This issue of Springfield by the Numbers we are looking at both May and June together in order to talk about some of the issues that are facing us here in the real estate market in Springfield. All in all, the last two months were not terrible as we still had sales of properties - which are always a good thing in current real estate market. As many of your have heard, Jacksonville has a very large number of foreclosures, and we are experiencing that here in our neighborhood. When a foreclosed property sells, it brings the average sales price down because typically it's being sold at a loss for the bank. Likewise, sellers who are facing foreclosure and are trying to liquidate their properties before they are taken, sometimes can hurt the average sales price as the closed properties are often times sold at a reduced price. For the smart shopper - it's a great time to find distressed properties and take advantage of some of the reduced listing prices in the neighborhood. Remember, we sell this neighborhood better than anyone else. Tell your friends who may have been looking in our neighborhood that it's a GREAT time to be a buyer! Now to the numbers:
Sales volume TY vs. LY was $2,532,780 TY against $3,633,096 a 30% reduction in total sales volume. Sales units TY vs. LY was 13 TY against 15 LY - a 13% reduction in units sold (one home last year sold for over $500K). Average sales price TY was $208,122 vs. $243,246 LY. That's a 14% reduction to 2006. Average sold price per square foot was 88.01 TY vs. 110.70 LY - a 20% reduction. Days on the market were up to an average of 104 TY vs. 65 LY. Although these numbers are all reflecting reductions over last year - keep in mind that we did have 7 out of 13 properties sell this year that were un-rehabbed vs. 5 out of 15 properties last year. Also, we had two foreclosed properties sell TY and one pre-foreclosure property which will adversely affect the total sales numbers.
If you have any questions about these sales numbers or any other real estate questions, please do not hesitate to call me at 904-635-3347.
Reggie Fountain is a Realtor with Prudential Network Realty's Historic Division.
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