Here’s the good news, and the good news! Northeast Florida real estate continues to remain strong with home values up on average around 4 percent. While listings are still less than what we’d like to see, we have 5,700 active homes on the market and less than 3 months of supply. By context, in a healthy market, we see 6 months of supply.
For sellers this means it is a great time to sell as values are strong and offers edge up due to multiple offer situations. While it is not the crazy summer of last year of dozens of multiple offers, we are still seeing a few on the same properties. Northeast Florida still has a median sale price of $360,000 so compare that to other parts of Florida and you’ll understand why buyers keep coming to our area.
If you are in the market to buy, we see the most listings in spring and early summer. Starting your search now means you’ll see the most options that you will later in the year.
LUXURY UPDATE: $1M+ Homes
Last month we saw a 27% increase in the number of homes listed over $1M. In St Augustine specifically, we saw a 51% increase in luxury listings as compared to last year. This represents 117 listings. At the luxury end competition is strong and your marketing plan will be even more important.
As prices remain strong, it is a tough market for flippers, especially in St Augustine, but we still see plenty of opportunity in Putnam County (Palatka). For landlords looking to extend their portfolio we are seeing new construction in the low $300s which can present a completely passive opportunity with a high occupancy rate as the long term rental market is tight. Established short term rentals are commanding strong prices.
RESIDENTIAL DATA – NORTHEAST FLORIDA (NEFAR, June 2023)
- Days on market has more than doubled compared to the same time last year. The median is now 33 days with the average more than 60 days.
- The number of active listings have increased by 15% year over year
- Sold listings is down by 14% as the market remains tight
- Luxury homes ($1M+) sales are flat with the same number selling as did this time least year, however listings have jumped by over 50%
|JUNE 2023||ST. AUGUSTINE||PONTE VEDRA BEACH|
|Median List Price||$509,900 (+ 8%)||$1,384,950 (+17%)|
|Median Sale Price||$450,000 (+3%)||$1,250,000 (+51%)|
|Average CDOM||61 (+ 90%)||73 (+143%)|
|# Active Listings||1,247 (+36%)||200 (+31%)|
|# Homes Sold||460 (-5.2%)||69 (-18%)|
Source: RealMLS (Northeast Florida Association of Realtors) Residential data for June 2023. Percentages as compared to the same time in 2022.