July 2008 Jacksonville Real Estate Market Update

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Buyer, Seller, Real Estate News

These are statistics taken from the MLS data for homes in Jacksonville, FL comparing the sales of July 2008 to July 2007.  The market performed fairly well with values holding up for the most part and sales performing as expected.

We start off with the good news that there are 2.36% less homes on the market for July 2008 as compared to last year.  Any decrease in the supply of homes no matter how small is a step in the right direction.

The number of homes sold were down 17.74% which is to be expected in the current market environment which features tight credit and tough lending terms.

 Homes that have sold took 29.87% longer going up to 100 days on average on the market.

The "Number of Months to Sell Inventory" or Absorption rate is 36.90% higher than last month at 14.06 months.  6 months of inventory is considered a stable market.  So this clearly shows we are still in a situation of oversupply of homes for sale.

Homes are selling for 1.44% less of list price than last year.  The average home sold at 94.41% in 2008.  Considering the increase of foreclosures for sale in Jacksonville Florida this shows that they have yet to have a significant effect on selling prices.

Home prices have held up pretty well; selling at 4.22% less with the average sale price of a home in July 2008 selling at $213,519.

        July July % Change
2007 2008
Active Listings 8280 8085 -2.36%
Sold Listings 806 663 -17.74%
Average Days on Market 77 100 29.87%
Number of Months to Sell Inventory 10.27 14.06 36.90%
Homes Sold at % of List Price 95.78% 94.41% -1.44%
Average Sold Price $222,554 $213,159 -4.22%
Average List Price of Sold Home $232,348 $225,790 -2.82%

 

All information deemed reliable not guaranteed.

jacksonville real estate market (4)

Date: Tuesday, August, 12th 2008 @ 08:59:00 PM
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