This graph shows the decline in house values since the peak housing bubble years.  Jacksonville is not on the list as the Case Shiller index only studies 20 markets.  However, Case Shiller is said to be the leading measurement for the US housing market.  The report is completed monthly with a 2 month lag.

The Tampa graph is our closest comparable for what is happening in Jacksonville.  Some areas of Jacksonville are doing better, and some are much worse.  It seems as if townhomes and condos are getting hammered right now.  A typical scenario in Jacksonville:  Condo owner owes $180k, now they are selling for $60k.

Will prices continue to decline?  Yes, in most areas of the country they will continue to decline through 2011.  However, in some communities we may have already hit rock bottom.  I've had several listings in condo communities that went under contract within 30 days of going on the market.  The buyers were all investors and they are paying cash.  In those communities, we've found the bottom.

Posted by Brad Officer on
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