Jaguars football has kicked off, Labor Day is behind us and all things pumpkin spice are now available. We’re drifting into fall in Jacksonville Beach.
While we wait for cooler weather, we’re also waiting for those long-expected interest rate cuts. Are they coming? The experts think so. But, in the meantime, the absorption rate in Jacksonville Beach continues to rise as homes are sitting on the market longer.
Northeast Florida Statistics
Below are NEFAR’s current numbers for Northeast Florida, along with statistical changes since last month.
Active inventory continues to rise, not due to new listings, but instead due to a decrease in closed sales and an increase in the median number of days on the market. As a result, the absorption rate, or months’ supply of inventory has risen to 4.3 months.
- 4% ⬆ Active Inventory: 7,713
- 6.5% ⬇ New Listings: 3,097
- 3.7% ⬇ Median Sales Price: $383,990
- 30.8% ⬆ Median Days on the Market: 51
- 8% ⬇ Closed Sales: 1,777
- 13% ⬆ Month’s Supply of Inventory: 4.3 months
Those statistics represent the Northeast Florida region as a whole. Details for each county are below.
Duval County:
- ⬆Active Inventory: 3,514
- ⬆New Listings: 1,698
- ⬇Median Sales Price: $331,400
- ⬆Days on Market: 42
St. Johns County:
- ⬇Active Inventory: 2,101
- ⬇New Listings: 670
- ⬇Median Sales Price: $560,000
- ⬆Days on Market: 63
Clay County:
- ⬆Active Inventory: 1,154
- ⬇New Listings: 451
- ⬇Median Sales Price: $353,495
- ⬆Days on Market: 52
Nassau County:
- ⬇Active Inventory: 475
- ⬇New Listings: 164
- ⬆Median Sales Price: $463,500
- ⬆Days on Market: 33
Interest Rates
The Feds are focused on the labor market now that inflation seems to be back on track. August payroll did not meet expectations, however, a Federal rate cut is still expected.
Movement Mortgage reports: “While the labor market is showing signs of cooling, it’s not declining as sharply as some had feared. The key questions now are whether the Fed will cut rates by 25 or 50 basis points in September and what rate they consider to be neutral.”
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.
