It’s officially summer and the June 2023 Jacksonville Beach real estate market update is feeling it. Things are getting hot as the sellers’ market strengthens. A sellers’ market is described by Forbes as: “when people who want to sell their homes have more negotiating power than prospective buyers. In a seller’s market, there are fewer homes for sale than buyers.”
This is what we’ve been seeing in the Jacksonville Beach real estate market. Median sales prices are rising and the average days on the market are falling. As a result, absorption rates are down to 2.2 months’ supply.
This sellers’ market continues to strengthen even alongside the news that President Biden signed into law the “Fiscal Responsibility Act” earlier this month. This legislation will lift the federal debt ceiling until 2025. This presents concern for mortgage rates that are currently hovering around 6.6% for a conventional loan with 30-year fixed terms. Check out this article from the National Association of Realtors to learn more.
Regardless of which way the market is swinging, summer is always a popular time to buy and sell homes. This is especially true for families who are wanting to get settled before the school year starts. For the 2023-2024 school year, the first day of school for Duval County Schools will be August 15th and St. Johns County Schools will be August 10th. Now is the time to get moving if you aren’t already where you want to be! Reach out to the Fluid Realty team today if this is you.
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.
