Monday, November 9, 2009

Jacksonville Market

Jacksonville, FL – Traffic Bounces Back as Buyers
Look to Beat Credit Deadline

(5,135 single-family permits in 2008, 18th largest market in the country)
Traffic rebounded modestly in October. Buyer traffic improved in October after dropping in September, as our traffic index increased to 36 from 27, although any reading below 50 still suggests traffic below agents’ expectations for this time of year. Agents who saw better sequential traffic trends attributed it to a last minute rush from buyers looking to get into homes before the tax credit deadline, while short sales and bank-owned homes remained popular among buyers. On the other side, some agents noted continued caution based on the overall weak economy and the expectation that the overhang of vacant homes being held by banks will continue to weigh on the market. In addition, there was little activity at the high end and buyers expect high end prices to fall further in the coming

Prices fall, but lower inventory a positive. Home prices continued to fall in October, as our price index fell to 29 from 36 in September, with any reading below 50 indicating lower home prices over the past 30 days. Agents noted continued pressure from short sales and foreclosures, while an expected decline in high end pricing could lead to further downside. On a positive note, agents noted sequentially lower inventories in October after an increase last month. Our home listings index improved to 57 in October from 36 in September, with readings above 50indicating lower inventory. Foreclosures will remain the key.

John Holbrook - Realtor Amelia Island, Fernandina Beach & Yulee, Florida
Cell: 904-415-0171 Email: Web:

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