Quite an interesting trend is developing is in the area of short sales and foreclosures in the Jacksonville real estate market. Currently, less than 23% of non-condo inventory in the Jacksonville area are foreclosures and short sales. However, over 47% of Jacksonville homes under contract are short sales and foreclosures!
This is occuring because foreclosures and short sales, not having the same constraints as "regular" home sellers, have a greater likelihood than straight re-sales to be priced correctly. The percentage of pending sales that are foreclosures has been increasing rapidly, although the total number of listings that are foreclosures and short sales are creeping up slowly.
It seems that the number of foreclosures and short sales are not increasing significantly in relation to the whole market, however, that is definitely where the activity is taking place.
