Summer is in full swing. Temperatures are high. Likewise, active inventory on the Jacksonville Beach real estate market is high.
Really high.
Jacksonville: a top city for new listing growth
In fact, Jacksonville is topping the charts as one of the cities with the greatest rise of new listings. According to a July 11, 2024 Inman article:
“New listing growth was strongest in the West and Southeast, with San Jose, California (+29.3 percent); Jacksonville, Florida (+21.2 percent); Las Vegas (+21.2 percent); Miami (+19.9 percent) and Phoenix (+16.4 percent) experiencing the biggest gains.”
Northeast Florida Statistics
NEFAR has reported a 17.2% jump in active inventory since last month. However, new listings saw a decrease of 2.8%. This tells us that homes are selling slowly. Median days on the market is now 39, an increase in the last month by 30%.
Below are NEFAR’s current numbers for Northeast Florida, along with statistical changes since last month.
- 17.2% ⬆ Active Inventory: 7,764
- 4.9% ⬇ New Listings: 3,602
- 1.3% ⬆ Median Sales Price: $405,000
- 30%⬆Median Days on the Market: 39
- 10.8% ⬇ Closed Sales: 2,060
- 31.4% ⬆ Month’s Supply of Inventory: 4.1 months
Those statistics represent the Northeast Florida region as a whole. Details for each county are below.
Duval County:
- ⬆Active Inventory: 3,421
- ⬇New Listings: 1,709
- ⬇Median Sales Price: $340,000
- ⬆Days on Market: 33
St. Johns County:
- ⬆Active Inventory: 2,237
- ⬇New Listings: 835
- ⬆Median Sales Price: $579,900
- ⬆Days on Market: 49
Clay County:
- ⬆Active Inventory: 10,49
- ⬇New Listings: 493
- ⬇Median Sales Price: $360,000
- ⬇Days on Market: 42
Nassau County:
- ⬆Active Inventory: 519
- ⬆New Listings: 186
- ⬆Median Sales Price: $469,000
- ⬆Days on Market: 51
Interest Rates
We saw a good sign for interest rates this month. Inflation had its first month-to month decrease since 2020.
Movement Mortgage explains the significance of this in the following quote.
“It’s important to understand that a decrease in month-to-month inflation may indicate that the economy is stabilizing, which could reduce the pressure on the Federal Reserve to keep interest rates high to combat inflation.”
The Feds will make their decision on potential rate cuts based on inflation and employment reports. We are hopeful that a rate cut is coming in the fall.
Fluid Realty
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.
