This summer the market is HOT in Northeast Florida! This past month we have seen more listings come onto the market, with even more luxury homes deciding to list. With no crash in sight, we are still in need of more housing here and pricing continues to be strong. I would say the most surprising thing that sellers find is the “slow down” as compared with the frenzy that was the past 18 months. It is all good news for buyers and sellers as we steer towards a calmer market.
We now have 6,200 active listings, up 800 from the same time last month. Yes! That’s a lot. Remember, in 2019 we hit over 9,000+ homes on the market so we are still far from that.
We advise luxury sellers to price on or slightly below market to stay ahead of the market and not wind up with a discount strategy and long days on market. Anticipate the days on market and price accordingly. The following data is for August 2022 for homes $750,000 and above.
Under contract: 213 (8% of listings)
Sold: 234 (10% of listings)
Active listings: 1,047 (14% of listings)
New listings: 334 (9% of listings)
Days on market: Generally we are seeing 45-60 days on market for $1M + listings.
Regional highlights for August:
- ST. AUGUSTINE – 66% increase in active listings. For homes $1M+ we saw a 222% increase in new listings or 29 listings in St Augustine. More listings means more opportunities for buyers and less tolerance for overpriced properties.
- PONTE VEDRA BEACH – More days on market, more listings.
- PALM COAST – 70% increase in active listings (NEFAR). Note that the majority of Palm Coast listings are on Stellar MLS however, those waiting to sell are now pulling the trigger.
- JAX BEACH – Longer days on market as compared to the same time last year.
RESIDENTIAL DATA – NORTHEAST FLORIDA
|AUGUST 2022||ST. AUGUSTINE||PONTE VEDRA BEACH||PALM COAST||JAX BEACH|
|Median List Price||$500,000 (+12%)||$1,347,000 (+16%)||$459,990 (+22%)||$685,000 (+12%)|
|Median Sale Price||$463,990 (+19%)||$780,000 (+11%)||$418,750 (21%)||$650,000 (+27%)|
|Median DOM||21 (+23%)||27 (+58%)||10 (-44%)||38 (+123%)|
|# Active Listings||1,000 (+66%)||185 (+54%)||99 (+70%)||115 (+7%)|
|# Homes Sold||338 (-22%)||67 (-13%)||38 (+2%)||33 (-31%)|
Source: RealMLS (Northeast Florida Association of Realtors)