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.
Luxury Update:
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
