Overall, the intown markets in Jacksonville are still strong. The absorption rate is a good indicator of what is going on – it shows the number of months it takes to for a home to sell. The absorption rate in most intown markets is declining, which is driving value increases. Hopefully, this will continue through the holidays and into the new year.
The absorption rate declined around 11% this October over last, indicating that buyer interest is still strong. The average sales price has declined in San Marco around 11%, which could be propelling buyer interest.
The absorption rate in Avondale has also declined at around 30% this October over last and Riverside has declined around 35%. Avondale has seen a 7% increase in sold price this year over last and Riverside has seen a 30% increase in sold price.
The absorption rate in Springfield has declined 8% however sold prices have decreased 11%. Springfield has seen a decrease in inventory recently but buyer interest is still strong, so this will help push values up over the next few months.
The absorption rate in Murray Hill has declined 38% and values have increased 21%, year to date. This is good news for this community who has had a lot of trouble seeing strong value increases.
St. Nicholas, which is also a local market that has struggled with value increases, also has some good news. The absorption rate has declined 30% and the average sold price has increased 20%.
Perhaps the strongest intown market, Northshore has seen a 12% decline in the absorption rate and a HUGE increase in average sales price: from $26,800 to $84,000!