NorthEast Florida Real Estate Market | July 2024
Summer Sizzles While the Market Steadies Stay Ahead of the Curve with Our Expert Insights—Explore the Trends Today Welcome to our monthly market update! As we dive into the heat of summer, the real estate market continues to show its resilience. Whether you're buying, selling, or simply keeping an eye on market trends, understanding the current dynamics can give you the edge you need. This month, we’ll explore key factors shaping the market, from interest rate projections to active listings and pricing power. Our insights will help you navigate these changes with confidence. June brought some interesting changes in the real estate market. Most home sales (59%) were in the $200k to $500k range, which is a bit lower than the previous month. However, sales of homes over $1 million increased to 194 from 174, showing that high-end properties are still in demand. Cash sales, where buyers pay the full amount upfront without a mortgage, made up 24% of all sales, a slight decrease from 25%. Demand Dynamics and Sales Projection: Active listings have decreased to 8,776 as of July 13th, down 672 properties (7%) from the previous month. Although there are only 702 more listings compared to last month, the market shows relative strength. Sellers are holding out, and while transactions may slow, significant price declines are unlikely. It's typical for prices to peak in June, so a slight decline in the coming months is expected and should not be alarming. The Federal Reserve is expected to keep interest rates steady this month, with a 93% probability. Looking ahead, there's an 88% chance of a 0.25% rate cut in September, up from a previous 53% chance. This potential rate cut could stimulate buyer activity as borrowing costs decrease. Now, let's delve into some fascinating details about homes sold in June: Pricing Power: Active vs. New List Prices continues to show relative strength in the market compared to historical values. This indicates that prices are holding steady despite seasonal fluctuations. As we progress through the year, prices are anticipated to fall slightly, consistent with the seasonal trend of peaking in June. One notable change is the increase in seller concessions. These are perks or discounts that sellers offer to buyers to help close the deal. About 38% of sales included these concessions, up from 29%. For new construction homes, the average concession was $15.8k, slightly down from $16.9k. For existing homes, it was $8.1k, up from $7.2k. New construction remained a steady 25% of all sales. On average, homes sold for 95% of their original list price, which is just a bit lower than last month. This means that while sellers might be accepting slightly lower offers, they are still getting close to their asking price. June Sales Snapshot: Sales Distribution: 59% of sales were between $200k and $500k, a slight decrease from 61%. There were 194 sales over $1M, up from 174. Cash Sales: Cash sales accounted for 24% of transactions, down from 25%. Sale Price to Original List Price: Properties sold for 95% of their original list price, a slight decrease from 96%. Seller Concessions: 38% of properties included seller concessions, up from 29%. The average seller concession was $9.8k. For new construction, the average concession was $15.8k, slightly down from $16.9k. For existing homes, the average concession was $8.1k, up from $7.2k. New Construction Sales: New construction made up 25% of all sales, consistent with previous months. Now, let's take a closer look at July so far: Market Snapshot: We’ve got some exciting news: a whopping 61% of homes are priced between $200,000 and $500,000, up from 56% last month. So, there are even more options in this sweet spot! New construction homes are holding steady, making up 24% of all active listings, just like last month. However, not all news is shiny and new. About 47% of active listings have been hanging around for a while without selling, which is a bit higher than last month's 45%. But don't worry, there are still plenty of fresh opportunities out there! The types of properties available haven't changed much, but we’ve seen some shifts in listings by county. Baker County is up by 4%, Clay County by a whopping 15%, Duval County by 10%, Nassau County by 1%, and St. Johns County by 4%. Right now, there are 4,635 listings that are potentially priced just right for buyers like you. 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! 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 June 2024 Data sourced from RealMLS Residential Sales in June 2024. +/- Percent Change trends are in comparison to May 2024 statistics.
North East Florida Market Update | June 2024
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! Northeast Florida Overview MAY 2024 Data according to RealMLS. Data includes NE Florida residential sales in May 2024. Trends are relative to May 2023. Community Snapshots MAY 2024 Data sourced from RealMLS Residential Sales in May 2024. +/- Percent Change trends are in comparison to April 2024 statistics.
NorthEast Florida Real Estate Market | May 2024
Hey everyone! With summer break just around the corner, lots of families are getting ready to move to new homes. It's a busy time, and prices tend to go up during the summer months. More houses are popping up on the market lately, about 8% more than last month. But don't worry, the market is still in pretty good shape with plenty of homes being sold. Right now, there's about 3.58 months' worth of homes available, which means it's fairly balanced between buyers and sellers. Let's take a look at the market trends to keep you informed and empowered in your real estate journey. One of the key things to keep an eye on this year is the supply of homes. Back in 2021, homes were selling like hotcakes, but now things are starting to even out. Buyers have more options available to them than they've had in a while. It's pretty normal for this to happen around this time of year. Right now, there's about 3.5 months' worth of homes available, which is a good balance. We'll be keeping an eye on this number to make sure there aren't too many homes on the market, which could cause prices to drop. Demand Dynamics and Sales Projection: Here's some good news for sellers: it's taking less time to sell a house these days. A few months back, it took around 51 days, but now it's down to just 33 days. That's a big drop of 35%! And if you're a homeowner, you might be happy to hear that prices are still going up. They're about 7% higher than they were this time last year. The number of closed home sales stayed high at 2,400, showing that there's still a lot of demand for homes in Northeast Florida. With summer coming up and school out for break, more people are expected to keep buying and selling homes. But there are some challenges ahead. Interest rates are going up, which might make it harder for some people to buy homes. Plus, there's some uncertainty with the upcoming election. Rates are now back in the 7% range, partly because of concerns about inflation. Mortgage rates have been creeping up lately, rising by about half a percent since their low point in December. The Federal Reserve, the big organization that oversees money stuff, has cut back on how many times they're planning to lower interest rates. This change has nudged rates up even more. There's some trouble brewing for the Fed because of inflation, which is when prices for things start going up. It seems like inflation might be making a comeback, even though the economy is slowing down just a bit. Now, let's delve into some fascinating details about homes sold in April: Pricing Power: Ensuring your home is priced accurately holds increasing importance, particularly when considering recent market trends. Notably, 69% of sold properties were off the market in less than two months, a notable increase from the previous figure of 62%. April Sales Snapshot: · 60% of sales between $200k - $500k (down from 63%) · 175 sales over $1M (up from 115) · 26% cash sales (same) · Sold to Original List = 96% (same) · 39% of properties had concessions noted (same) · Average noted seller concession was $9.6k · New construction concession was $16.9k (up from $16.8k) · Existing home concession was $7.7k (up from $7.5k) • New construction was 19% of sales down from 25%) Now, let's take a closer look at May so far: Market Snapshot: The May Market Stats reveal several notable trends in the real estate landscape. Notably, there's been a slight increase in listings falling within the $200,000 to $500,000 price range, now comprising 56% of all listings, up from the previous 55%. New construction maintains its presence, accounting for 24% of active listings, consistent with previous figures. One of the most significant observations is the substantial growth in listings priced at $200,000 or higher, with listings priced at $3 million or more experiencing a staggering 287% increase. Additionally, analyzing changes in listings by county sheds light on localized market dynamics, with Duval County seeing a 9% increase, Nassau County experiencing a 4% increase, and St. Johns County observing a 7% increase. These shifts underscore the evolving landscape of the real estate market, reflecting changing inventory compositions and regional variations in supply and demand. 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! Data provided by:
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