How's the market? Northeast Florida - November 2023

With 7,135 active listings on the market and just over 3 months of housing supply, there are still not enough homes on the market and pricing remains strong. With pent up demand at an all time high, new construction increasing in market share and home prices strong, it begs the question, what would trigger you to invest? If rates come down as fast as they went up, we could see the same buying frenzy as in 2021.

PENT UP DEMAND

Many buyers and sellers are sitting on the sidelines due to market conditions. Investors are at different levels of understanding of the local market.  Some say it's inflated, others are waiting for a crash.  Data shows that neither is true.  What is true is that we have a lot of buyer pent up demand that will be triggered when rates lower, and property values remain strong with demand being less than supply.

NEW CONSTRUCTION

The market share for new construction homes sold is rising. 25% of homes sold in the Jacksonville Metro in September were new construction. With incentives, rate buy downs and upgrades, the builders are coming in with competitive opportunities for buyers, taking market share from pre-owned homes.

RESIDENTIAL DATA – NORTHEAST FLORIDA (Real MLS, October 2023)

• Inventory: Currently we have 3 months of supply, as compared to a healthy market of 6 months
• Days on market are increasing. The median is now 35 days.
• The number of active listings have decreased by 2% year over year. September showed 7,858 listings.
• Sold listings is down by 22% as the market slows
• Luxury homes ($1M+) make up 4.5% of the total of sold homes. The 91 transactions in October was 8% less than in 2022.