Cash, investors still driving Jacksonville home buys

20 12 2013

The majority of residential sales in Jacksonville are still all-cash deals and are being driven by institutional investors.

According to RealtyTrac’s November 2013 U.S. Residential & Foreclosure Sales Report, which covers single family homes, condominiums and townhomes, 20.3 percent of sales in November were to institutional investors and 56.8 percent were cash sales.

Institutional investor purchases are defined by RealtyTrac as residential property sales to non-lending entities that purchased at least 10 properties in the last 12 months.

Jacksonville is among the top five markets in investor purchases, joined by Columbus, Ohio, Phoenix, Atlanta and Cape Coral-Fort Myers, Fla.

Jacksonville was also among the highest markets for third party foreclosure auction sales (3.9 percent), trailing Miami (4 percent) and Atlanta (3.9 percent).

“The housing market recovery continued to be driven by investors and other cash purchasers in November,” said Daren Blomquist, vice president at RealtyTrac, in a news release. “Lenders are taking advantage of this environment to unload more of their bank-owned inventory and in-foreclosure inventory at the foreclosure auction.

“But as the backlog of distressed inventory available dries up in many of the markets with the most efficient foreclosure processes — namely California, Arizona and Nevada, with Georgia not far behind — overall sales volume is declining and will continue to do so until more non-distressed sellers enter the market.”

Source: RealtyTrac and Jacksonville Business Journal





Jacksonville Home Prices Up Nearly 20% in November

13 12 2013

The median sales price for homes in Jacksonville took a nice bump in November — rising nearly 20 percent year over year.

The median sales price last month was $154,000, up 18.9 percent from November 2012, according to the latest data from the Northeast Florida Association of Realtors (NEFAR.)

“November’s numbers are encouraging and show a substantially stabilized market,” NEFAR President Carol Zingone said in a news release. “Lender mediated properties are declining, and while prices have risen to the point where sellers are getting more of a return on their investment, prices overall are still within reach for most buyers.”

Here are some other key figures from the report:

  • Closed sales were 1,531, down 1.9 percent.
  • Inventory of homes for sales was 9,203, down 10.7 percent.
  • Months supply of inventory was 4.9, down 26.9 percent.
  • Pending sales were up 14.7 percent, to 2,357.
  • New listings were up 21.9 percent to 2,357.

Source: Northeast Florida Association of Realtors and Jacksonville Business Journal








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