Monday Morning Market Report – Week Ending 9/27/09

week ending Sept. 28th market statistics
Click here to see graph

Read here to get the latest market statistics on what’s happening in the Avondale, Ortega and Riverside neighborhoods of Jacksonville. See what was newly listed, what sold, what went under contract and what prices were reduced!

 As a note, I do daily searches for myself but for my readers, the report will be done on a weekly basis. So…for the week ending 9/27/09, these are the stats. The bar graph illustrates clearly that Closed Sales (11 ) plus Pending Sales (5) FAR outnumber the New Listings. Additionally, there were 12 price reductions (more about that later) which is what we are seeing more and more of as sellers realize that they must slash their prices to get an offer.

New Listings:   6
Closed Sales:   11
Pending Sales:   5
Price Reductions:   12

 Closed Sales & Pending Sales FAR OUTNUMBER the new listings!!  This is the most important  keys to the recovery of the real estate market. In order for the market to stabilize, we’ve got to see the inventory come down which is clearly the picture represented here! Also, note the large number of price reductions. This is another major factor to the stabilization of the market. As sellers finally realize that they must reduce their prices, buyers are standing by ready to pounce and inventory will continue to dwindle.

New listings include everything from an $89,000 condo at Timuquana Village Condominiums to a waterfront single family home on the Ortega River at $2,300,000. The waterfront house is located at 4155 Lakeside Drive and is priced at roughly $400 per square foot.

pershing road kitchenThe closed sales include a house in serious need of repair on Locust Street that sold for only $15,900 to a darling home 1672 Pershing Rd. (MLS # 488296) that had a wonderful new kitchen. It sold for $225,000.

The 5 Pending sales include 2 contingent sales. When a house gets an offer on it and both parties have agreed to the price and terms, the listing agent changes the “status” of the listing in the MLS (multiple listing service) to Active Contingent. This generally means that there is a condition that still needs to be satisfied. Some examples of this could be financing or inspections.

Once the contingencies have been satisfied, the sale will be changed from Active/Contingent to Pending which means that the transaction should be completed soon and the house will change hands from seller to buyer.3855 Walsh Street This darling new construction house Walsh Street is pending which means it will close soon. I showed this to some buyers and it was very nice. As an interesting note, at least four of the homes that I showed them have either already sold or are under contract!

One last statistic to take note of – price reductions! There were 12 Price Reductions this week. The most notable of those was a $500K price reduction on a gorgeous waterfront home on Richmond Street in Avondale. With over 7,000 SF of living space and over 170 feet of River front, this house is a showplace! The price drop brings the asking price to $4,490,000.

The other significant price drop was a “lot” on Woodward Road that was reduced this week to only $675K (see my earlier post “Run Don’t Walk”! There is a house on the property but the need for renovation is so strong that most would consider this to be lot value.

So…all in all, it was a great week. Tune in Monday, October 5th, for my next Monday Morning Market Memo!