Ron, Home Buyer in Stone Mountain, GA

What casused the decrease in prices and sales of houses in Jacksoville in the last year ?

Asked by Ron, Stone Mountain, GA Fri May 10, 2013

Hallo- I consider investing in few family homes in Floriday, and Jacksoville was one of my favorite options. But they I saw your graphs and numbers . I would be grateful if you coule answer the following questions:
Why have hous prices and numbers of sales been generally falling in Jakcsoville both in the lat year and the last month?
Are the factores behind these trends long term?
What areas/neighborhoods in Jacksoville are relatively imuune to these trends?
Thanks
Ron

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Answers

3
Ron,

The best statistics to review about Jacksonville, FL home sales can be found at nefar dot com and then look at the market conditions. These stats come out each month for all the areas covered by the NEFAR MLS. Over the last 6 months, prices have been rising about 15% month over month. Our housing levels in terms of listings are lower than many cities around the country, which is helping to push prices higher as well.

Nefar breaks down 29 submarkets in Jacksonville with great data of how these areas of town are doing with their sales and median prices.

Best of luck with your search,
Liz
0 votes Thank Flag Link Sun Jul 28, 2013
Hi Ron,

Jacksonville has just been rated in the top 5 places to buy and flip houses by Realty Trac article in the past week.

As Charlie pointed out, our inventory is down, hence the number of sales are 'down' but I can tell you from personal experience trying to find a house for buyers, that there is no shortage of individuals and investors, including giants like Blackstone, who want to own properties in our area.

Here is an article just published today about Blackstone. They are investing because prices are low enough to generate a positive cash flow now with expected appreciation and they will probably sell in 5-7 years.

http://www.bizjournals.com/jacksonville/print-edition/2013/0…

Don't know where your stats are coming from, but if you examine areas individually, you will find a rise in the average price. Cash buyers are paying over list price and more than properties could appraise for, and this is contributing to a rise in value.

Long term, we see a continuation for rise in property values in the entire Jacksonville area. I personally don't see the trends you are referring to in any of the areas I work, from the Beaches to Clay and St. Johns County.

I lived in Atlanta over 20 years, so maybe if you could let us know what type of investments you are interested in, we could compare them with similar Atlanta areas. You may be looking in communities where there are still lots of foreclosures, but where we sell, the number of both foreclosures and short sales is way down and they are not impacting values.

Hope this is helpful to you. Please let us know if there is anything else we can do to help.

Best regards,

Sharon Alters, GRI
Coldwell Banker Vanguard
sharon@teamalters.com
904-673-2308
0 votes Thank Flag Link Sat May 11, 2013
Dear Sharon and Charlie- Thanks!.
I got the numbers first and foremost from Turlia's overview of price trends in Jancsoville..
Given your answers I went to Zillow- there the number (not exactly the same--which contributes to the confusion) looked better but ambvilant
Alltogetehr the picreu is confusing. .
Here they are.

According to Trulia:

The average listiting price decreased in 0.4 % in the last year
The median sales price( which is obviously more meaninful) dropped in 2.5% in the same period
and- the number of sales - in 6%
According to Trulia the average price of sqf rose, though in 1.5%

Looking at Zillow one sees a differnt picture:
the listting price rose 15.5% annually (and 5.1% and 7.1 monthly and quateraly)
but-
the sale price rose "only" 12.8 % .
and- MoM it dropped -6.5%
and QoQ- in 2.8%
I will be very gratefu if you can help me make sense of the totally dfferent pictures in the two websites as well as of the ambigous picture .
one gets from Zillow
Thanks, R
Flag Sat May 11, 2013
Dear Sharon and Charlie- Thanks!.
I got the numbers first and foremost from Turlia's overview of price trends in Jancsoville..
Given your answers I went to Zillow- there the number (not exactly the same--which contributes to the confusion) looked better but ambvilant
Alltogetehr the picreu is confusing. .
Here they are.

According to Trulia:

The average listiting price decreased in 0.4 % in the last year
The median sales price( which is obviously more meaninful) dropped in 2.5% in the same period
and- the number of sales - in 6%
According to Trulia the average price of sqf rose, though in 1.5%

Looking at Zillow one sees a differnt picture:
the listting price rose 15.5% annually (and 5.1% and 7.1 monthly and quateraly)
but-
the sale price rose "only" 12.8 % .
and- MoM it dropped -6.5%
and QoQ- in 2.8%
I will be very gratefu if you can help me make sense of the totally dfferent pictures in the two websites as well as of the ambigous picture .
one gets from Zillow
Thanks, R
Flag Sat May 11, 2013
Hi Ron,

Not sure where you are getting your numbers from. Understand that Jacksonville covers over 850 square miles and every community is different. However, for 2013 home inventory has gone from abpit 7.7 months in 2012 to just over 5 in 2013, Prices have increased on average 4-6% and the trend is expected to continue. Our market is slowly moving from a strong buyer market to a seller one.

There are many contributing factors in determing favorable market trends here in Jacksonville: Location, schools, convenience to shopping, amenities, etc. Best to contact an experienced local real estate agent that can work with you providing information and guidance in determining the best home selection based on your persoanal criteria.

Wishing you all the best and much success.
Charlie
Charlie Chorman - REALTOR
Coldwell Banker Vanguard Realty
877-331-3359
0 votes Thank Flag Link Sat May 11, 2013
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