Local News:
As expected, new listings continue to rise. An increase of 4.8% in new listings was seen in our regional market over the last month. However, we have noticed a slight slowing in the market as median days on market have reached 34 days, an increase of 13.3% in Northeast Florida. Correspondingly, NEFAR’s monthly market review statistics reveal increased absorption rate of 3.5 months’ supply.
Median sales price has increased to $399,990.
To zoom in on our stomping ground at the beaches, we are seeing the following numbers.
Duval County
In Duval County we have a total active inventory of 2,845 after adding 1,839 in new listings. These homes are averaging 29 days on the market with an average sales price of $345,500.
St. Johns County
In St. Johns County we have a total active inventory of 2,023 after adding 992 in new listings. These homes are averaging 41 days on the market with an average sales price of $585,000.
Summer is fast approaching. Students in St. John’s County will have their last day of the school year on May 24th. Followed soon after by Duval County students on May 31st.
We can expect the real estate market to pick up the pace during the summer months.
Interest Rates:
There isn’t much change with interest rates as the Feds continue to monitor inflation. While this may be true, there is still evidence that rate cuts may come this year. A market update published this week by Movement Mortgage states, “Economists are predicting two separate 25 basis point (0.25%) cuts by year-end.”
Fluid Realty
Fluid Realty is here to help you reach your real estate goals. Reach out to us today.
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.
