Serious buyers are here & investors are back
With listings hovering around 7,000 homes as of today, and only 2.7 months of inventory, it’s still a seller’s market here in Northeast Florida. We have a long way to go to get back to inventory levels of 2019, and pricing continues to be strong. While interest rates have been climbing we have seen them dip in the past few weeks. Serious buyers are now in the market. I’m also seeing investors come back looking for fixers and flips!
LUXURY UPDATE: $1M+ Homes
Currently 6.5% of homes for sale in NE Florida are listed at $1M+ (456 homes). That may not seem like much, however with active listings now in St Augustine hitting almost 80 homes over $1M, we are back to normal days on market. (80-100+ days). This market saw 7 homes in under contract in the past 30 days and we saw 6 closings.
In Ponte Vedra Beach we saw 16 homes go under contract and 18 closed in the past month. Total homes above $1M on the market in PVB are 103.
RESIDENTIAL DATA – NORTHEAST FLORIDA
- ST. AUGUSTINE – The steady stream of new homes coming on the market continues and days on market normalize.
- PONTE VEDRA BEACH – Luxury listings taking longer to sell with an average of 50 days on market, plus more to choose from.
- PALM COAST – A dramatic slow down in days on market as compared to earlier this year. More listings and choices for buyers.
- JAX BEACH – Less opportunities coming on the market but those on market can expect a longer time to sell.
|NOVEMBER 2022||ST. AUGUSTINE||PONTE VEDRA BEACH||PALM COAST||JAX BEACH|
|Median List Price||$489,700 (+11%)||$1,445,000 (+52%)||$420,995 (+17%)||$999,900 (+61%)|
|Median Sale Price||$399,950 (-5%)||$686,000 (17%)||$386,995 (+10%)||$1,480,000 (+202%)|
|Average CDOM||60 (+87%)||50 (+85%)||56 (+80%)||147 (297%)|
|# Active Listings||1,077 (+58%)||189 (+70%)||140 (+109%)||9 (0%)|
|# Homes Sold||284 (-31%)||46 (-37%)||28 (-17% )||2 (-71%)|
Source: RealMLS (Northeast Florida Association of Realtors), November 2022