Green Cove Springs, FL Market TrendsBETA

Asking prices for multifamily properties have gone up from the end of last quarter, rising 4.1% to $49,596 per unit. Asking prices have risen 7.2% on the year. Asking prices for multifamily properties hit a three-year peak in April 2007 at $84,775 per unit. The current median asking price is 6.8% lower. The lowest asking price over the past three years was $46,009 in April 2011.

For office properties in the metro area, the average asking price was $120.31 per square foot for the month. This represents a decrease of 8.9% year-over-year as well as a decrease of 1.7% compared to the end of the fourth quarter of 2011. Asking prices for office properties hit a new three-year low this month. The previous three-year low was last month at $120.46.

For industrial properties in the metro area, the average asking price was $56.49 per square foot for the month. This represents a decrease of 4.7% year-over-year as well as a decrease of 1.2% compared to the end of the fourth quarter of 2011. In December 2008, the asking prices for industrial properties were at their highest in the past three years at $85.43 per square foot. In comparison, the median asking price is now 10.1% lower. On the other hand, the lowest asking price in the past three years was seen in December 2005 at $51.30.

The average asking price for retail properties in the metro area was $132.25 per square foot for the month. This shows a drop of 12.4% year-over-year, and a decline of 2.9% from the end of the fourth quarter of 2011. Asking prices for retail properties have fallen to a new three-year low this month. The previous three-year low was $132.81, set last month.

Sale prices for multifamily properties in the metro area appear to have a seasonal cycle to them. The highs in the cycle tend to occur around July and the lows come around January. Over the past year sale prices have fallen 15.1% to $31,529 per unit. Over the past two months, the median sale price per unit for multifamily properties in the metro area has fallen 5.8%. Prior to that, there was a rising streak of six months ending in February, when sale prices rose 63.2%. The highest median sale price over the past three years was $90,677, which was set in September 2010. The current median sale price is 65.2% lower. However, the current price is 53.7% higher than the three-year-low of $20,507, which was set in September 2011.

Currently, the median sale price per square foot for office properties in the metro area is in three-month decline, falling 3.8% in that time. Previously, sale prices rose 14.6% over a five-month period ending in January. At $75.17, sale prices per square foot for office properties have decreased by 2.9% compared to the end of the prior quarter. Comparably, sale prices are down 15.6% for the past 12 months. The highest median price of the past three years was set in April 2009 at $112.11. In comparison, the current median sale price is down by 32.9%. However, the current price is 10.3% higher than the September 2011 figure, which was the three-year low.

The rate of decline in median sale price per square foot for retail properties in the metro area has slowed after falling 23.2% over the last six months. Sale prices per square foot for retail properties are $63.35, representing a 15.2% decrease from the end of the prior quarter. Similarly, over the previous year, sale prices have dropped by 21%. The median sale price for this month was the lowest it has been in three years. The previous low of $64.29 was set last month.

Available multifamily properties have fallen for the past five months month-over-month, a 10.2% decline. The number of multifamily properties available has fallen in March, reflecting a new three-year low in the Jacksonville Metro Area. The previous low was set in January 2011. The number of available multifamily properties has fallen by 4.5% over the last year in the Jacksonville Metro Area.

Available office properties for sale have been on the rise for the past three months month-over-month, a 1.3% increase overall. The number of office properties available in the Jacksonville Metro Area has risen 1.1% over the past year.

The number of industrial properties for sale has seen a month-over-month rise of 2.8% over four consecutive months. March marks a new three-year high for available industrial properties in the Jacksonville Metro Area. Last month set the previous high. The number of available industrial properties has risen by 27.4% in the Jacksonville Metro Area over the past year.

Available retail for sale have been on the rise for the past two months month-over-month, a 0.3% increase overall. This, however, has yet to offset the 7.9% drop seen in the past year.

Interest on LoopNet for multifamily properties listed in the Jacksonville Metro Area has fallen by 4.2% since December 2011, 21.8 percentage points less than the 17.5% increase in the national average. Conversely, interest rose 0.8% over the past year. The yearly change ranks the Jacksonville Metro Area thirty-sixth out of the top 48 metros.

Demand on LoopNet for office properties spiked in the Jacksonville Metro Area market, rising 22.4% since December 2011, 0.6 percentage points more than the 21.8% increase in the national average. Demand for office properties also increased by 16.9% over the past year. The yearly change ranks the Jacksonville Metro Area thirty-fifth out of the top 48 metros.

Jacksonville Metro Area ranks fourth out of the top 48 metros in terms of interest growth for industrial properties listed on LoopNet over the past year. Demand has increased 50% during that time. Demand on LoopNet for industrial properties spiked in the Jacksonville Metro Area market, rising 29.6% since December 2011, 7.2 percentage points more than the 22.4% increase in the national average.

Demand on LoopNet for retail properties spiked in the Jacksonville Metro Area market, rising 28.5% since December 2011, 8.8 percentage points more than the 19.6% increase in the national average. Demand for retail properties also increased by 11% over the past year. The yearly change ranks the Jacksonville Metro Area thirty-ninth out of the top 48 metros.

This is the sixth month of a 6.4% decline in a available square footage for office properties. This, however, did not offset the 1.8% increase of the past year. Soft market conditions are likely to persist as inventory is staying on the market longer. The rise in supply also seems to be putting downward pressure on sale prices, which could be why they have fallen lately.

Square footage for industrial properties has risen 0.2% versus the end of last quarter. For the year, square footage is up 15%. There has been a 15% increase in square footage available for sale over the past year in the metro area. Soft market conditions are likely to persist as inventory is staying on the market longer.

This is the sixth consecutive month that square footage available for sale has declined month-over-month for retail properties. Retail properties in the metro area have seen a 6.9% drop in square footage for sale over the past year. The drop in both the supply of properties and the average time on market could be a sign that prices are going to move upwards. The current market conditions are not favorable for buyers or sellers as prices are falling and sellers still do not seem willing to put more properties on the market due to the poor conditions.

For the past two months, number of units available has declined month-over-month for multifamily properties, a 4.6% decrease, but this was not enough to offset the 1.8% climb seen in the past year. The drop in supply and the rise in days on market could be an indicator that people are currently holding off putting their properties up for sale in the current economic climate. The current market conditions are not favorable for buyers or sellers as prices are falling and sellers still do not seem willing to put more properties on the market due to the poor conditions.

Multifamily properties in the Jacksonville Metro Area are on the market longer compared with the same month last year, and this gap is greater than that at the state level. They are now on the market for 158 days before being sold, 19.9% longer than last year. For the state, these properties are on the market for 139 days, 21.4% less than last year. From the lowest point, which was set in May 2011, time on market has risen 51.8%. Days on market for multifamily properties has been on an upward climb over the past four months.

Compared with a year earlier, office properties in the Jacksonville Metro Area are staying on the market longer, and the gap is greater at the metro level than at the state level. Office properties now last 266 days on the market, up 9.8% from last year. At the state level, these properties are on the market for 260 days, a decrease of 3.5% year-over-year. Compared with April 2009, when the time on market was at its lowest, these properties are now on the market 24.1% longer.

Compared with a year earlier, industrial properties in the Jacksonville Metro Area are taking longer to move, and the change in days on market is greater than that at the state level. Industrial properties now stay on the market an average of 352 days, up 11.9% from last year. In comparison, they last 281 days at the state level, up 1.9% from last year. Days on market hit a new high this month. Previously, the longest these properties would last on market was for 343 days, a high established in November 2011.

The time on market for retail properties in the Jacksonville Metro Area is down 6.9% from last year, to 200 days. Overall in Florida the time on market has dropped even further as a percentage, by 19.4%, to 197 during the same time period. From June 2011, when the time on market was at its highest, it has fallen 24.7%.

The average asking lease rate for office properties in the metro area was $14.42 per square foot for the month. This is down 1.8% from the previous year, and down 0.1% from the end of the fourth quarter of 2011. Lease rates for office properties are the lowest they have been in three years. The previous three-year low was $14.43 in January 2012.

For industrial properties in the metro area, the average asking lease rate was $4.91 per square foot for the month. This represents a decrease of 4.8% year-over-year as well as a decrease of 2.2% compared to the end of the fourth quarter of 2011. This month, lease rates for industrial properties have fallen to a new three-year low. Prior to this, the record three-year low was in September 2011 at $4.94.

Asking lease rates for retail properties have risen 0.7% versus the end of last quarter to $13.44 per square foot. For the year, asking rates have gone up 1%. In February 2007, the asking lease rates for retail properties were at their highest in the past three years at $17.36 per square foot. In comparison, the median asking price is now 13.7% lower. The lowest asking lease rate in the past three years was $13.28 set in February 2011.

There has been a two month drop in the number of office spaces available month-over-month in the metro area, representing a 0.1% downward movement. In the past year, the Jacksonville Metro Area has seen a 3.1% decline in the number of available office spaces.

For two consecutive months, the number of industrial spaces available has seen a month-over-month decline, 1.6% overall. The number of industrial spaces available in the Jacksonville Metro Area has fallen 3.6% over the past year.

For the past three months, the number of of retail spaces for lease has been on the rise month-over-month, increasing 2.1% over that period. A new three-year high for retail spaces available in the Jacksonville Metro Area was reached in the month of March. Retail spaces available was at its previous high in December 2011. Over the past year, the number of retail spaces available in the Jacksonville Metro Area has gone up by 7.2%.

Demand on LoopNet for office properties spiked in the Jacksonville Metro Area market, rising 40.4% since December 2011, 11.6 percentage points more than the 28.8% increase in the national average. Demand for office properties also increased by 26.6% over the past year. The yearly change ranks the Jacksonville Metro Area thirty-third out of the top 48 metros.

Demand on LoopNet for industrial properties spiked in the Jacksonville Metro Area market, rising 19.5% since December 2011, 6.3 percentage points less than the 25.8% increase in the national average. Demand for industrial properties also increased by 16.6% over the past year. The yearly change ranks the Jacksonville Metro Area forty-second out of the top 48 metros.

Demand on LoopNet for retail properties spiked in the Jacksonville Metro Area market, rising 32.5% since December 2011, 7.2 percentage points more than the 25.3% increase in the national average. Demand for retail properties also increased by 27.9% over the past year. The yearly change ranks the Jacksonville Metro Area fifteenth out of the top 48 metros.

This is the sixth consecutive month that square footage available has declined month-over-month for office properties. The current square footage available reflects a 1.8% fall in the metro area over the past year.

Over the past three months, industrial properties have seen a steady increase in available square footage in the metro area. Square footage for industrial properties has risen 0.8% versus the end of last quarter. For the year, square footage is up 19.1%. The square footage available in the metro area for the month of March represents a three-year high. Previously, it was at its highest point last month. The square footage available for industrial properties in the metro area has risen 19.1% over the past year.

The square footage available in the metro area has been on the rise over the past three months for retail properties. Square footage for retail properties has risen 4.1% versus the end of last quarter. For the year, square footage is up 20.2%. The square footage available in the metro area reached a new three-year high in the month of March. Previously, it was at its highest point in May 2010. There has been a 20.2% increase in square footage available over the past year in the metro area.

Office properties in the Jacksonville Metro Area are staying on the market longer than they did during the same time last year, and the change is greater than that at the state level. They are now on the market for 325 days before turning over, which is 39.2% longer than last year. In comparison, they last 255 days at the state level, down 5.3% from last year. Compared with April 2009, when time on market was its shortest, it has climbed 54.6%. The time that office properties stay on the market in the metro area has been increasing every month for the past three months.

The time on market for industrial properties in the Jacksonville Metro Area is down 28.8% from last year, to 270 days. Over the same period, days on market in Florida overall have fallen by 13.7%. From its lowest point in May 2009, the number of days on market have increased 40.1%.

Retail properties in the Jacksonville Metro Area are turning over faster than the same time last year, as the days on market slid 1.3% to 250 days. During the same time period, the time on market for these properties at the state level has fallen even more as a percentage, by 10.7%, to 272. Metro days on market is down 23% from its highest point in June 2011.