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.
Explore the Finest Luxury Properties This Fall: Discover Engel & Völkers’ Private Residences
Explore the latest in luxury real estate this autumn with Engel & Völkers' Private Residences. Discover extraordinary properties across the Americas, from expansive Montana ranches to luxurious Canadian retreats. Unlock the full issue for exclusive insights into upscale living. August 21, 2024 As autumn brings a season of change, it's the perfect time to explore new opportunities in luxury real estate. Engel & Völkers proudly presents the latest edition of Private Residences, featuring a carefully curated selection of extraordinary properties across the Americas. This issue also highlights the finest offerings from our Land & Ranch lifestyle collection, providing an exclusive look at some of the most sought-after properties available. From expansive Montana ranches to luxurious retreats near Canada's world-class ski slopes and rooftop entertaining in historic Savannah, Engel & Völkers offers something to fulfill every aspiration of upscale living. Looking for a fresh start this fall? Explore the exceptional listings in Private Residences Issue 29 and unlock the full issue at the end of the post for more exclusive insights. Exceptional Land & Ranch Properties in North America From expansive ranches for sale that offer a taste of the rustic and untamed to fertile lands perfect for cultivating your passions, this collection is a tribute to the grandeur of open spaces. Whether you're drawn to the pastoral charm of rolling meadows, the rugged beauty of the wilderness, or the serene solitude of a private retreat, our Land & Ranch listings promise unrivaled opportunities to embrace the land. Four Hearts Ranch, BC Nestled in the scenic Cariboo region, Four Hearts Ranch spans nearly 6,000 acres of stunning landscapes. This world-class estate offers unparalleled privacy and luxury, featuring a modern 10,000 square foot log home, a state-of-the-art equestrian center, and multiple residences. The ranch is a haven of peace and tranquility, surrounded by forests, lakes, and wetlands. Fire Tower Ranch, Virginia City, MT Discover the charm and rugged beauty of Montana at Fire Tower Ranch. This 379-acre property, situated between Virginia City and Ennis, offers breathtaking views of seven mountain ranges, a private pond, and a sanctuary for wildlife. The ranch includes multiple dwellings, ideal for those seeking a retreat that combines comfort and sustainability. 5W Ranch, Oakely, UT Located in the Weber River Basin, 5W Ranch is the crown jewel of Summit County. This 148-acre property features half a mile of river frontage, irrigated meadows, woodlands, and prime fishing spots. It's a unique opportunity to own a legacy ranch in one of Utah's most desirable locations. Vista Haven, Charlo, MT Located in the picturesque Flathead Valley, Vista Haven offers 160 acres of privacy and stunning views of the Mission Mountains. This estate features a magnificent log home, a caretaker's cottage, and a well-appointed shop, making it an ideal retreat for those seeking luxury in a serene setting. Ultimate Ranch Life, Southlake, TX Welcome to your Texas ranch! This move-in ready 30-acre property includes a fully furnished 5,800 square foot estate with rustic charm, multiple fireplaces, a game room, a sparkling pool, and an outdoor kitchen. The equipped barn has everything you need for horses and donkeys, who come with the ranch. Just bring your cowboy hat. Premier Luxury Estates Across the Americas Beyond the Land & Ranch collection, our latest edition of Private Residences also features a range of luxurious homes situated in some of the most desirable locations. Here are a few exceptional properties to give you a taste of what awaits: Patkau Architects Masterpiece, Whistler, BC 3801 Sunridge Place is a stunning architectural masterpiece by Patkau Architects, offering unparalleled views of Whistler Valley. Located in a quiet cul-de-sac in Sunridge Plateau, this home combines privacy, beautiful outdoor spaces, and close proximity to Whistler Village—truly a one-of-a-kind property. 170 East End, Manhattan, NY Experience luxury living at 170 East End Avenue, a premier full-service condominium designed by renowned architect Peter Marino. This spectacular home offers direct park views and a private garden, with custom-designed residences featuring spacious floor plans, high-end finishes, floor-to-ceiling windows, and high ceilings. The building's extensive amenities include a 24-hour doorman, parking garage, fully equipped gym, Pilates studio, screening room, and more, ensuring an unparalleled lifestyle in one of Manhattan's most coveted locations 300 Drayton, Savannah, GA 300 Drayton epitomizes luxury living in Savannah's Landmark Historic District. This stunning penthouse offers sweeping urban views and a 4,000 sq. ft. rooftop garden with a bar overlooking the Cathedral of St. John the Baptist. Designed for entertaining, it features a spacious living room with built-in bookcases, a fireplace, elegant archways, and marble finishes. The gourmet kitchen boasts a wraparound island and custom cabinetry, while the billiards room includes a full bar. The private rooftop deck offers a second bar, lounge, and dining areas for the ultimate in outdoor living. Pinehaven Estate, Houston, TX Discover Pinehaven Estate, a French contemporary home in Houston's Memorial neighborhood, featuring a backyard oasis with a pool, outdoor kitchen, and fireplace. Inside, luxury abounds with 5 bedrooms, 6 baths, custom millwork, and designer lighting. The gourmet kitchen includes custom cabinetry and a grand island, while the primary suite offers a spa-inspired bath and dual walk-in closets. With a study, media room, and spacious game room, this home is perfect for both family life and grand events. Click here to view the full version of the newest edition of Private Residences.
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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