Our condo market in Jacksonville Florida is on the road to recovery! It's been on life support for the past few years and there were several "code blues" along the way.
I'm happy to report that the patient's condition has been upgraded from critical to fair condition!
The numbers don't lie. Our inventory of condos in the Jacksonville market is down. Our inventory is down a whopping 44.2%. Our number of available units has dropped to 1086. This means that our market is down to a 5.4 months supply of condos! Wow. This is down to a "normal market" number. The median sales price of new construction condos is up an incredible 28% to $159,900. There has been a slight decrease in the median price of previously owned condos but the low inventory should help correct this fairly quickly. Fewer options should mean an increase in price. The percentage of list price received in November was 88.4% and the number of pending sales is up 12% overall.
I had pretty much written off the condo market. I was afraid that it would be years before the market stabilized. I'm pleasantly surprised to see that it's making a miraculous recovery. Could the single family market be far behind??
Call us today and we'll find a condo that meets your needs. There may not be a LOT of them on the market right now, but we'll find one that's a perfect match for YOU.
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