October 2012 Jacksonville Real Estate Market Overview
October 2012 Jacksonville Real Estate Market Statistical Summary:
Historically speaking, seasonally all markets shed a little inventory toward the end of the year. Sales are strong over the spring, summer and fall then lighten up in the holiday season.
Most remarkable this month was the increase in closed sales (up 19.3%) the average sales price and median sales prices are showing positive yet slow increases and that is also an indication of the short sales and foreclosures having less of an effect on the prices.
Short sale lenders and foreclosure held properties are doing the due diligence needed to price the properties correctly and are experiencing continued increase in multiple offers.Cash sales continue to rise and months of inventory continues to shrink. Now is an excellent time to become an investor and build wealth while the prices are still reasonable and rental rates continue to rise.