A look at housing market data for St. Johns County, FL, August, 2024.
How’s the market? It’s a question we as agents get asked pretty frequently. Rather than rely on anecdotal evidence, or the somewhat limited scope of the communities we’re currently working in, I prefer to take a higher level look at what the data show. So, let’s take a look at some key stats for the county in the month of August:
Prices were up 3% from August of 2023…but we can see a downward trend beginning in April 2024, with prices down nearly 5% from July of this year. On the upside, this could be an indicator of a more balanced market on the horizon.
Closed sales paints a similar picture to sales price from above…sales are up just slightly from the same time last year, but a downward trend beginning in May extended through August, with closed sales down ~8% from July.
Inventory certainly has an impact on pricing. When inventory is scarce, prices tend to go up. Now, with inventory up 78% from the same time last year, we’re seeing prices drop. That said, prices may not have dropped enough just yet to see a big surge in buying…and interest rates certainly aren’t helping the cause.
Months supply of inventory, sometimes called “absorption rate”, is another key indicator. When the months supply of inventory is low, as it was at this time last year, it can be said we were firmly in a seller’s market. As supply of inventory creeps upward, we’re getting closer to a 6-month supply, which is generally considered a balanced market.
It’s definitely not 2022 anymore, when homes were flying off the shelves in a matter of days (and that sort of market had it’s own unique challenges). Homes now are sitting on the market quite a bit longer, as buyers have the luxury of waiting for prices to come down, but also the stress of waiting for interest rates to follow suit. For sellers, it can be a difficult question of motivation…
Finally, we look at unsold listings, which are listings that either expired when the term specified in the listing agreement ran out, or when the property was voluntarily withdrawn from the market. In many cases, this might mean that the seller was unwilling, or unable, to price the home at market value, that is, what a buyer is willing to pay.
As the year wears on, we’ll see the market continue to evolve. Good news is that the Federal Reserve Board has hinted at a willingness to lower interest rates in the near future. Also, we’ll be able to move beyond the election, which brings volatility to the market every four years, no matter who’s running.
Want to understand what’s happening a little closer to home in your neighborhood? Drop us a line and we’ll give you the stats…
