Jacksonville Beach Real Estate Market Update.
Local News:
The Jacksonville Beach Real Estate Market continues to pick up speed.
- Median days on the market is down to 30 days, this is a drop of 30.2%.
- New listings have increased by 36.4%.
- These two changes have resulted in an increased absorption rate that currently stands at a 3 months’ supply.
- Median sales price had a modest rise of 6.6%. As the competition in the market continues to rise, so too will median sales price.
These market statistics were taken from NEFAR’s monthly market review.
Interest Rates:
Interest rates remain steady and we don’t recommend holding your breath waiting for rate cuts. Our partners at Movement Mortgage reported that the Federal Reserve has backed off its projection of multiple rate cuts in 2024.
National News:
In March 2024, the National Association of Realtors (NAR) announced a proposed $418 million settlement agreement to the Sitzer-Burnett verdict. Additionally included in the settlement is the agreement to enact two new Multiple Listing Service (MLS) rules. The first rule prohibits offers of broker compensation on the MLS. The second rule requires MLS participants working with buyers to enter into written agreements with their buyers.
Fannie May provided clarification about seller-paid real estate commissions and interested party contributions (IPC). “If a seller or seller’s real estate agent continues to pay the buyer’s real estate agent commission in accordance with local common and customary practices, these amounts are not required to be counted towards the IPC limits for the transaction.” Movement Mortgage expounded further on Fannie May’s clarification.
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.
