North East Florida Market Update | June 2024

by Jax Luxe Group

Summer is Here!

Our Insights Will Help You Navigate the Shifting Tides of Real Estate—Dive In Now!

Hey everyone! As we approach the midpoint of the year, it's essential to reflect on the trends and developments shaping our market. Historically, June and July signify the peak of activity and prices in Northeast Florida's real estate market, and this year is no exception. The statistics align with this pattern, underscoring the resilience and vibrancy of our market.

Let's take a look at the market trends to keep you informed and empowered in your real estate journey. Now Let's delve into the intricacies of May's market dynamics and what they mean for you.

In May, our market witnessed significant shifts that merit attention and reflection. One of the most notable trends was the rise in "for sale" inventory, with active listings increasing by 33% compared to last year. This surge in inventory, while unprecedented in recent years, presents both challenges and opportunities for buyers and sellers alike.

Demand Dynamics and Sales Projection:

In May, we noticed a significant decline in pending sales, down by 19% compared to previous months. This decline suggests that we might be approaching the peak in transactions for the year. However, it's important to remember that such fluctuations are typical and follow a seasonal pattern in our market.

This recent drop in pending sales indicates a temporary slowdown in market activity. While it may raise concerns for some, it's crucial to consider the bigger picture. The potential for declining rates could reignite market momentum in the upcoming months, barring any significant external factors like the upcoming election, which might deter both buyers and sellers.

Despite the rise in inventory, sales are still moving swiftly. This rapid turnover underscores the enduring demand in our market and the resilience of our local economy. Experts believe 92% chance Fed keeps rates the same in July and a 57% chance of Fed cuts rate in September.

Now, let's delve into some fascinating details about homes sold in April:

Pricing Power:

An impressive 70% of sold properties spent less than two months on the market before finding eager buyers. This figure has risen slightly from the previous period, highlighting the sustained pace of transactions and the persistent demand for quality properties.

When it comes to successfully selling a home, pricing strategy reigns supreme. The starting listing price and incentives play a crucial role in attracting buyers and ultimately securing a sale. In a competitive market like ours, strategic pricing can make all the difference in achieving a swift and profitable transaction.

May Sales Snapshot:

61% of sales between $200k - $500k (up from 60%)
174 sales over $1M (down from 175)• 25% cash sales (down from 26%)
Sold to Original List = 96% (same)
26% of properties had concessions noted (down from 39%)
Average noted seller concession was $9.8k
New construction concession was S16.9k (same)
Existing home concession was $7.2k (down from $7.7

Now, let's take a closer look at June so far:

Market Snapshot:

As of June 11th, we've witnessed a notable shift in the number of active listings, now totaling 8,074 properties. This represents a significant decrease of 975 properties, marking an 11% decline compared to previous figures. Despite this reduction, the market remains dynamic, presenting both challenges and opportunities for buyers and sellers alike.

Among the active listings, 4,410 properties are identified as optimally priced, signaling a promising array of options available to potential buyers. However, it's important to note that 45% of the active listings are categorized as stale, indicating properties that have lingered on the market for an extended period without being sold. This percentage has seen a slight uptick from the previous month, underscoring the importance of strategic pricing and marketing efforts.

In terms of price range distribution, approximately 56% of the listings fall within the $200k to $500k range, showcasing stability in this segment of the market. This diverse range of options caters to various budget preferences, providing ample opportunities for buyers to find their ideal homes.

New construction homes continue to play a significant role in the market landscape, comprising 24% of the active listings. This reaffirms the ongoing development and growth within the region's real estate sector, contributing to the overall vibrancy of the market.

Furthermore, while there's been modest growth across different price points, the most substantial increase is observed in the $700k to $1M range. This suggests evolving buyer preferences or heightened demand for higher-end properties, presenting potential opportunities for sellers in this segment.

As always we are here to support you whether you're considering buying or selling. Our role is to navigate the market landscape seamlessly, leveraging our expertise and commitment to stay informed.

Don't hesitate to reach out if you have any questions or if you're ready to explore the exciting opportunities in today's dynamic market. Together, we can navigate these trends and secure the best outcomes for your real estate endeavors.

We look forward to partnering with you and helping you achieve your real estate goals in 2024!