Interesting chart showing the real estate market shift currently happening.  This highlights the Average Days On Market and the Median Price for homes in Jacksonville.
4 Informational Points about the Jacksonville Real Estate Market:

  1. Shifting Market:  The first time in 3 years that you see the intersection of the Median Price trend line going up and the Average Days on Market going down.  This trend could continue for quite some time as we are hitting a lower inventory time period of the year.....Fall and Winter.
  2. Economics 101:  This chart illustrates what a limited supply of homes for sale can do to the local real estate market.  Limited supply of homes hitting the market, but why?  One theory exists that banks have less homes in their foreclosed inventory, so there are less foreclosures available today than in quite some time.  I second that theory.  
  3. Negative Equity:  Nowhere near out of the woods yet.  Jacksonville had such a huge run up in prices and then such a huge decline in prices, that we have years and years ahead of us before we are back to positive equity.  Estimates for Jacksonville are that over 40% of home owners with a mortgage, owe more than their home is worth.....that's a lot of people.
  4. Mortgages are tough:  What this chart doesn't show is how tough mortgages have become, and not to mention how expensive they've become.  Private Mortgage Insurance on FHA loans is through the roof, conventional loans are increasingly difficult to get closed with the amount of red tape surrounding the process, and appraisals are all over the place! 
Posted by Brad Officer on
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