Housing sales at sheriff auctions and at traditional markets in Jacksonville, Florida posted a decrease during the month of March compared with year-ago levels. Median selling prices of houses were also down in the metro area during the same period, with lender-negotiated sales posting higher numbers than traditional residential sales.
The Northeast Florida Association of Realtors reported that fewer homebuyers and investors took advantage of the low prices of homes in foreclosure listings in Jacksonville during the month, with sales declining by 7% compared with March 2010. A total of 1,438 housing sales transactions were closed in March of this year, with 612 of them accounted for by traditional residential sales, while 826 were attributed to lender-mediated transactions or sales involving lenders who agreed to sell the properties for an amount that is less than what was owed.
Meanwhile, prices continue to be weighed down by the massive amount of cheap properties under Florida foreclosure listings, with the median selling rate of homes sold in March pegged at $122,500. The median price represents a drop of 11% compared with the March 2010 median rate of $137,500. For traditional residential properties, the median selling price for the month was $174,000, representing a 9% increase from year-ago levels.
The median price of foreclosed houses sold at sheriff auctions, short sales and residences involved in lender-mediated transactions, on the other hand, was at $88,500. The figure represents a 13% decrease from March of last year. Despite the decline in housing sales and prices during the month, realtors are seeing some improvements, particularly in sales. Pending sales transactions climbed by 4% in March of this year, realtors have reported, reaching a total of 1,909 for the month.
Another positive for Jacksonville's housing market is the diminishing level of inventory. The inventory of bank foreclosed homes and regular houses that are up for sale in the metro area dipped by 26.8% in March 2011 compared with the same month of 2010. The inventory of the region was equivalent to a nine-month supply as of March, creeping a bit closer to the six months of supply which is usually seen during normal market conditions.
Real estate agents in the metro area expect traditional housing sales and foreclosed sheriff auctions to post higher numbers in the coming months. They stated that, as the national economy improves, homebuyers will feel more confident about purchasing a new home and a big number of them will likely favor the residential market of Florida.
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Written by Alex Rolim.
