Local Jacksonville Beach Market Update
In our local Jacksonville Beach market, we are watching new listings pour onto the market. According to the market statistics provided by NEFAR, new listings have increased by 28%. This influx of new listings has also increased our absorption rate to a 4.7 months’ supply. An absorption rate communicates the length of time it would take for all the currently listed homes to sell without anything new being added to the market.
Along with more homes on the market and a higher absorption rate, we’ve also seen an increase in median sales prices and a decrease in median days on the market. Things are certainly starting to pick up as we head into spring.
Also, don’t forget, Florida Homestead Tax Exemption is due March 1st. Check out this article for more information.
Interest Rates
February has seen a trend toward higher interest rates. Likewise, the Feds have made it clear that rate cuts are still off in the distance. A recent Movement Mortgage article stated the following: “The economy is proving to be resilient, and the recent strong economic data is reducing the urgency in cutting rates.”
National Market News
One national market story to be in the know about is the Keller Williams commission suit settlement. On February 1, 2024, Keller Williams successfully settled in the Sitzer/ Burnett case. The damage due from Keller Williams– $70 million. We devoted a past article to this story. You can read it here.
Fluid Realty
We’re here to help you with 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.
