The trickle of new homes on the market has become a lot stronger over the past six weeks as homeowners that were on the fence, make the decision to sell. In St. Augustine alone, we have seen 686 new listings on the market in June, up 33% from the same time last year. As of today we have 5,195 active listings in Northeast Florida.
This listing trend will provide more choices for buyers, however it may be dampened, as they also react to the Fed’s interest rate changes by stalling or being pushed out of financing altogether. The anticipation of future rate hikes creates anxiety in the market from both buyers and sellers. The market is being impacted by a multitude of influences as it enters this next phase.
Luxury Update:
New listings abound in the luxury sector with a surge of homes hitting the market at over $1 Million (87% increase YOY).
Sold in June: 148 (+43%)
Under contract: 113 (-20%)
Active listings: 465 (+26%)
New listings: 232 (+87%)
Regional highlights for June:
- ST. AUGUSTINE – St Augustine has experienced a surge of new listings on the market with 686 new listings (51% YOY increase). Sold homes remain the same as last June.
- PONTE VEDRA BEACH – 43% increase in list price for PVB based on 152 homes on the market. Average days on market extending to 18.
- JACKSONVILLE BEACH – Median sale price increased by 35% compared with June 2021.
- PALM COAST – Prices increasing in Palm Coast by 30% YOY. 41% more homes sold. Note: NEFAR represents a portion of Palm Coast transactions.
RESIDENTIAL DATA – NORTHEAST FLORIDA
| JUNE 2022 | ST. AUGUSTINE | PALM COAST | JACKSONVILLE BEACH | PONTE VEDRA BEACH |
| Median List Price | $499,450 (+16%) | $500,000 (+30%) | $835,000 (+12%) | $1,293,500 (+43%) |
| Median Sale Price | $435,278 (+13%) | $392,500 (+10%) | $702,000 (+35%) | $823,000 (+28%) |
| Median DOM | 15 (-11%) | 14 (-12%) | 17 (+6%) | 18 (28%) |
| # Active Listings | 802 (51%) | 65 (+10%) | 105 (4%) | 152 (+23%) |
| # Homes Sold | 450 (+1%) | 48 (41%) | 49 (-18%) | 81 (-18%) |
Source: RealMLS (NEFAR)
