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Jacksonville Foreclosed Homes Still Affecting Price Trend

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By : John Cutts    99 or more times read
Jacksonville foreclosed homes decreased in number in October, but they still comprised a portion of sales able to hold back the median sales price increase to only around 5 percent compared to the median in September. The October median was also still 13 percent below the median in October last year, according to the Florida Association of Realtors, now called Florida Realtors.

The median price for all house sales negotiated by real estate agents in October was $147,200, a drop of 13 percent from the median price in October last year. The price estimate did not include house sales facilitated by the Saint Augustine-Saint Johns County Board of Realtors.

The October median price followed the price trend started in November 2008 when the median dropped to $150,000 from its peak of $200,000 in 2006 and in the first months of 2007.

According to housing analysts and realtors in the area, the uptick in the Jacksonville median price is similar to the trend in most other places where home prices are rising, but only to slightly higher levels. Just like in other places hit hard by foreclosures, the pace of price increase has been slow because of the still high number of Jacksonville foreclosed homes in the market.

In October, a total of 2,679 residential units in Jacksonville received default or foreclosure notices, an increase from the total of 3,390 units notified in September. Since February this year, foreclosure filings in the area have been exceeding the 2,000 level.

Meanwhile, total home sales in October this year totaled 1,116 units, marking a slight decrease of less than one percent from September but marking an increase of 44 percent from total sales in October last year.

Jacksonville house sales followed the statewide trend, with total house sales across Florida increasing by 45 percent and with all 20 major markets in Florida showing a substantial increase in sales. October also marked the 14th straight month that Florida increased its house sales.

The median price for homes sold across Florida in October was $140,300, a drop of 17 percent from the median in October last year.

The condominium market in Jacksonville also soared, with total sales of pre-owned condo units rising by more than 200 percent and with the median dropping to $92,500. Condo sales statewide also increased by 82 percent, with the median price dropping to $105,200.
John Cutts has been educated in the finer points of the foreclosure market over 5 years.

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