Jacksonville Condo Prices Drop 42 Percent in Second Quarter of 2010
According to the National Association of Realtors, condominium prices in the Jacksonville area suffered the largest drop – 42 percent -- among 61 U.S. metro areas during the second quarter of 2010, compared with the same period one year ago.
The median price for Jacksonville condos went from almost $127,000 in the second quarter of 2009 to $74,200 this year. However, the severe drop in prices also attracted bargain hunters – condo sales rose 90 percent year-over-year, according to the Florida Association of Realtors.
One realtor noted that the reason for the large drop was the increased number of foreclosures and short sales on top of a market glut of condominium units that were built during the 2005-06 real estate boom.
Comparatively, Jacksonville single family home prices are more stable, dropping by only nine percent during the second quarter, from $160,300 to $145,100. Sales volumes for single family residences rose 33 percent during the second quarter of 2010, from 3,054 in 2009 to 4,073 this year.
According to Zillow.com, a real estate data aggregator, almost half of Jacksonville condos and single family homes are underwater on their mortgages, meaning more is owed on the mortgage than what the property is worth.
If you are underwater on your mortgage and want to avoid foreclosure, contact our Jacksonville Florida foreclosure defense law firm.
Greg Gilbert
Keith Maynard
