The Jacksonville real estate market continues to show strong signs of comeback. Home sales for 2009 in the Jacksonville Metropolitan area were 21% higher than 2008. The condo market showed an increase of 38% during the same time frame.
While the sales increased, the median price went down 16% to $152,200. This reflects the continued number of bank owned properties and short sales in the marketplace.Condo prices dropped 24% during this period.
The market for distressed homes is very strong. When a bank owned property is put on the market at a below market price, multiple offers within a few days is the norm. There is still some resistance to buying short sales as investors don't want the hassle or wait. This may be an avenue of opportunity for the patient investor.
As the market absorbs the distressed inventory, look for prices to stabilize and start inching up.
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