The Sandberg Team @ Ponte Vedra Key Realty
Real Estate Sales & Service in Nocatee, Ponte Vedra & Jacksonville, Florida
Del Webb Ponte Vedra Market Stats
Interested in learning how the market fared in your neighborhood? Drop us a line and we’ll send you the details…
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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that either expired when the term specified in the listing agreement ran out, or when the property was voluntarily withdrawn from the market.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…
To see in more detail what came on the market and what sold, check the links below:
Like to see what happened with housing in February in your neighborhood? Drop us line:
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Housing market stats in November look pretty solid, with a little bit of a slowdown in pending/solds, which can likely be attributed to seasonality (compare to numbers from July of this year). But, I’d like to break down these November numbers a little bit further:
With that in mind, I imagine by the end of this month, we’ll see quite a few more new construction sales, whether under contract or fully closed, based on some of the year-end builder incentives we’ve talked about here, here and here. And, there’s still time to take advantage of those incentives, whether in the form or a rate buy down, closing costs or design center options.
If you’d like to learn more about how the housing market is faring in your neighborhood, or you’d like to learn more about year-end incentives that may be available, drop us a line:
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As we head into the year end, let’s a take a look back at what happened with housing in the 3rd quarter with a few popular northeast Florida communities.
Interested in knowing how your community fared in the 3rd quarter (or any timeframe, really)? Drop us a line and we’ll give you the stats.
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