Sellers, take note. What was a trickle is now in full flow. Last month we watched a steady stream of new homes come on the market, in all price points. Almost 1,000 homeowners in St. Augustine decided to put their homes on the market in July! This is up 72% from the same time last year!
When it comes to Northeast Florida, we have 5,400 active listings, 200 up from the same time last month.
So what does this mean? More opportunities for buyers, less tolerance for over market pricing, and buyers may be slower to commit. Things are starting to slow.
Sellers concerned about mortgage rate changes affecting their home sale or future purchases, ended the month relieved. The ongoing Fed rate changes, which directly affect flexible lending like home equity lines of credit and credit cards, did not create the waves they anticipated in the mortgage market. In fact, last week we saw the average mortgage rates dip slightly from the previous month.
New listings abound in the luxury sector with a surge of homes hitting the market at over $1 Million (89% increase YOY in St Aug). In NE Florida it was 66%. We now have 515 active 1M+ listings in NE Florida and 89 in St. Augustine. That’s quite a lot to choose from if you have over a million dollars to spend. We advise luxury sellers to price on or below market to stay ahead of the market and not wind up with a discount strategy. Anticipate the days on market and price accordingly.
Sold in July: 104 (-5.5%)
Under contract: 97 (3.2%)
Active listings: 515 (+56%)
New listings: 212 (+67%)
Regional highlights for July:
- ST. AUGUSTINE – 71% increase in homes on the market compared to the same time last year.
- PONTE VEDRA BEACH – Matching St. Augustine, PVB also saw a 71% increase in homes on the market. More luxury homes being sold increased the median sale price by 84%.
- JACKSONVILLE BEACH – Increase in sale price by 70% although minimal increase in homes on the market.
- PALM COAST – Slow down in number of days on market, now 15 days as compared to previous months when we saw 4 DOM.
RESIDENTIAL DATA – NORTHEAST FLORIDA
|JULY 2022||ST. AUGUSTINE||PALM COAST||JACKSONVILLE BEACH||PONTE VEDRA BEACH|
|Median List Price||$486,990 (+12%)||$462,995 (18%)||$737,450 (16%)||$1,250,000 (-3%)|
|Median Sale Price||$461,000 (+15%)||$370,000 (13%)||$700,000 (40%)||$1,094,722 (84%)|
|Median DOM||20 (0%)||15 (50%)||20 (5%)||14 (-33%)|
|# Active Listings||997 (+71%)||86 (50%)||108 (8%)||183 (71%)|
|# Homes Sold||347 (-17.4)||41 (-2.4%)||31 (-55%)||49 (-43%)|
Source: RealMLS (Northeast Florida Association of Realtors)