Jax housing shows improvement

JACKSONVILLE - Residential sales are showing welcome signs of recovery here as the housing market takes baby steps toward improvement, according to new data released by the Florida Association of Realtors.

Single-family housing sales for February 2009 show a gain from the same month last year, growing 6% to 729 from 687 in February 2008. Statewide sales gained 20% in the same period.

The median price dropped 11% to $159,500 from $180,200 in the period, compared to a 29% drop in pricing statewide.

Inventory is on the decline, as well, dropping to 14.3 months of supply in February compared to 15.1 months a year earlier, according to data supplied by the Northeast Florida Association of Realtors. Total active listings declined by 6.9% or 1,142 units.

“I think Jacksonville is faring very well in this market - better than a lot of other areas. Of course, Jacksonville is a port city. We have a lot happening here,” said Millie Kanyar of Watson Realty Corp., president of NEFAR.

Pending sales are on the rise, Kanyar said, partly because of the new federal $8,000 tax credit for first-time homebuyers and partly because of general market improvement.

“I think we are getting to the point where people are starting to settle down a bit. They’re thinking, ‘Maybe we need to take some action.’ The market is certainly perfect for buyers,” she said.

“Some of them are taking their time to make a decision. They were waiting for the bottom to really hit. They’re starting to awaken to the realization that if they don’t take action now they’ll miss the boat.”

Once inventory levels decline to six months of supply, the pendulum will swing back to a seller’s market, Kanyar said. Sales will look even better by the end of this year, she added, with the trend showing a steady increase.

“It’ll sneak up on those who were sleeping,” she said.

Sidebar: Condo market still struggling

JACKSONVILLE - While single-family home sales in Jacksonville are showing improvement, the same cannot be said for the condominium market, according to Florida Association of Realtors’ data.

Sales in February declined 26% to 68 units, compared to 92 sales the same month last year. Statewide sales rose 15% in the period.

Prices declined 17% to $118,600 in February, compared to $142,500 a year earlier. Prices declined 37% on a statewide basis to $109,300.