Jacksonville home sales up 21% in 2009

27 01 2010

Jacksonville, like most of Florida, ended 2009 with existing single-family and condominium sales up and median prices down.

Home sales were up in the Jacksonville market 21 percent from 2008 to 12,019 in 2009 and the median price of a home dropped 16 percent to $152,200. The area’s condo sales were up 38 percent to 1,429 and the median price of a condo was down 24 percent to $112,100 in 2009, according to Florida Realtors, formerly known as the Florida Association of Realtors.

Sales figures from the Amelia Island-Nassau County Association of Realtors for September, November and December were not available, however.

Statewide existing home sales rose 31 percent to 163,148 in 2009 from 124,168 homes sold in 2008. Statewide existing condo sales increased 47 percent to 55,985.

“Continuing to stabilize and revitalize the real estate market is the linchpin to a strong economic recovery,” said Florida Realtors President Wendell Davis, a broker and regional vice president with Watson Realty Corp. in Jacksonville. “Robust housing and commercial property markets generate business, but they’re also key to helping families build a sense of financial security.”

Seventeen of Florida’s 20 metropolitan statistical areas reported increased existing home sales and 18 had higher condo sales through the period, a trend that has continued for about a year and a half now.

Jacksonville had the fourth most single-family home sales of any Florida market last year, behind Tampa/St. Petersburg/Clearwater with 28,617, the Orlando market with 23,994 and Fort Myers/Cape Coral with 16,260. Jacksonville ranked eighth out of 19 Florida markets in condo sales, dwarfed by South Florida markets such as Fort Lauderdale with 9,894 sales, West Palm Beach/Boca Raton with 7,887 and Tampa/St. Petersburg/Clearwater with 7,420.

Florida’s 2009 median sale price for existing homes was down 24 percent to $142,600. Jacksonville also ranked in the middle of the pack for median sale price, above Tampa/St. Petersburg/Clearwater at $137,500 and Orlando at $144,600, but far below the priciest markets in Florida: West Palm Beach/Boca Raton, $239,000; Fort Lauderdale, $205,700; and Miami, $195,300.

The statewide existing condo median sale price was down 34 percent to $108,000 in 2009. Jacksonville had the ninth lowest median price in 2009, above the $52,900 in Orlando and $105,300 in Tampa/St. Petersburg/Clearwater, but below Miami at $142,500. The highest-priced Florida condo markets in 2009 were Fort Walton Beach, with a median sale price of $254,000, and Pensacola, $240,300.

Nationally, home sales rose in 2009 for the first time since 2005, by 4.9 percent from 2008 to 5.2 million.

National home sales, which included single-family houses, townhomes, condominiums and co-ops, did see a lull in December, however, falling 16.7 percent to a seasonally adjusted annual rate of 5.45 million units from 6.54 million in November, but remained 15 percent above the 4.74 million-unit level in December 2008. Analysts at the National Association of Realtors said the drop was caused by first-time homebuyers’ rush to complete sales before the original November deadline for the $8,000 federal tax credit, which has since been extended to April.

Neither Florida nor Jacksonville experienced that lull, however. Florida’s existing home sales rose 4.3 percent from November to 14,630 in December and Jacksonville area sales rose 8.7 percent to 1,287 during the same period.

Source: Florida Association of Realtors and Jacksonville Business Journal

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