Real Estate in Northeast Florida and Around the World

Compared to this time last year, we are seeing a significant stabilization occurring in Northeast Florida, according to the latest report from the National Association of Realtors®.

Comparing the metropolitan areas of the state, the Jacksonville (Northeast Florida) Metropolitan Statistical Area (MSA) suffered only a 5% average decline in median prices for single family dwellings from 2009 to 2010.  The lowest percentage declines were seen in areas of stable employment or incomes - Tallahassee, Pensacola, Gainesville and Cape Coral/Fort Myers.  With a median sales price for single family homes at $134,200, it is easy to see why Northeast Florida is gaining the attention of so many buyers - global and domestic.

The median sales prices for condos and coops saw larger decreases, primarily due to the gross oversupply coupled with a drought of financing options for potential buyers.  The condo markets hardest hit continue to be Tampa and Miami-Dade areas, suffering 20% and 25% losses in median sale prices from 2009 to 2010.  The northeast Florida market saw only an 11% decrease from 2009, but with median sales prices for condos now at $74,700 in NE Florida, the inventories are coming down nicely and prices are beginning to slow their decent.

For a closer look at Florida Housing Market Data and Median Sales Prices, click on the "Market Data" tab to the left, and then click on the link for 2010 NAR Florida Market Data.