Lower-Priced Foreclosed Homes for Sale in Jacksonville, FL

May 28, 2010 by Anthony Parker on Foreclosure Homes

There were more lower-priced foreclosed homes for sale in Jacksonville, FL in the first quarter, as defaults and repossessions continued to rise and pull down prices.

During the quarter, more than 7,800 homes were hit with default and foreclosure filings, accounting for over 1.3 percent of households in the Jacksonville area. With one foreclosure filing for every 76 homes, Jacksonville was 33rd in a ranking of over 200 large metro areas based on foreclosure rates in the first quarter.

The total filings for the quarter also marked a sharp 38-percent jump from filings in April last year and an increase of 1.2 percent from the previous quarter. With the continued surge, investors and buyers did not have to spend much time to find foreclosure listings featuring low prices.

Sales of homes and condos spiked in the first quarter as lower-priced foreclosed homes for sale in Jacksonville, FL continued to push down median price levels. Nearly 3,000 homes were sold during the quarter, a jump of 34 percent compared to sales one year earlier. The median meanwhile for these homes dropped by more than 6 percent from $150,700 to $141,600.

Condo sales also increased from 223 units to 471 units, but the median price plunged sharply by a staggering 29 percent from $123,100 one year earlier to $87,400 in the first quarter.

The still high number of Florida foreclosed homes also pushed down home price levels. The price median fell by 5 percent in the first quarter to $133,800, although home sales spiked by 24 percent to a total of 38,846 units. Condo sales shot up by 67 percent to 16,897 units, but the price median plunged by 13 percent in the first quarter to $95,800.

Not only foreclosed homes for sale in Jacksonville, FL dragged down the median in the state. Prices also fell in Tampa, Orlando, Fort Myers, Ocala and Fort Lauderdale, with Ocala posting the lowest median price for condos and Fort Myers posting the lowest median for homes.

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