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Archive for July 6th, 2012

Avondale vs. Ortega – Which Neighborhood offers a Better Buy right now?

Categories: Avondale, Buyers, Market Update, Ortega, Sellers
Posted on July 6th, 2012

Sales Statistics for Avondale vs Ortega - 1st 6 Months of 2011 vs 1st 6 Months of 2012

Sales Statistics for Avondale vs Ortega - 1st 6 Months of 2011 vs 1st 6 Months of 2012

Avondale and Ortega are two very popular intown neighborhoods for those considering a move to Jacksonville, FL. Both offer very close proximity to downtown Jacksonville and both offer a very nice quality of life.

This graph considers the first six months of 2011 sales in each neighborhood vs. the first six months of 2012. The data considers all price points, waterfront and non-watefront but is for single family home sales only – no condominium sales are included.

The inventory in Avondale is down 43% and it’s down 35% in Ortega. The number of days on market is down 8% in Avondale and 12% in Ortega. The number of homes sold is up 15% and a whopping 61% in Ortega. Interestingly, however, the average sales price is up a substantial 20% in Avondale and actually DOWN 1% in Ortega.

The months of supply is tightening in Avondale. It’s down to 7.7 months in June 2012 which is very close to a balanced market – an equal number of buyers and sellers. The months of supply in Ortega is still pretty high at 9.3 months of inventory. So it would appear that you probably still have a little more negotiating room in Ortega than you do in Avondale.

As you review the months of Inventory, keep in mind that these statistics include very expensive waterfront properties that aren’t selling very well. If you take properties above $1M out of the mix, the inventory numbers are much, much lower.

Caroline Powell and Allison Steilberg are neighborhood experts – if you’re considering buying or selling in Avondale or Ortega – call us at 904-252-5181 and you’ll get up to the minute advice about what’s happening in the market.

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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)