Jacksonville Real Estate 2007 Review

Buyer, Seller, Neighborhood Information, Duval County, Real Estate News, Downtown, Beaches

2007 Jacksonville Real Estate Market Overview

The numbers were just published and they didn’t turn out too bad Jacksonville!

2007 Jacksonville Home Sales Numbers

Single Family, Existing Jacksonville Homes sales were down 24% from 16,405 sales in 2006 to 12,501 sales in 2007. But the Median Sales Price was only down 2% from $200,600 to $197,200. The State of Florida had a 29% drop in sales with a 5% drop in price. So our Jacksonville real estate market did better then the State of Florida on average.

2007 Jacksonville Condo Sales Numbers

Existing Jacksonville Condominiums took a 22% dive from 2,026 sales in 2006 to 1,581 sales in 2007. However, the Median Sales Price dropped just 1% from $168,600 to $166,900. The State of Florida had a 27% drop in condominium sales with a 3% drop in median sales prices. So here again, the local Jacksonville Condominium market did better than the state on average.

2007 Real Estate Market Was Not That Bad

The National Association of Realtors would like to remind everybody that 2007 was the fifth highest sales year on record for existing homes sales.

How Can There Be Only a 2% Drop in Jacksonville’s Median Sales Price?

Foreclosures Everywhere

You have surely heard about all the foreclosures and short sales in the market. Well that facts are that foreclosures do not exceed 5% of the national market. You can find this fact buried in the middle of the many foreclosure article out there. The media is trying to hide from you the opportunities in this real estate market. You might read about how bad it is California, San Diego, Las Vegas but across the nation the actual number of foreclosures as compared to the overall market is very small.

“Nationwide, including Washington, D.C., foreclosure sales grew to 4.7 percent of existing home sales, up from 3.3 percent in 2006. Comparable data were not available for South Dakota and New Hampshire.”

New Construction Competition

I believe for most people their property value is hurt more by the competition from the over building by the builders. The vast supply of new construction in some areas and their price dropping will have more of an effect in your neighborhood then one or two foreclosures in your neighborhood. Whereas a home seller may decide not to sell their home because they won’t get their price, a builder has to sell their home. That is their business. So the builder will have take the loss in order to get their home sold and provide revenue for their business. (Note: It is been my experience that builders haven’t actually dropped their price but are more willing to consider offers).

Don’t Let the Market Scare You from Selling

Homes are still selling in the Jacksonville Florida real estate market if they are priced right. And while you may not achieve the sales price you wanted on your home; the next home you buy may well be a bargain and make up any loss that your foresee.

Click here to find out what homes are for sale in your neighborhood, what the homes have sold for and how long it took them to sell.

So Good Luck and Happy House Hunting!

Related Links:

2008 & 2009 Real Estate Forecast

seller (55) buyer (44) real estate market (23)

Date: Thursday, February, 21st 2008 @ 11:17:00 AM
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