Jacksonville Condo Sales Flatten, Prices Rise
Low-income residents hoping to find an affordable Florida home loan in Jacksonville have had difficulty doing so due to recent condominum construction. It now appears as though sales of those existing condos in the area fell flat in February, as the median sales price climbed 10 percent to $166,900.
The figures were compiled by the Florida Association of Realtors. FAR has tracked sales of existing single-family houses for years - beginning in 2005, the group began tracking sales of existing condos. This year, it began announcing the monthly numbers together with a year-over-year comparison.
In the Jacksonville housing market, 125 condos were sold in February, the same number as in February 2005. The local figures for February did not include data from Nassau or St. Johns counties.
Statewide condo sales
Across the state, condo sales dropped 23 percent, with double-digit drops in four of the five biggest markets:
- Fort Lauderdale (down 27 percent)
- Miami (down 20 percent)
- Tampa (down 10 percent)
- Orlando (up 95 percent)
- Naples (down 50 percent)
While sales were dropping across most of the state, prices continued to climb. The statewide median price of $218,700 was up 11 percent from a year ago. It rose in all of the top five markets and Jacksonville, and fell in smaller markets like Pensacola (down 40 percent) and Fort Walton Beach (down 53 percent).
In order to appease potential buyers seeking a reasonable Florida home loan, Jacksonville has begun to set up affordable housing plans. This should ease any selling difficulties in the area.
