Our market is nothing like what the forecast the mainstream media would have you believe. Local MLS data shows 7,283 homes on the market in February, slightly up, but still far from 9,000- the levels we saw in 2019. We still have a housing shortage and no crash in sight! If you are thinking of selling your house pay attention to days on market. You can expect to be on the market a lot longer than if you listed last year. (average 84 days). Sellers are becoming more realistic as list price and sale prices appear closer than they have been.
LUXURY UPDATE: $1M+ Homes
Good news, sales are increasing for $1M+ homes; last month we saw a 15% increase in the number of sold homes. Regional data shows 175 new listings in February (a 139% increase!), 68 sold, 97 pending and 470 active listings (up 67% from this time last year). In St. Augustine specifically, we saw 74 active listings as compared with 51 for the same month last year. I anticipate more listings to come on market in the next four weeks as we edge into the spring selling season!
RESIDENTIAL DATA – NORTHEAST FLORIDA
- ST. AUGUSTINE – Home prices remain strong as we edge closer to $500,000 average list price. Slowing of market with average priced homes at 84 days and luxury much longer. Only a slight dip in number of homes sold shows demand continues for STA.
- PONTE VEDRA BEACH – Increase in listings on the market shows good news for buyers. Home prices remain strong.
- PALM COAST – A great slowing as compared with the same time last year, however average home prices increasing.
- JAX BEACH – List and sale prices getting closer as sellers become more realistic about home values. Days on market back to normal levels.
|FEBRUARY 2023||ST. AUGUSTINE||PONTE VEDRA BEACH||PALM COAST||JAX BEACH|
|Median List Price||$497,900 (+4%)||$1,450,000 (-6%)||$455,250 (+14%)||$665,000 (-23%)|
|Median Sale Price||$390,000 (-7%)||$687,750 (+8%)||$362,495 (+12%)||$576,750 (+8%)|
|Average CDOM||84 (+127%)||72 (+84%)||70 (+268%)||88 (+203%)|
|# Active Listings||1,035 (+103%)||174 (+109)||108 (+89)||96 (+84%)|
|# Homes Sold||314 (-5%)||42 (-26%)||36 (+9%)||38 (-19%)|
Source: RealMLS (Northeast Florida Association of Realtors) Residential data for February 2023. Percentages as compared to the same time in 2022.