Jacksonville Beach Real Estate Market Update.
Local News
Spring has officially sprung. As predictable as seasonal allergies are this time of year, so too is the quickening real estate market. In our region of Northeast Florida, we have seen median days on the market plummet to 35 days, a decrease of 38%. Although buyers are picking up the pace, the sellers still have them beat. New listings have increased by 55.7%. Likewise, there was an increase of active inventory by 50.9%. The market currently has a 4.2 months’ supply of inventory. These numbers are based on changes from the month of February to March of 2024. They are captured by NEFAR’s monthly market statistics.
Interest Rates:
There is dramatically less action to report on the interest rates front. The Feds have left rates unchanged. However, a recent Movement Mortgage post asserts that the Feds have “maintained their outlook of executing three rate cuts amounting to 75 basis points by year-end.” The question of when those rate cuts will take place remains.
Controversial Florida Legislation on Vacation Rentals
A new Florida Legislative bill was recently finalized. The bill limits the extent to which local government can oversee vacation rental properties. Many agencies and politicians are speaking out in opposition of the bill, while others agree that all rental listings need to be licensed by the state. It is up to Governor DeSantis to veto or sign this controversial new bill. Our recent post has more on this important news story.
Fluid Realty
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The Fluid Realty Team is Jacksonville’s top real estate group and local boutique brokerage. We provide a full-service experience with the best realtors in the area. Our expertise includes luxury beach real estate within the four Beaches of Jacksonville, FL: Atlantic Beach, Neptune Beach, Jacksonville Beach, and Ponte Vedra Beach.
