As we reach the peak of summer, the real estate market continues to show its unique dynamics. Whether you're buying, selling, or just staying informed, understanding the current trends will give you the competitive edge you need. This month, we’ll dive into key factors shaping the market, from the increase in active listings to the latest in mortgage rates. Our insights will guide you through these changes with confidence.
Active listings rose to 9,624 in July, a 4% increase from June and a substantial 38% jump compared to last year. Despite the influx, the median sales price held steady at $375K, reflecting a 2% year-over-year increase. This stability suggests a market that is normalizing after the volatile conditions of recent years.
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Demand Dynamics and Sales Projection:
While closed sales dipped slightly to 2,335, down 5% from June and 1% from last year, the market’s resilience remains evident. Homes are spending an average of 34 days on the market, showing a modest increase of 3% from the previous month.
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The Federal Reserve's decision to lower mortgage rates slightly has been well-received. The average 30-year mortgage rate fell to 6.78%, down from 6.92% in June. Similarly, the 15-year rate dropped to 6.07%. These lower rates could unlock a new wave of buyer activity, keeping demand strong as we head into the fall.
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The increase in inventory coupled with steady prices indicates a market that’s finding its equilibrium. For buyers, this could mean more choices without the fear of escalating prices. For sellers, pricing your home correctly remains crucial to attracting serious buyers in this competitive environment.
Now, let's delve into some fascinating details about homes sold in July:
Pricing Power:
Despite rising inventory levels, the median sales price remained consistent at $375K. This stability is a positive sign, indicating that prices are holding strong even as the market begins to balance. Seller concessions have seen a slight increase, with 40% of properties including concessions compared to 38% last month.
For new construction homes, the average concession was $15.7K, slightly down from $15.8K in June. For existing homes, the average concession decreased to $7.7K from $8.1K. New construction continues to represent 23% of all sales, showing a slight decrease from previous months.
On average, homes sold for 95% of their original list price, consistent with last month. This indicates that while sellers may be accepting slightly lower offers, they are still achieving close to their asking prices.
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July Sales Snapshot:
Sales Distribution: 62% of sales were between $200K and $500K, up from 59% in June. There were 154 sales over $1M, a decrease from 194.
Cash Sales: Cash transactions made up 25% of sales, up from 24% last month.
Sale Price to Original List Price: Properties continued to sell for 95% of their original list price.
Seller Concessions: 40% of properties included seller concessions, up from 38%. The average seller concession was $9.5K.
New Construction: New construction made up 23% of all sales, slightly down from 25%.
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As you can see, the average home price in July 2024 was $479K, up 2.4% from last year. The median home price rose even more sharply, with a 7.1% increase year-over-year, reaching $375K.
This jump in median prices shows strong demand across a wider range of properties, even as more homes become available. Understanding these trends can help you make informed decisions, whether you're buying, selling, or just staying informed.
Now, let's take a closer look at August so far:
As we move into August, we see that 56% of current listings are priced between $200K and $500K, slightly less than in July. New construction homes make up 24% of the listings, staying steady from last month. However, 51% of listings have been on the market for over 30 days, up from 47% in July, so sellers might need to adjust their strategies as we head into fall.
Here’s a quick look at what’s happening by county:
Baker County: Listings are up by 6%.
Clay County: Up by 1%.
Duval County: No change.
Nassau County: Down by 6%.
St. Johns County: Listings are up by 20%.
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As summer winds down and fall approaches, now is a great time to think about your next move. Whether you're buying, selling, or just want to chat about what’s going on in the market, we’re here to help. We’re dedicated to making sure you have the information and support you need to make the best decisions for your real estate goals.
Feel free to reach out if you have any questions or if you're ready to explore the opportunities in today’s market. Together, we can navigate these trends and make sure you get the best possible outcome.
We look forward to working with you and helping you achieve your real estate dreams!
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