Wednesday, November 11, 2009

Home Sales

Existing homes sales in the Jacksonville metro area rose 28 percent in the third quarter of 2009, while existing condominium sales rose 53 percent, according to the Florida Association of Realtors.

During the third quarter, 3,377 single family homes were sold in Northeast Florida along with 435 condos. The median price for single family sales dropped 17 percent to $150,600 and the median price for condos dropped 22 percent to $114,600. Neither the single family home or the condo information included data from the Amelia Island-Nassau County Association of Realtors.

All of Florida’s metropolitan statistical areas reported increased sales of existing homes in the third quarter compared with the same period last year.

Statewide existing home sales rose 33 percent during the third quarter to 44,345. It was the fifth consecutive quarter that Florida has seen higher existing year-over-year homes. Statewide existing condo sales rose 56 percent to 14,797. The median price for existing homes dropped 22 percent to $145,400 and the median price for existing condos dropped 34 percent to $106,100.

Still, according to Tim Becker, the director of the University of Florida’s Bergstrom Center for Real Estate Studies, Florida isn’t out of the woods yet.

“Most economists think the recession is over, but people are afraid to spend money as unemployment keeps going up, which creates problems for every sector of the real estate market,” Becker said.

According to UF’s quarterly survey, respondents expressed increasing optimism about their own business outlook and predicted greater opportunities for future investment.

“Everybody thinks that Florida will rebound because we have so much going for us - the sun shines every day and there are a lot of advantages to living here,” Becker said. “Foreign investors see that too and believe their prospects are good for long-term investments.”

John Holbrook - Realtor
Amelia Island, Florida 32034

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