Passing along some good news for the Jacksonville Housing Market. According to a recent news release from the Florida Assoc. of Realtors, the Northeast Florida/Jacksonville market is fairing better than most through this depressed real estate period.
Based on a comparison of 2007 to 2006 home sales, the Jacksonville area shows a 26% drop in sales but a 2% increase in median sales prices. In fact, Jacksonville was the only major Florida metropolitan area cited showing an increase in sales price from a year ago. While far from optimal, we are in a much better situation in northeast florida than the overall state averages which show a 38% decrease in sales and a 9% decrease in price for the same period.
Across the board, the outlook is more favorable as credit is expected to become more widely available. That will be very important as, according to NAR Senior Economist Lawrence Yun, 1 out of every 16 households will buy a home this year.
Trish Edmonds
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