Duval County and Clay County Florida Real Estate Topics

January 26th, 2016 11:34 AM
A recent post illustrated how sale prices were mostly flat in Fleming Island in 2015. A study using non-distressed MLS sales in Orange Park revealed a similar pattern.  Nearly 1,300 closed sales in Orange Park are shown on the scatter chart below and the median sale price for the sample was $170,000 and median living area was 1,868 square feet (SF). The median age of the sample was 15 years and the median days on market (DOM) was 48.   

Nearly 50% (46.5%) of the sales were in the Oakleaf Plantation area (MLS 139), where the median sale price was $214,600, median size 2,206 SF, median age two years, median DOM 67.   This market segment was mostly driven by new construction as Oakleaf Plantation continues to develop.  

The median sale price for the rest of Orange Park (excluding MLS 139) was $147,500, median size 1,716 SF, median age 32 years, and DOM 41.  Overall, the trend line for this market segment was only slightly improved in 2015.

The number of sales was strong in 2015 and demand seems to remain high.  Interest rates remain low, but the Federal Reserve (FED's) is indicating plans for 3-4 rate hikes in 2016. Economic conditions could  slow the FED'S 2016 plans, resulting in continued low mortgage rates.  

Posted by Scott A. Austin on January 26th, 2016 11:34 AMLeave a Comment

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