Welcome to the Monthly St. Augustine Market Report for September 2023. In this month’s market update I wanted to diving 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.
Monthly Supply of Inventory
The current Months Supply of Inventory currently stands at 3.3. This indicates the number of months it would take to sell all the homes on the market if no new listings were added. It's an important indicator of the market's health and balance. If the supply of homes is low, like it is now, it means we are in a seller's market. Sellers have the advantage because there are more buyers than available homes. So, if you're a seller, this is great news for you!
Also, over the last 12 months, we've seen a 10.74% increase in the Months Supply of Inventory. This suggests that the market is becoming a bit more balanced as inventory levels have risen slightly. However, it's essential to keep in mind that we're still in a seller's market overall.
List to Sold Price Percentage
Currently, homes in St. Johns County are selling at an impressive 97.7% of their listing price. This indicates that sellers are getting very close to their asking prices, which is fantastic news if you're considering selling your home. If you're thinking of buying a home, keep this number in mind and know that you will probably have to offer close to list price.
Median Days on the Market
Another crucial factor to consider is the median days on the market, which currently stands at 41 days. This means that, on average, it takes about 41 days for a home to sell in St. Johns County. This relatively short time frame indicates a strong demand for homes in this area, making it an excellent time for sellers to put their properties on the market.
Median Sold Price
Finally, let's talk about the Median Sold Price, which is currently at $478,775. This figure represents the middle value of all the sold homes in the area. It's essential to keep in mind that this is the median, not the average, so it's not skewed by extreme outliers. This price shows the overall market value and highlights the growth and desirability of St. Johns County. This is actually down quite a bit from last month’s median sold price of $517,500. As I mentioned earlier, as the month’s supply of inventory increases, buyers will have more homes to choose from which will drive prices down.
So What Does This Mean For Buyers and Sellers?
As you can see, whether you're a buyer or a seller, there's plenty of excitement happening in our little slice of paradise. With a growing demand, strong list to sold price ratios, and homes selling quickly, it's an exciting time to be involved in the real estate market here. If you're considering making a move, don't hesitate to reach out to First Coast Realty. We’re here to guide you through the process and help you achieve your real estate goals.
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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