which cover single-family home and condominium sales in Clay, Duval, Putnam and parts of St. Johns and Nassau counties, brought news of strengthening across the board in the regional real estate market – year-over-year improvements in sales, pending sales, median price and inventories.

Over the longer term, a review of NEFAR data suggests that the Jacksonville real estate market hit bottom earlier this year and is beginning to recover.

“August was a month of numerous positive indicators, sending a clear signal that we are on the path to a stabilized market with recovery now in progress,” NEFAR President Dane Leslie said in a news release.

The number of closed sales in the Jacksonville metro area edged up 1.5 percent over August 2010 to 1,441.

Pending sales, or sales that had not yet closed, spiked 24.4 percent to 1,744 year-over-year.

Most notably, there was recovery in median sales prices, which have trended downward in recent years. The median sales price was $138,000, 2.2 percent above $135,000 in August 2010. The average sales price also was up to $180,823, which was 6.6 percent over the $169,658 level of last August, NEFAR said.

Also in the positive news was the fact that overall sales were less weighted by “lender-mediated” or “distressed” sales – foreclosure, bank-owned and houses sold for less than their mortgaged amounts, or short sales. Distressed sales accounted for about 43 percent of all sales in August; in August 2010, they accounted for 51 percent of all sales.

New listings fell 21 percent from 2,924 in August 2010 to 2,319 this August. Inventories fell as well, another positive sign, NEFAR noted. About 11,167 properties were available for sale in August 2011 as compared to 16,464 in August 2010 – a 32 percent difference.

There are other indications of a recovery. The percentage of distressed sales has fallen steadily from a peak of 60 percent in February. Likewise, the median price of sales in the metropolitan area has slowly risen since bottoming out at $115,900 in February.

Source: Jacksonville.com

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