Jacksonville Home Sales Show Gains

The third quarter was kind to sales of existing single-family homes in Florida . This was especially the case in the Jacksonville region of the state, as evidenced in the chart above.

The Jacksonville metropolitan statistical area reported a strong boost in sales volume and median price with 4,999 existing homes sold - compared to 4,332 homes last year - for a 15% gain. Over the same period, the market’s median sales price rose 18% to $193,800.

“The Super Bowl threw some light on the Jacksonville area, making more people aware of what the First Coast area has to offer,” says Linda Sherrer, president of the Northeast Florida Association of Realtors and president/CEO of Prudential Network Realty in Jacksonville. “We have a trained work force, a high rate of employment and a business-friendly climate that encourages developers to come here, bringing business, growth and more demand for housing.”

Statewide results

Across Florida, 64,978 homes changed hands during the three-month period, good for a 7% increase over the 60,462 homes sold in third quarter 2004, according to information from the Florida Association of Realtors (FAR).

The statewide median sales price for third quarter 2005 rose 31% to $248,600. This is a sharp rise (107.6%, to be exact) from the third quarter 2000, when the median sales price around Florida of existing single-family homes was $119,700. The median is a typical market price where half of the units sold for more and half sold for less.

Meanwhile, interest rates for a 30-year, fixed-rate mortgage averaged 5.76% for the three-month period, even lower than the 5.89% reported during the same quarter in 2004. FAR’s sales figures reflect closings, which typically occur 30 to 90 days after sales contracts are written.

Other larger MSAs reporting higher resales activity for the third quarter were:

• Tampa-St. Petersburg-Clearwater, where 13,973 homes sold for a 12% gain
• West Palm Beach-Boca Raton, where 3,802 homes changed hands for a 5% increase.

As for smaller Florida markets, the Ocala MSA had a total of 1,556 homes sold during the quarter compared to 1,512 a year ago, a 3% increase. The median sales price rose 32% to $151,600.

Several other smaller MSAs reported strong home sales for the third quarter, including:

• Gainesville, where 1,030 homes sold for a 13% gain
• Melbourne-Titusville-Palm Bay, where 2,243 homes changed hands for a 12% increase.