Not a #1 that we want, but it's true.  Reported by my friend at the Jacksonville Business Journal, Ashley Gurbal, Jacksonville is the Worst Real Estate Market in the Country.

Her article is based on Thursday's report from Clear Capital's Real Estate Market Report.   The report highlights top performing cities and worst performing cities.  Jacksonville has overtaken Detroit to be the worst.

Stats making Jacksonville the worst:

-2.7% quarter over quarter decline in house values

-13.2% year over year decline in house values (that's from end of August 2o10 to August 2011)

33.5% Foreclosure/Bank Owned home sales per month (that's a lot)

Those are dismal numbers to end the typically strong summer home selling season.  A little worrisome furthered by many of my real estate compadres collectively noting the heavy slow down in new showings over the last few weeks.  Does this mean we are still going down?  I believe 100% :  Yes, Jacksonville housing market is still declining.

As a glass half full kind of guy, here is the silver lining:

  1. We will bottom out sooner:  Before we ever get out of this mess, the housing market must hit bottom so that we can start building it up again.  Stalling out foreclosures and distressed sales extends the problem.  If Jacksonville is seeing one of the highest declines in values, we should hit bottom sooner....and we should be very close.
  2. Homes are selling!  Duval county has had 4,865 single family homes sell this year so far.  As bad as the report is, you have to agree that people are still buying and selling in high volumes.
  3. Investors are buying!  I've had quite a few all cash investors pick up listings that I've had this year.  That's a good sign as investors are typically studying the market trends, cash flows, etc, and they are starting to make moves.
  4. Jacksonville is in Florida!  Governor Scott is committed to making Florida a center for job creation - and let's face it, there is no reason why we shouldn't be leading the nation in job creation.  What company would not want to be headquartered here?  It's sunny everyday, we have a warm climate with a moderate winter, and we have some of the best waterfront living and boating in the country.
  5. Jacksonville is on Sale!  Limited time only, this deal won't last long.  If you are lucky enough to be a home buyer, you should look at Jacksonville real estate like a kid looks at a Peterbrook chocolate shop!
Posted by Brad Officer on
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