- August 2008 closed MLS stats for Nassau County
Residential units (36) sales ($11,454,680)
Condos units (5) sales ($1,847,000)
Lots and Acreage units (5) sales ($604,900)
- September 2008 closed MLS stats for Nassau County
Residential units (39) sales ($13,077,263)
Condos units (8) sales ($4,277,000)
Lots and acreage (3) sales ($632,000)
- October 2008 closed MLS stats for Nassau County
Residential units (31) sales ($8,265,019)
Condos units (4) sales ($1,761,900)
Lots and acreage (6) sales($788,000)
Jacksonville, FL – Buyers Continue to Wait for Prices to Stabilize
Traffic increases, but mostly lookers and few transactions. Buyer traffic improved
slightly in October, as our traffic index increased to 18 from 8 in September (readings
below 50 suggest traffic below agents’ expectations). One agent characterized the change
as “a slight increase in buyer interest, but still just heavy shopping.” Other agents
commented that the tight credit environment and economic worries are preventing many
potential buyers from looking, although several agents did note buyers are willing to look
at sharply discounted listings. We think most buyers remain on the sidelines for signs of
price stabilization or an easing of credit
Fear Grips Buyers in October
■
Buyers scared by economy and equity market, low prices
(foreclosures) driving sales. Our Monthly Survey of Real Estate Agents
indicated a sharp drop in October. Trends deteriorated somewhat during the
month, but the majority of the drop in traffic was seen at the end of
September. Real estate agents stressed that buyers remain handcuffed by
concerns about the economy and the equity market, along with continuing
fears of buying before prices have bottomed.
■
Nearly all markets impacted by buyer worries. Overall, our traffic index
fell to 19.6 in October from 24.0 in September (readings below 50 point to
traffic below expectations). 31 of the 40 markets we survey with seven
markets showing improvement in traffic (but from extremely low levels) and
two markets showing stable traffic.
■
Foreclosure-heavy markets still getting traffic, but economy takes toll
on buyer psychology. Of the hard-hit markets where we had generally
seen solid traffic through ’08 (Ft Myers, Las Vegas, the Inland Empire (CA),
and Sacramento), only Ft Myers showed improvement in October, with the
others showing declines, but still having more traffic than most other markets.
John Holbrook
Prudential Chaplin Williams Realty
904-415-0171
Search the MLS at www.nassaumls.net
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