Realtors: August sales show rebound in Northeast Florida

This material may not be published, broadcast, rewritten or redistributed. Johns and Nassau counties, brought news of strengthening across the board in the regional Real Estate market - year-over-year improvements in sales, pending sales, median price and inventories. The average sales price also was up to $180,823, which was 6. Distressed sales accounted for about 43 percent of all sales in August; in August 2010, they accounted for 51 percent of all sales. Inventories fell as well, another positive sign, NEFAR noted. About 11,167 properties were available for sale in August 2011 as compared to 16,464 in August 2010 - a 32 percent difference. The percentage of distressed sales has fallen steadily from a peak of 60 percent in February. Likewise, the median price of sales in the metropolitan area has slowly risen since bottoming out at $115,900 in February. If you would have followed their "professional" advice, you'd be one of many sitting underwater in your mortgage in 2011. Have you ever heard the Realtors say wait until prices drop further. Do your own research, and you will find that it is likely that housing prices in Jacksonville will on average decrease another 20 - 30 percent before any major upturn occurs. Housing is still expensive relative to the local market. Jobs are scarce, and those that have jobs have stagnant wages. Housing prices in a local area are a function of the economic activity in that local area. The current level of economic activity in the Jacksonville area at this point in time will not support the level of pricing of the current stock of housing for sale. Prices will drop another 20-30 percent before there can be an uptick in sales. No amount of spin or pr puffery will change that fact of life. If the lenders dumped everything they owned into the market, you would see a supply-demand imbalance that would immediately drop prices by 25 percent. Long story short, don't believe the hype, use your brain, don't sacrifice your financial well being for a realtor's commission. There's a reason all of those houses have been sitting on the market for more than a year. This UNF class on investing has happy following Why women may be better investors than men Two more stores coming to St. Realtors