As Florida continues to top the list of states to people are moving to, we continue to see less available inventory, less days on market and increases in home prices across all markets.
New construction homes are quickly supplementing the lack of inventory. New builds are showing handfuls of availability for homes that are due to be completed in the next 5-7 months. Some builders are starting to freeze future sales to better manage timing and expectations.
We find that buyers that are relocating are often seeking lifestyle properties like condos with boat docks, golf and waterfront views. You can now see pages on our site showcasing these specific listings, better serving those with specific interests.
If you’re considering selling your property in the next 12 months, keep in mind our general market conditions, and how they impact pricing. Mortgage rate hikes can reduce the number of buyers in the market at the pricepoint they are approved for, impacting demand, which in turn influences market pricing. Even in the past two months we have seen fluctuation as rates are up and down. There is no crystal ball but we continue to closely monitor. If you’d like a comparative market analysis on your property let me know.
Market Highlights
- ACTIVE LISTINGS –30% less inventory compared with the same time last year.
- HOMES SOLD – Over 20% less homes sold
- DAYS ON MARKET – Median days on market in Palm Coast has reduced to 2 days (!!!), from 6 days last month! Augustine shows 19 days on market as the current median.
- SALES PRICE – Both Ponte Vedra Beach and St. Augustine lead the way with average sales prices increasing.
Regional Highlights
- PALM COAST – Fastest moving market in the region with now only 2 days on market! Sale prices are edging up.
- ST. AUGUSTINE – Sales prices increasing by 26% offset by 25% less listings.
- JACKSONVILLE BEACH – Sale prices increasing with a median time on market of two weeks.
- PONTE VEDRA BEACH – Large list prices in smaller inventory market can quickly show high percent increases that might not be indicative. Active listings down for this market by 34%.
RESIDENTIAL DATA – NORTHEAST FLORIDA
| February 2022 | ST. AUGUSTINE | PALM COAST | JACKSONVILLE BEACH | PONTE VEDRA BEACH |
| Median List Price | $474,945 (22%) | $399,000 (16%) | $864,900 (57%) | $1,597,500 (87%) |
| Median Sale Price | $415,000 (26%) | $335,000 (11%) | $530,000 (11%) | $625,000 (25%) |
| Median DOM | 19 (-40%) | 2 (-92%) | 14 (-63%) | 20 (-13%) |
| # Active Listings | 458 (-25%) | 45 (-22%) | 53 (-29%) | 74 (-34%) |
| # Homes sold | 265 (-28%) | 29 (-17%) | 42 (-19%) | 49 (-29%) |
| Notes | 57% homes sold $300K-$499K | Palm Coast is hot with only 2 DOM! | Jump in list price, market speeding up with less DOM | 38% of homes sold were $750k+ |
SOURCE: RealMLS/NEFAR, Residential, February 2022
