Jacksonville condo sales jump 90%, median price drops 42%

16 08 2010

The Jacksonville area had the second largest increase in condominium home sales in the state in the second quarter, but also had the biggest drop in condo prices during the same period, according to Florida Realtors.

Condo sales rose 90 percent to 682 units sold in the three months ending June 30 from the same period in 2009. Only Lakeland had a larger increase at 144 percent, accounting for 83 units sold.

Statewide condo sales increased 45 percent to 20,986 unit. Only Pensacola, which has been directly impacted by the Deepwater Horizon oil spill, had a decline in sales, dropping 10 percent to 140 units sold.

Jacksonville had a 42 percent decline in the median condo price to $74,200 in the second quarter, which was the steepest decline in the state. The statewide median condo price dropped 10 percent to $98,900. Only two communities reported an increase in the median condo price. In Cape Coral it rose 2 percent to $132,800 and in Tampa it rose 2 percent to $101,600.

Single-family home sales rose 33 percent to 4,073 units sold in the second quarter in Jacksonville, compared with the statewide 21 percent increase to 51,564. Jacksonville’s median home price dropped 9 percent to $145,100, compared to the state’s 1 percent drop to $141,300.

Source: Jacksonville Business Journal

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