Market Update for Intown Jacksonville

San Marco
The absorption rate is down 10% and which has helped keep values steady. The median sale price to date this year is $229,000.

Generally this market holds up pretty well.  The absorption rate is down 17% this year over last which has pushed values up 7%. The average sales price is currently $255,000.

The number of listings had been on the rise and was previously affecting values in this area. Currently, the trend over the past few months have shown fewer listings causing the absorption rate to decline 32% when compared to last year. As a result of this supply dropping, values have increased. The average sale price is $139,000, which is a 20% increase over last year.

The absorption rate is up by nearly half compared to this time last year. The increase in supply is pushing selling prices down. Because of this, the average sale price in November was $123,000; which is down from a high of $150,000 in April.

Murray Hill
This neighborhood is struggling. The number of listings has skyrocketed, and with too much supply, the absorption rate has increased to 34%. With very few buyers in this market, houses that previously averaged 3 – 4 months to sell has increased to 6 – 7 months and is likely to continue that trend. This has not been good for higher priced listings that have seen a sales decline of about 40% this year over last. If you or someone you know is thinking of buying, this a great time in Murray Hill with a sales decline of about 40%!  But, if you or someone you know is thinking of selling, it would be wise to wait for a good 6 months and let the inventory even out.

St. Nicholas
Median sale price for this area year-to-date is $80,000 which is a 23% increase from this time last year. Absorption rate has been in a steady decline since Feb 2013. But, with the number of listings starting to decline for the first time this year, supply and demand may be the cause of increased prices.

The median list price for this market is $78,750 as of year-to-date, which is a 10% decline this time last year. Currently, the Northshore absorption rate has declined by 18%.


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