How’s the market? Winter 2024

Happy New Year! December stats show 7,000 active listings on our Northeast Florida MLS, still low in relative terms. December was actually 15% down on listings year over year. With a tight market and less options for buyers we also have motivated sellers. The holidays are always a slower time for home sales and we anticipate active listings to pick up now through the first two quarters of the year.

MORE MOVEMENT

A Fannie Mae survey found that 17% of consumers indicate it’s a good time to buy a home now, primarily due to a significant jump in the share of consumers expecting mortgage rates to go down over the next 12 months. While there is no crystal ball, an election year may mean rates become more favorable to most people again.

RENTERS

The rental market in St Augustine has slowed in terms of tenant demand, and we hope to see this pick back up shortly. Rent pricing has softened and landlords must be priced right in order to attract tenants. With the swing from last year’s high we advise you to consult a property manager to get a barometer for what is an appropriate rent.

RATES

With 10 weeks in a row of mortgage rate declines, we are seeing favorable rates reappear. Some clients have even reached 5.5% for FHA. National averages show 6.5% for Conventional loans. Consult your lender for the rates based on your own personal scenario. In real estate sales, a decrease in rates may spur multiple offers, causing home prices and values to increase.

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

• Inventory: Currently we have just over 3 months of supply, as compared to a healthy market of 6 months
• Days on market is now 41 days. (median)
• The number of active listings have decreased by 15% year over year. December showed 7,737 listings.
• Sold listings is down by 13% as the market slows with 2,008 sold homes in December.
• Luxury homes ($1M+) make up 4.4% of the total of sold homes. The 89 transactions over $1M in December was about the same volume as in 2022.