North East Florida Market | October 2024
Tricks, Treats, and Real Estate Trends As we enter the final quarter, let's unwrap the tricks and treats in the market! As fall fully settles in, the real estate market is showing some exciting shifts. Whether you're buying, selling, or just keeping an eye on trends, this is the perfect time to see how the season is affecting the market. In this edition, we'll dive into the latest on interest rates, inventory, and pricing trends as we head into the final stretch of the year. Stay tuned for all the insights you need to navigate the market this season!age rates. Our insights will guide you through these changes with confidence. September saw 9,588 active listings, up 2% from August and a significant 30% increase compared to September of last year. This increase in supply is creating a more buyer-friendly market, providing more options for those looking to purchase. Despite the uptick in inventory, the median sales price dipped slightly to $351K, down 1% from last month and from September 2023. This increase in available homes could give buyers more negotiating power, as sellers may need to adjust prices or offer concessions to stand out in a more competitive market. Demand Dynamics and Sales Projection: Closed sales in September slowed, with 1,982 homes sold, a 15% decrease from August and a 9% decrease compared to last year. This drop in demand is typical for the fall season, but the combination of rising supply and fluctuating rates could set the stage for more buyer activity in the near future. The average days on market increased to 44 days, up from 41 days in August and 36 days last September. Homes are staying on the market longer, giving buyers more time and leverage to make informed decisions and negotiate better terms. In September, mortgage rates continued their downward trend, with the average 30-year rate dropping to 6.20%, a significant 5% decrease from August and a 14% drop from the same time last year. This decline spurred a 14% increase in mortgage applications as buyers jumped on the opportunity to lock in lower rates. However, as we entered October, rates have already seen a slight increase, indicating that the window for securing these historically low rates may be narrowing. The rate rebound could continue if strong economic data or inflationary concerns push borrowing costs higher. For buyers looking to capitalize on lower rates, now might be the ideal time to act before any further rate increases take hold. Now, let's delve into some fascinating details about homes sold in September: September Pricing Power Overview: In September, pricing power continued to favor well-priced homes, especially those that sell quickly. Homes that sold within the first 30 days on the market fetched an average of 97% of their original list price, with average seller concessions at $6,841. However, the longer a home sits on the market, the more concessions sellers need to offer, and the lower the selling price relative to the original list price. Homes on the market for 60-90 days sold for 91% of their original list price, with concessions averaging $7,682. Homes on the market for over 150 days sold for 88% of their original list price, with seller concessions averaging $9,018. The data makes it clear: pricing homes correctly from the start is crucial for sellers to avoid extended days on market and increased concessions. The longer a home sits unsold, the higher the likelihood of price reductions and concessions to close the deal. Sellers should be mindful of these trends, particularly in a market where 53% of active listings are now considered "stale" (on the market for over 60 days), up from 47% in the previous month. Key Takeaways: Price Competitively: Homes that are priced right sell quicker and with fewer concessions. Monitor Days on Market: Once a listing goes beyond 30 days, sellers face increasing concessions and a lower final sale price. Stale Listings Rising: With 53% of listings now considered stale, the market is becoming more competitive, making proper pricing more important than ever. September Sales Snapshot: 63% of sales fell between $200K - $500K, holding steady from previous months. 119 sales were over $1M, an increase from 101 in August. 25% of sales were cash transactions, a slight dip from 26% last month. Sold to Original List Price Ratio remained unchanged at 94%. 32% of properties included seller concessions, down from 38% in August. The average seller concession was $10.9K: New construction concessions averaged $15K (up from $14.1K). Existing home concessions increased to $9.6K (up from $7.3K). New construction accounted for 32% of all sales, up from 23% the previous month. This data indicates that while the market remains stable, higher-priced homes and new constructions are becoming more active, with slight increases in seller concessions. Pricing homes accurately remains crucial as the market transitions into the fall season. In September, the average home price reached $464K, marking a 2.5% increase year-over-year, while the median price fell slightly by 1.3%, landing at $352K. These changes suggest that while the higher-end market has experienced price growth, overall, the broader market saw some softening in the middle range. This indicates a balanced market where both buyers and sellers have opportunities to benefit. Now, let's take a closer look at October so far: For October, we're starting to see some interesting shifts in the market: Active Listings: Over half of the available listings (57%) are priced between $200K and $500K, which is consistent with last month. New construction homes continue to represent 23% of all active listings, and condos make up 13%, also unchanged. County Trends: While Duval and Nassau counties saw slight increases in listings (+1% and +2%, respectively), Baker and St. Johns counties experienced decreases (-4% each). Clay County dipped slightly with a -1% change. Stale Listings: A notable trend this month is the increase in stale listings, with 53% of active listings being on the market for more than 60 days, up from 47% last month. This signals that many homes may be priced too high or may require additional incentives to attract buyers. These numbers suggest that buyers have more options, but sellers might need to be more competitive with pricing or concessions to get their homes sold quickly. As we wrap up this month, don't forget to have fun trick-or-treating and soaking in all the fall festivities! For some great ideas on fall activities in Jacksonville, check out this link: Exploring All Things Fall in Jacksonville. And of course, if you have any real estate questions, big or small, we’re here for you. Our passion is real estate, so feel free to reach out anytime! 🎃 We look forward to working with you and helping you achieve your real estate dreams! Data provided by: September 2024 Northeast Florida Community Snapshots Data sourced from RealMLS Residential Sales in September 2024.+/- Percent Change trends are in comparison to August 2024 statistics.
North East Florida Market Update | September 2024
A Steady Shift as Fall Approaches Stay Informed on the Latest Real Estate Trends as We Move Into the Cooler Months As we transition from summer into fall, the real estate market is showing some steady shifts. With interest rates continuing to drop and inventory holding steady, it’s an important time to stay on top of the latest trends. Whether you're considering buying, selling, or just curious about the market, understanding these changes will help you make informed decisions as we head into the cooler months.Our insights will guide you through these changes with confidence. The real estate market is finding its balance as we move into the fall season. While interest rates are dropping, the supply of homes for sale is remaining steady. In August 2024, we saw 9,505 active listings, which is nearly the same as July’s 9,511 listings. This leveling off in inventory suggests that we may have hit the peak of available homes for the year, giving buyers a good range of options while keeping competition for sellers steady. Demand Dynamics and Sales Projection: The number of homes sold has decreased slightly but remains stable. In August, 2,265 homes were sold, compared to 2,394 in July. This minor decline in sales is typical for this time of year as the market enters a seasonal slowdown. However, with interest rates continuing to fall, demand may increase in the coming months as more buyers return to the market. Mortgage rates have been dropping steadily over the past few months, which is creating a shift in the real estate market. In August 2024, the average rate for a 30-year mortgage was 6.50%, down from 6.85% in July and 7.18% last year—a 9% decrease year-over-year. For a 15-year mortgage, rates have fallen to 5.68%, compared to 6.14% in July and 6.55% in August 2023—a 6% decrease. These falling rates are encouraging more people to consider buying homes or refinancing their current mortgages. Lower rates mean lower monthly payments, which makes homeownership more affordable for buyers. For sellers, this could lead to more demand as buyers take advantage of better borrowing conditions. On the horizon, there's a 100% chance that the Federal Reserve will cut rates in November. Experts predict a 68% chance of a 0.25% cut and a 32% chance of a 0.50% cut. The market is already pricing in a 75% probability that rates will be at least 1% lower by January 2025. With lower interest rates expected in the near future, now could be a smart time to explore your options—whether you’re thinking about buying, selling, or refinancing. Now, let's delve into some fascinating details about homes sold into August: Pricing Power: In August, the market showed some changes in pricing dynamics. While the average percentage of original list price that homes sold for decreased to 94% (down from 95% in July), the median sales price held firm at $375K. This indicates that, although sellers are starting to accept slightly lower offers, home prices are still relatively stable. Seller concessions were offered in 38% of all sales, slightly down from 40% in July. The average concession amount was $8.9K, which is lower than previous months. For new construction homes, the average concession was $14.1K (down from $15.7K in July). For existing homes, the average concession was $7.3K, a slight drop from $7.7K last month. Additionally, homes that sold within 30 days tended to receive the highest percentage of their original list price—98%—while homes that stayed on the market for over 90 days sold for 91% or less of the list price, with higher seller concessions. This highlights the importance of pricing homes competitively from the start. August Sales Snapshot: Sales Distribution: 63% of sales were between $200K and $500K, up from 62% in July. There were 101 sales over $1M, a decrease from 154 in July. Cash Sales: Cash transactions made up 26% of all sales, a slight increase from 25% last month. Sale Price to Original List Price: Homes sold for an average of 94% of their original list price, down from 95% in July. Seller Concessions: 38% of properties included seller concessions, down from 40% last month. The average seller concession was $8.9K. New construction concessions: averaged $14.1K, down from $15.7K. Existing home concessions: averaged $7.3K, down from $7.7K. New Construction: New construction made up 25% of all sales, up from 23% last month. In August 2024, the average home price was $451K, reflecting a 3.5% decline from earlier this year. This drop shows a softening in higher-priced homes, which has contributed to the overall decrease in the average price. On the other hand, the median home price showed more stability, sitting at $355K, which is a 1.4% increase year-to-date. This rise in the median price suggests that demand for homes in the mid-range remains strong, even as prices in the higher-end market have started to dip. The distinction between the average and median price movements reflects a market where mid-priced homes are still in demand, but higher-priced homes are facing more price reductions. These trends highlight the importance of keeping an eye on both metrics—average and median prices—to understand where the market is headed. Now, let's take a closer look at September so far: September Active Listings Update: As we delve into September, the market shows a diverse range of active listings, reflecting varied dynamics across different segments and counties. 57% of listings fall between $200K and $500K, slightly up from 56% last month, indicating continued interest in mid-range priced homes. New construction accounts for 23% of active listings, slightly down from 24% last month, suggesting a slight shift in market focus. Condos remain steady, making up 13% of all listings, indicating stable interest in this property type. The higher-end market ($600K and up) is experiencing a decrease, aligning with broader market adjustments. County-specific changes show: Baker County saw a 4% increase in listings. Clay County listings are up by 2%. Duval County experienced a 4% rise. Nassau County remained stable with no percentage change. St. Johns County observed a decrease in listings by 6%. Notably, higher-end listings above $600K are declining, which may indicate a cooling in the luxury market. This could represent an opportunity for buyers looking to enter this segment at more competitive prices. help buyers and sellers make informed decisions. Whether you're looking to invest in new construction, find a family home within the most active price bands, or explore opportunities in the luxury market, staying informed is key. We will continue to monitor these trends and provide updates to help you navigate the evolving real estate landscape. 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! Data provided by: Northeast Florida Overview August 2024 Community Snapshots July 2024 Data sourced from RealMLS Residential Sales in August 2024. +/- Percent Change trends are in comparison to July 2024 statistics.
North East Florida | August 2024 Market Update
As Summer Fades, Will the Market Shift? Get the Latest on the Real Estate Market with Insights You Can Trust 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. 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. 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. 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. 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%. 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%. 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! Data provided by: Northeast Florida Overview June 2024 Data according to RealMLS. Data includes NE Florida residential sales in June 2024. Trends are relative to June 2023. Community Snapshots July 2024 Data sourced from RealMLS Residential Sales in July 2024. +/- Percent Change trends are in comparison to June 2024 statistics.
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