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Jacksonville Real Estate Market Report for July 2011
Jacksonville Real Estate Market - Trends for July, 2011 Will Lower Prices Spur Selling Activity? The jury is still out on whether or not we will see improvements. This is due mostly to continued economic troubles plaguing the nation as a whole.
Jacksonville, Florida real estate has continued a trend it has followed for many months withdeclining prices in most hyper-local markets but some increase in the number of closed transactions.
Agent surveys indicate that traffic (interest from qualified buyers) increased at the end of the month after continued decreases from June as sellers have continued to reduce prices to meet the low demand. Interest rates are lower than ever but there is concern that they could increase quickly and this concern seems to be holding many buyers back from committing.
This fear of commitment is due to the large number of Jacksonville homes for sale that are under water and therefore are Short Sales. Short sales, as everyone now knows, are anything but "short" in terms of the amount of time required to close the transaction.
Buyer traffic had fallen sharply in June so the increase in July was notable. It isn't unusual for traffic to decline in early summer and pick ... more

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