How’s the Market? January 2024

January data shows over 7,000 active listings on our Northeast Florida MLS which remains consistent over the past several months. This means the market is relatively tight with not as many listings as in a healthy market, and stable home values. This past month saw the average home price go to $460,513 for Northeast Florida. Once on market, we have seen a number of price changes lately which may be related to a variety of factors including sellers setting initial list prices higher than the market can bare. The average list price in St Augustine is now $593,880, while the sale price just comes under $500,000, which may mean buyers look at neighboring areas for better value. For days on market, we are seeing a stable 68 day for the region.

RATES

Rates continue to move around however we are seeing more and more rate buy downs from sellers, and new construction builders. The most favorable market for real estate is a consistent, confident market, and the rate changes may impact the feeling of security sellers have around making a move. Consult your lender for the rates, various loan types, for your own personal scenario. One thing is for sure, if the rates go down, buyers and sellers will see a lot more competition in the market.

RESIDENTIAL DATA – NORTHEAST FLORIDA (Real MLS, JANUARY 2024)

• Inventory: Currently we have just over 3 months of supply, as compared to a healthy market of 6 months
• Days on market is now 48 days. (median)
• The number of active listings have decreased by 8% year over year. December showed 7,667 listings.
• Sold listings is down by 13% as the market slows with 1,454 homes sold in January
• Luxury homes ($1M+) make up 5% of the total of sold homes. The 75 transactions over $1M in January were 21% higher year over year.