School is back in session and as slow summer days are coming to an end, the Jacksonville Beach real estate market is feeling a jolt.
Inventory poured onto the market over the summer, as expected.
In the last month, however, median days on the market have spiked. Quite dramatically in some areas.
St. John’s County to be specific. According to July market statistics, beautiful St. Johns County has a median of 61 days on the market. That is a jump from the already high June stats revealing 49 median days on the market.
Previously, we broke down the minimum income needed for First Coast’s wealthiest zip codes. For St. Johns County it was $242,220. Certainly, this may be an issue at play. However, as we have also written about, St. Johns County tops the charts as the fastest growing zip code in the city. Undoubtedly, St. Johns County is a highly desirable place to live.
Right now, buyers have an opportunity to use the slow moving market to their advantage.
Northeast Florida Statistics
Below are NEFAR’s current numbers for Northeast Florida, along with statistical changes since last month.
In general, what we are seeing is the combination of a large active inventory and a high number of median days on the market. This is creating a high absorption rate, or month’s supply of inventory.
- 11.6% ⬆ Active Inventory: 7,897
- 3.9% ⬆ New Listings: 3,318
- 0.4%⬇Median Sales Price: $398,970
- 20%⬆Median Days on the Market: 42
- 4.8% ⬇ Closed Sales: 1,868
- 17.3% ⬆ Month’s Supply of Inventory: 4.2 months
Those statistics represent the Northeast Florida region as a whole. Details for each county are below.
Duval County:
- ⬆Active Inventory: 3,508
- ⬇New Listings: 1,683
- ⬆Median Sales Price: $346,950
- ⬆Days on Market: 35
St. Johns County:
- ⬆Active Inventory: 2,297
- ⬇New Listings: 818
- ⬆Median Sales Price: $591,000
- ⬆Days on Market: 61
Clay County:
- ⬆Active Inventory: 1,143
- ⬆New Listings: 503
- ⬆Median Sales Price: $366,950
- ⬇Days on Market: 38
Nassau County:
- ⬇Active Inventory: 515
- ⬆New Listings: 197
- ⬇Median Sales Price: $438,400
- ⬇Days on Market: 31
Interest Rates
Federal reports for July showed strong retail sales numbers. As a result, this bolsters the Feds’ confidence in the economy to withstand high interest rates. Therefore, rate cuts are still to be expected, however, they may be more modest than previously predicted.
Movement Mortgage reports: “Economists still expect a rate cut at next month’s Federal Reserve meeting, but the latest numbers suggest the likelihood of a 0.5% cut versus a 0.25% cut has slightly diminished.”
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.
