How’s the market? Spring 2024

February data shows over 7,500 active listings on our Northeast Florida MLS. The market is relatively tight with still less listings than what we would like to see in a balanced market. This past month saw the average home price go to $446,000 for Northeast Florida. Once on market, we have seen a number of price changes and seller concessions lately which be misleading to comps and or sellers setting initial list prices higher than the market can bare. The average list price in St Augustine is now $601,551, while the sale price just comes under $484,484 which may mean buyers look at neighboring areas for better value. For days on market, we are seeing a stable 71 day for the region.

INVESTORS

Data shows that 1 in 4 purchases in the Jacksonville Metro have been investors. This puts us significantly above the national average.

Many out of state investors are considering things like population growth, relocation of large corporations, hospital upgrades or expansions, major retailers as a guide to show them where to put their money. Growing and thriving markets are the key to success. Here is what we have seen lately for the Jacksonville Metro (Jacksonville, St Augustine, Ponte Vedra Beach etc).

EMPLOYER UPDATE

DUVAL

Top employers for Jacksonville include the Duval County Public Schools, Baptist Health, Mayo Clinic, Bank of America, Amazon and City of Jacksonville., CSX Corporation, Florida Blue, Fidelity National Information Services.

ST JOHNS

The top employer in St Johns County is the St. Johns County School District, Flagler Hospital, St. Johns County, Northrop Grumman and the Headquarters of the Florida National Guard. Others of worthy mention are Carlisle Interconnect Technologies, Vermeer Southeast, Rulon, KeHe, The PGA Tour and Flagler College. Publix Super Markets announced that it will establish an innovative pharmaceutical manufacturing facility in St. Johns County,

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

• Home prices: list prices edging up – beware of concessions or price adjustments as you look at list and sold pricing.
• Inventory: St Augustine showing almost 4 months of supply, as compared to a healthy market of 6 months
• Days on market up 7% to 91 days
• The number of active listings up by 23% year over year.
• Sold listings is down by 5% as the market slows with 311 homes sold in February in St Augustine
• 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.