What will the 4th quarter bring?
We all know that buyer demand and homes sold has returned to a normal pace, so what can we expect now that the holidays are quickly approaching? In St. Augustine, it’s a busy time with guests and visitors in town for the annual Nights of Lights, among other things. We find they are often looking to buy and ask about real estate. Less listings and less buyers in the market means less competition for your home. We anticipate a flurry of new listings in the New Year and a lot more in the spring.
LUXURY UPDATE:
Correctly pricing and anticipating time on market is critical for luxury sellers. The following data is for homes $1M and above which represents about 6.5 percent of the overall market in NE Florida by total volume of homes sold.
Under contract: 73 (-11%)
Sold: 92 (+12%)
Active listings: 521 (+63%)
New listings: 139 (+20%)
Days on market: anecdotal data suggests 70-90 days or more on market in the luxury pricepoint
RESIDENTIAL DATA – NORTHEAST FLORIDA
- ST. AUGUSTINE – Days on market continues to extend dramatically back to 2019 levels. New listings coming to the market remain strong.
- PONTE VEDRA BEACH – The number of listings, days on market and price points continue to climb.
- PALM COAST – Cumulative days on market increases to 3 weeks, while listings increase and homes sold contract.
- JAX BEACH –Only a slight increase in the number of listings with cumulative days on market climbing to 36.
| OCTOBER 2022 | ST. AUGUSTINE | PONTE VEDRA BEACH | PALM COAST | JAX BEACH |
| Median List Price | $490,000 (+9%) | $1,375,000 (+44%) | $426,495 (+12%) | $694,000 (+6%) |
| Median Sale Price | $435,000 (+8%) | $890,000 (+29%) | $354,540 (-0.13%) | $625,000 (+18%) |
| Median DOM | 38 (+153%) | 34 (+126%) | 21 (+162%) | 37 (+76%) |
| # Active Listings | 1,067 (+48%) | 193 (+67%) | 144 (102%) | 94 (+10%) |
| # Homes Sold | 310 (-28%) | 62 (0%) | 29 (-37%) | 33 (-35%) |
Source: RealMLS (Northeast Florida Association of Realtors), October 2022
