The transition to a calmer market is well underway
As the buyer frenzy has dissipated, we are left with a calmer market, meaning more days on market, more listings and list prices normalizing. It appears as if we are headed back to the calmer waters of 2019.
We advise luxury sellers to price on or slightly below market to stay ahead of the market and not wind up with a discount strategy. Anticipate longer days on market and price accordingly. The following data is for homes $750,000 and above which represents about 7 percent of the overall market in NE Florida by total volume of homes sold.
Under contract: 190 (8.7% of the market)
Sold: 167 (7% of the market)
Active listings: 1039 (13% of the market)
New listings: 309 (10% of the market)
Days on market: anecdotal data suggests 60-90 days or more on market in the luxury pricepoint
Regional highlights for August:
- ST. AUGUSTINE – Increasing days on market with dramatic increase in new listings.
- PONTE VEDRA BEACH –Increased listings and increased days on market. Smaller quantity of homes easily shows spikes in list prices.
- PALM COAST – Large amount of listings added to NEFAR this month. Slowdown in homes sold and increased days on market continues.
- JAX BEACH – Almost the same number of listings compared with the same time last month. Also showing longer days on market and only slight increase in list price.
RESIDENTIAL DATA – NORTHEAST FLORIDA
|SEPTEMBER 2022||ST. AUGUSTINE||PONTE VEDRA BEACH||PALM COAST||JAX BEACH|
|Median List Price||$499,000 (+11%)||$1,490,000 (+50%)||$428,500 (+14%)||$687,000 (+14%)|
|Median Sale Price||$470,000 (+17%)||$871,500 (+10%)||$375,950 (+6%)||$660,000 (+20%)|
|Median DOM||29 (+107%)||26 (+30%)||12 (-14%)||24 (-25%)|
|# Active Listings||1,102 (+69%)||189 (+60%)||130 (+94%)||104 (+4%)|
|# Homes Sold||253 (-36%)||43 (-30%)||22 (-50%)||37 (-21%)|
Source: RealMLS (Northeast Florida Association of Realtors), Sept 2022