Welcome to the Monthly St. Augustine Market Report for October 2023. In this month’s market update I wanted to dive into the latest real estate trends and statistics to keep you informed and engaged in the market. So, whether you're a buyer or a seller, this update is for you.
I wanted to clarify the area this market update covers. St. Johns County, FL includes the areas of St. Augustine and St. Augustine Beach, Vilano Beach, Ponte Vedra and Ponte Vedra Beach, Elkton, Hastings, Nocatee, plus many smaller regional areas. If the area you're interested in is not mentioned, contact us. Our contact information is below. We’d be happy to prepare a market update for your area. In addition to St. Johns County our office covers Flagler, Putnam, Duval, and Clay counties. Now, let’s get started.
Monthly Supply of Inventory
Currently, we have 3.48 months of supply, which means that if no new listings came on the market, it would take just a little over 3 months to sell all the existing homes. However, it's essential to note that over the last year, we've seen an increase of 8.07% in the Months Supply of Inventory. This means that inventory levels have been gradually rising, providing buyers with more options to choose from. Sellers, on the other hand, may need to adjust their pricing and marketing strategies to stay competitive.
List to Sold Price Percentage
The list to sold price percentage currently stands at 97.3%. This means that, on average, sellers are achieving 97.3% of their desired listing price. It's important to note that this percentage reflects the overall market, and individual properties may vary. However, it's a great indicator of the market's stability and the success sellers are experiencing in St. Johns County.
Median Days on the Market
The median days on the market is currently at 40 days. This means that, on average, it takes around 40 days for a home to go under contract from the time it's listed. This is a relatively quick turnaround, indicating a strong demand from buyers in our area.
Median Sold Price
Finally, let's talk about the Median Sold Price, which as of October 2023, the median sold price in St. Johns County stands at an impressive $481,250. This figure represents the midpoint of all the sold homes in our area. It's crucial to understand that this is not the average price, but rather the midpoint, with some properties selling below and others above this figure. However, it's a great reference point for both buyers and sellers to gauge the market's overall health.
So What Does This Mean For Buyers and Sellers?
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
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