Only 687 single family homes were sold were sold in Jacksonville by Realtors in February 2008 off from 1,141 in Feb. of 07.
The median home price range dropped during the month from 198K to 180K down 9%.
Source Realty Builder Connection
From doing our own research, almost one in five of the homes selling are either REO, bank owned properties or short sales, and pre-foreclosures. This has held true every month this year, including March. It actually may be more, due to the banks now asking their agents not to list their properties as foreclosures.
These numbers may up-tick slightly in April, as we are seeing more properties going into pending as relocating buyers are moving into the market.
This is one of the main reasons for such a low median for the month, the majority of those 600 people who bought a home were either investors or first time home buyers.
Relocating families generally do not buy homes in the first two months of the year.
Something I found interesting as well was the numbers for Tallahassee, Florida.
In Feb. we almost had the same median price range. REALLY!
To me that shows Jacksonville long term as an undervalued market.
If anyone is asking why on this one, make the drive 3 hours west, and look for the ocean, a river, a port or a national football team.
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