Jacksonville Beach, FL Condo Analysis 2004-2011

I decided I would look at condos sold from 2004 to now to illustrate how the pricing and condos for sale have changed. These are all 3 bedroom condos, in Jacksonville Beach, closer to the beach, so should primarily be new construction.

2004

• Total Condos Sold: 22
• Lowest Price: $190,000 (Jardin De Mer)
• Highest Price: $1,727,500 (The Oceanic)

2005:

• Total Condos Sold: 112
• Lowest Price: $406,000 (Laguna Villas)
• Highest Price: $3,150,000 (Marbella)

You can clearly see the increase in units sold, and rapid price acceleration in these numbers.

2006:

• Total Condos Sold: 129
• Lowest Price: $377,900 (NorthShore)
• Highest Price: $3,275,000 (Marbella)

Prices have started to flatten a bit, and the year over year increase is much more moderate.

2007:

• Total Condos Sold: 96
• Lowest Price: $350,000 (South Beach)
• Highest Price: $1,602,522 (Avenue Four South)

2008:

• Total Condos Sold: 52
• Lowest Price: $265,000 (Pablo Beach House)
• Highest Price: $2,300,000 (Marbella)

Here is where you see demand has softened considerably, although still not down to 2004 levels. We start to see price decline in the Marbella price, which is off about 33% from 2006.

2009:

• Total Condos Sold: 32
• Lowest Price: $195,000 (Ocean Vistas)
• Highest Price: $1,725,000 (The Landmark)

2010:

• Total Condos Sold: 46
• Lowest Price: $180,000 (North Beaches Costa)
• Highest Price: $2,317,500 (Marbella)

It would seem from the 2010 data, which shows more units sold than 2009, the inventory situation is being rectified; the pricing has not moved up per se, however, the highest price difference between 2009 and 2010 is a very positive sign.

I am pleased to further report the Jacksonville MLS has about 8 months of invetory, whcih is less than the 14 months of single family houses!