As we continue to work through the challenges of 2020, the real estate market continues to progress in a steady manner. Unlike the stock market, real estate generally is more stable. That stability remains strong in St. Augustine/St. Johns County Florida. The market statistics from October continue on a healthy trajectory and remain active with just a slight decrease in properties listed and sold.
St. Johns County Real Estate Market Remains Active
Median home prices took a slight decrease in October. The average list price for October was $394,113. That is a 2.6% decrease over September 2020 market statistics. Sold prices also shared a slight decrease. The average sold price for October was $340,306 compared to September at $356,694.
St. Johns County Inventory Remains Low
There was a slight decrease in residential properties listed for sale. New listings for October totaled 437, compared to 448 in September. There was also a small decrease in properties that sold in October (477) down from September (519). The market remained active as evidenced by homes sold in October were only on the market for an average of 77 days. This is down from the average days on the market for September was 84.
According to Mark Fleming, chief economist at First American Financial Corporation, "The main reason for the strong rebound is that factors existing before the coronavirus hit (lack of supply, low mortgage rates and a millennial demand for homeownership) have continued or even gained strength."
What These Numbers Mean for Buyers
As previously stated in other months, historically low interest rates are the biggest advantage a home buyer has right now. No one has a crystal ball as to how long these rates will stay at current levels. A slight change can cost buyers thousands of dollars and could price some right out of the market. The best thing to do is speak to a mortgage broker and get pre-approved (not pre-qualified) before even beginning your search.
What These Numbers Mean for Buyers
Although prices dropped slightly from last month, we are still experiencing extremely low inventory levels while buyer demand is remaining high. This could lead to multiple offer situations and drive prices back up this month. Since inventory is low and buyer demand is high, you will want to make sure your home is staged properly so that it stands out. You might not get a second chance.
Whether you are looking to buy or sell, First Coast Realty would welcome the opportunity to earn your business. Feel free to reach out to us on Facebook or Twitter and we would be happy to assist you in getting the ball rolling. Or, to talk to a qualified, experienced agent call/text today 904-494-8408 or email info@firstcoastrealtyinc.com
About the Authors: The above article "Market Snapshot, What You Need to Know-October 2020" was provided by Broker and Broker Associate Gene Johnson and Libby Johnson with First Coast Realty Inc. We have been longtime St. Augustine residents and have been successful real estate agents in the area for over 25 years. We’d love to share our knowledge and expertise. We service St Augustine, Palm Coast, Palatka, and Jacksonville areas.
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