Jacksonville FL Home Sales Increase--Is that really a recovery?

By
Real Estate Broker/Owner with Chad and Sandy Real Estate Group BK3183802

 

Is the Jacksonville FL home market really recovering? Recently the Florida Times-Union published its quarterly real estate report over the Father's Day weekend. The paragraph of the article suggested that "recovery" was underway. As a local Jacksonville Realtor and home owner, I'm not so sure...

Jacksonville FL Bridges

While the number of sales in the Jacksonville FL real estate market is on the rise, up by 14% over last year, the numbers only account for half of the recovery equation. Recovery is not one-sided, measuring favorable environments for buyers; True recovery must account for the seller side of the equation as well.

Jacksonville FL Home Sold Sign

Conditions for sellers are anything but favorable. Home values continue to remain extremely low, even down 8.5% from last year. Foreclosures and short sales are rampant. Many mortgages are still upside-down. In my mind, a full recovery of the real estate market in Jacksonville FL would include both: increased number of sales (including new housing starts), and increased home values. Sales prices need also be on the rise. Even if average sale price in Jacksonville were to steady itself, that would be a positive sign for local Jacksonville homeowners.

In the meantime, buyers (particularly those who intend to purchase with cash!) can clean up with unprecedented bargains on distressed properties. (See for yourself and sign up for automatic foreclosure notifications here: www.houses-that-rock.com!) Sellers, I'm sad to say, will need examine their alternatives to see if selling is even a viable option. The Jacksonville FL real estate market is highly competitive. Even the most attractive and desirable homes must be priced below market value to stand a chance. Upgrades and condition are taking a back seat to low prices.

So what would a full real estate market recovery look like to you? I'm curious and welcome opinions...

 

Jacksonville FL Home Sales Increase--Is that really a recovery?

 

 

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