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Archive for May 18th, 2010

Jacksonville, FL Alert! Dramatic Drop In Inventory of Homes Priced from $250K – $500K!

Categories: Breaking News, Market Update, Sellers
Posted on May 18th, 2010

good_news_picGreat News! If you live in Jacksonville and have a home to sell that’s valued somewhere between $250K and $500K, you’re in luck.

Since this time last year (12 months of data), the number of closed sales in this price range has increased by 14.04% and the amount of inventory has DECREASED (that’s a good thing) by more than 50% (53.31% to be exact). We are down to only 13.15 months of inventory meaning that if every home on the market in this price were to sell and no other new listings were to come on the market, it would take approximately 13 months for all of the inventory to be absorbed.

Most people define a “balanced” market where there are an even number of buyers and sellers to be around six months of inventory.  13 months of inventory is approximately double that of a “balanced” market and would indicate a buyer’s market. That’s certainly still true but considering that inventory levels have been as high as a three or four year supply, only thirteen months supply actually seems small by comparison.

So…thinking of selling? Wondering just exactly what your chances are of finding a buyer in this crazy market? Call the experts! The Powell Steilberg team consistently tracks and measures the market so that you have a realistic picture of what’s going on. It’s essential information to have and we have it!

Thanks for reading! For the state of real estate in the Avondale, Ortega and Riverside neighborhoods, subscribe to our blog and you’ll be the first to know about what’s going on!

Written by Allison Steilberg // Discussion: Please leave a comment.

Allison Steilberg

Realtor®
Berkshire Hathaway HomeServices Florida Network Realty 3627 St. Johns Avenue Jacksonville, FL 32205 904-252-5181 (Allison)