The foreclosure rate is higher than 2010 and the delinquent mortgages are also on the rise. The good news… During the first six months of the year, Jacksonville home sales were on the rise. Decreasing home prices may be the reason for the increase in sales.
In May 2010, average sales prices were around $143,000. In 2011, the average has fallen to $135,500. More good news though… Condo prices are increasing. The average price for a condo was around $50,000 in May 2010. That number rose to nearly $60,000 in May 2011.
It is a great time to buy property in Florida. The beach is not getting any bigger and the land close to the ocean in the Sunshine State should be rising in cost soon as people realize that. As banks remove foreclosures from their balance sheets the tremendous deals flooding the market will dissipate and the values of home will get back to where they belong.