NorthEast Florida Real Estate Market | April 2024
I hope you are doing well and excited about the evolving real estate market as we blaze through April. As we navigate these dynamic currents, it's essential to remain vigilant, informed, and adaptable. Whether you're a buyer seeking your dream home or a seller looking to capitalize on the market's momentum, there are opportunities aplenty for those willing to seize them. Let's take a look at the market trends to keep you informed and empowered in your real estate journey. Let's dive into the heart of the matter. The inventory of available homes is on a steady rise, marking the most active listings since December 2022. This surge in inventory provides buyers with an array of options to choose from, fostering a more balanced and competitive market environment. However, the increase in supply also raises considerations about potential price adjustments, which must be monitored closely in the coming months. Demand Dynamics and Sales Projection: Turning our attention to demand, the market remains robust, fueled by a steady stream of buyer activity and enthusiasm. Despite the rise in available inventory, closings have surged by an impressive 28% from the previous month, indicating sustained interest and purchasing power among buyers. Moreover, with 63% of sales falling within the $200k - $500k range and a notable increase in transactions over $1M, it's evident that demand continues to thrive across various market segments. Mortgage rates have seen a hike compared to last year, albeit showing signs of stabilization in recent months. The slight decline since the peak in October 2023 has stirred buyer interest, with many eager to secure deals before rates climb higher again. However, a recent inflation report has nudged rates upward once more, hinting at a potential resumption of the upward trend next month. Despite this, the market remains dynamic, offering both challenges and opportunities for buyers and sellers alike. Now, let's delve into some fascinating details about homes sold in March: Pricing Power: Amidst these fluctuations, it becomes increasingly evident that pricing the home correctly is crucial for maximizing returns and minimizing concessions. Homes that linger on the market beyond 30 days often receive less and may require additional concessions to sell. With this wealth of information at our fingertips, let's embark on this journey together, armed with knowledge, insight, and a sense of adventure. Here's to a fruitful and rewarding month in the realm of residential real estate! March Sales Snapshot: • 63% of sales between $200k - $500k (down from 64%) • 115 sales over $1M (up from 93) • 26% cash sales (down from 28%) • Sold to Original List = 96% (up from 95%) • 39% of properties had concessions noted (up from 38%) • Average noted seller concession was $9.8k (up from $9.3k) • New construction concession was $16.8k (up from $15.4k) • Existing home concession was $7.5k (up from $7.4k) • New construction was 25% of sales (up from 24%) Now, let's take a closer look at April so far: Market Snapshot: In April so far, the real estate landscape is characterized by dynamic shifts and intriguing trends. Key observations include. 55% of listings fall within the $200k - $500k range, reflecting consistency compared to the previous month. New construction listings account for 24% of active listings, showing a slight decrease from the previous period. Across all price points, listings have seen an increase compared to last month, particularly in higher price brackets. Condo listings have experienced a marginal decline of 0.5% compared to the previous month. Clay County has added more single-family listings to the market, indicating an expansion in inventory. In Nassau County, the average days on market have risen by 8%, from 78 to 84, underscoring the importance of strategic pricing and marketing efforts. Listing Performance: In terms of listing performance, the market continues to showcase resilience and potential. The bulk of listings, particularly those priced between $200k - $500k, are sitting just under 2 months on the market, indicating a healthy level of activity and interest. With 4,361 listings potentially priced "right," there's a notable increase of 347 listings from last month, suggesting an expanding pool of properties attracting buyer attention. However, it's worth noting that 41% of active listings are categorized as stale, mirroring the figures from the previous month and emphasizing the importance of strategic pricing and effective marketing strategies to ensure timely sales. 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: Jax Luxe Group Real Estate Advisors Licensed Real Estate Advisors Lindsy Norse Cell: 904-962-1990 Email: [email protected] Caroline Knight Cell: 904-437-9186 Email: [email protected] Engel & Völkers First Coast 190 A1A N I Suite 1 I Ponte Vedra Beach I FL 32082 [email protected] I jaxluxegroup.evrealestate.com
NorthEast Florida Market Update | March 2024
Spring is HERE! Let's take a look at the market trends to keep you informed and empowered in your real estate journey: February brought a refreshing rebound after a slow January, signaling the market's transition into Spring growth mode. Many disappointing stats from the previous month have bounced back, paving the way for exciting opportunities ahead. In February, we witnessed a significant uptick in the number of homes hitting the market, setting the stage for a refreshing change in both short- and long-term trends. This surge in available inventory presents a golden opportunity for prospective buyers, especially with the bustling Summer buying season approaching. Buyers, rejoice – more options are on the horizon! Months of supply dropped significantly to 4, indicating heightened market activity as sales picked up. This critical indicator sets the stage for potential price increases, as historically, prices tend to rise year-over-year when months of supply are under 8. The decline in interest rates since October 2023 has injected energy into the market, with buyers adjusting to the current rates and showing increased interest in home purchases. Demand Dynamics and Sales Projection: Comparing the current demand metrics to the same period last year reveals a ~24% decline. Factors like interest rate fluctuations and inventory shortages have contributed to this dip in demand. However, all signs point to a rebound in home sales as we progress further into the vibrant seasons of Spring and Summer. The market is primed for a resurgence, presenting a promising outlook for buyers and sellers alike. Continued increases in mortgage rates have cast a shadow over the market landscape, influencing buyer decisions and sales dynamics. While rates are currently below the high point set last October, the trend of rising rates has re-emerged, potentially shaping future market movements. It's essential for buyers to consider the implications of waiting, as delays may result in higher prices and rates down the line. Now, let's delve into some fascinating details about homes sold in February: Pricing Power: Buyers are out there looking for homes more than ever. Sales were up a whopping 35% from last month, and it's taking less time to sell houses – down by 4%. This surge in activity underscores the pent-up demand in the market following a slow January. Inventory also saw an 11% increase, providing buyers with more options compared to the same period last year. The rise in median prices reflects the trend of properties selling at higher price points, indicating a robust market environment. February Sales Snapshot: - 64% of sales fell within the $200k - $500k price range, showing a slight increase from the previous month's 63%. - There were 93 sales above $1M, a significant rise from 70 sales in the prior month. - Cash sales accounted for 28% of transactions, down slightly from 29% previously. - The percentage of properties sold at their original list price increased to 95% from 94%. - 38% of properties had concessions noted, up from 36% in the previous month. - The average seller concession noted was $9.3k, up from $9.1k. - The concession for new construction properties averaged $15.4k, compared to $14.9k previously. - Existing home concessions averaged $7.4k, increased from $7k. - New construction properties constituted 24% of sales, down slightly from 26% in the prior month. Now, let's take a closer look at the start of March: Market Snapshot: Housing inventory stands at four months, reflecting a decline from 4.91 months recorded in January. Approximately 55% of listings are priced between $200k and $500k, with new constructions comprising around a quarter of available homes. Recent data reveals a 10% decrease, translating to 763 fewer homes on the market. Price trends indicate an overall uptick, except for the $300k bracket, which remained stable. Notably, there was a significant decrease in listings above $3 million, while the $1 million+ category observed a rising trend. Listing Performance: 51.2% of active listings are classified as stale, reflecting a noticeable drop from 55.4% in the previous month. This decline suggests improved listing activity and faster turnover in the market. An estimated 3,284 listings are potentially priced "right," presenting opportunities for buyers and sellers to engage in favorable transactions. The majority of new listings are less than a month old, indicating a fresh influx of available properties. 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! Licensed Real Estate Advisors Lindsy Norse Cell: 904-962-1990 Email: [email protected] Caroline Knight Cell: 904-437-9186 Email: [email protected] Engel & Völkers First Coast 190 A1A N I Suite 1, Ponte Vedra Beach I FL 32082 [email protected] | jaxluxegroup.evrealestate.com
NorthEast Florida Market Update | February 2024
I hope you're doing well! As we step into February, I wanted to share some insights about the real estate market to keep you in the loop. January usually marks the quiet phase for Jacksonville's real estate, and 2024 is following this pattern, with lower prices, listings, and closings. However, mortgage rates have dropped significantly from the high rates in October, bringing relief to buyers. Although there was a slight increase in January, it won't have a big impact on demand. When it comes to January and February, buyers can look forward to getting the best deal, as prices are usually the lowest, and sellers are eager to make a deal after sitting on the market during the holidays. The supply of homes is still limited, with active listings 11% lower than last year. The slowdown in closings has driven the months of supply higher. However, we can anticipate the months of supply to decrease in the upcoming months as the market heats up. In January, inventory continued to decline, standing below the same period last year. With December active listings at 7,015 and January at 6,089, there was a refresh in inventory as many homes expired and new listings appeared on the market. Demand has been lower than last January, signaling a slow start to the year. We have already seen the market picking up drastically in February. Demand has stabilized around 1,700 pending sales, likely reaching the bottom. At Jax Luxe, we expect February/March closings to increase based on our experience so far this month. In January, mortgage rates saw a slight increase from December, reflecting the ongoing long-term upward trend. As we watch the market constantly, it's essential to keep an eye on these changes, as they play a significant role in shaping the real estate landscape. At Jax Luxe, staying on top of these market movements is a pillar in our business. This diligence enables us to provide the best guidance to our clients, helping them navigate the market with confidence. As we anticipate potential Fed rate cuts, we understand the importance of monitoring these changes to keep you informed and positioned for success in your real estate endeavors. Now, let's delve into some fascinating details about homes sold in January: Pricing Power: Did you know that 57% of the sold properties were on the market for less than 2 months? This noticeable decline in the age of active listings reflects a surge in new listings, underscoring the dynamism of the market. Pricing a property correctly up-front is the key to getting it sold. Pricing the home correctly nets the most on price and with the least concessions. Homes receive less and must provide additional concessions to sell if they sit beyond 30 days. If pricing isn’t proper, you might miss out on an extra 5-8% on price and an extra $1-$6k in concessions on average, and with the least concessions. It's essential to get it right from the start. Sales Insights: Here's a snapshot of the sales data: - 63% of sales were between $200k - $500k, up from 62%. Keep an eye on this trend! - There were 70 sales over $1M, down from 88. Although this shows a decrease, we achieved a record sale of $22,000,000. Now that's a significant achievement! - Cash sales accounted for 29% of the total, up from 27%. The trend is shifting yet again. - The percentage of properties sold to their Original List is 94%, down from 95%, showing a slight shift. - 36% of properties had concessions noted, down from 42%, with an average noted seller concession of $9.1k, down from $10.9k. New construction concessions averaged $14.9k (down from $18.5k), while existing home concessions remained flat at $7k. - New construction accounted for 26% of sales, down from 34%, indicating shifts in market shares. Now, let's take a closer look at the start of February: Market Snapshot: In February, 57% of listings fall within the $200k - $500k range, signaling a significant presence in this price bracket. New construction listings represent 25% of the total, showcasing continued interest in newly built properties. Notably, the number of active listings has declined by 395 (5.8%) since the January statistics release, indicating a dynamic shift in available inventory. Listing Performance: 51.2% of active listings are classified as stale, reflecting a noticeable drop from 55.4% in the previous month. This decline suggests improved listing activity and faster turnover in the market. An estimated 3,284 listings are potentially priced "right," presenting opportunities for buyers and sellers to engage in favorable transactions. The majority of new listings are less than a month old, indicating a fresh influx of available properties. Whether you're considering buying or selling, staying informed about market trends is crucial for making informed decisions. As your dedicated real estate professional, I'm committed to keeping you updated and assisting you in navigating the market with confidence. I look forward to working with you in 2024! Avg Sales Price Closed Listings Avg Days on Market Avg List Price New Listings $460,513 1,454 68 $520,931 3,257 ⇑ ⇓ ⇑ ⇓ ⇑ Data according to RealMLS. Data includes NE Florida residential sales in December 2023. Trends are relative to December 2022. Jax Luxe Group Real Estate Advisors Licensed Real Estate Advisors Lindsy Norse Cell: 904-962-1990 Email: [email protected] Caroline Knight Cell: 904-437-9186 Email: [email protected] Engel & Völkers First Coast 190 A1A N I Suite 1 I Ponte Vedra Beach I FL 32082 [email protected] I jaxluxegroup.evrealestate.com
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