As we move into October, St. Johns County's real estate market is experiencing subtle shifts that could have significant implications for both buyers and sellers. Let’s break down the key metrics from September to understand the state of the market.
Months Supply of Inventory: 4.38
The Months Supply of Inventory (MSI) currently stands at 4.38, meaning it would take just over four months to sell all available homes if no new listings were added. Historically, an MSI below 5 months indicates a seller’s market, while an MSI above 6 months suggests a buyer’s market. With the current number just under 5 months, we are seeing signs of a more balanced market emerging, offering opportunities for both buyers and sellers.
12-Month Change in Inventory: +12.02%
One key indicator pointing toward balance is the 12-Month Change in Inventory, which has increased by 12.02%. This means more homes are becoming available compared to last year, which could reduce competition among buyers. As inventory rises, buyers have more options, and sellers might find themselves negotiating more than they did in the past year.
Median Days on Market: 52
Homes in St. Johns County are taking longer to sell, with the median days on market at 52 days. This is another indicator that the market is cooling slightly from the rapid pace we saw in previous years. For sellers, this means pricing competitively and preparing homes well are crucial to standing out. For buyers, the extra time on the market gives you a bit more breathing room to explore options without feeling rushed to make a decision.
List to Sold Price Percentage: 96.9%
The List to Sold Price Percentage sits at 96.9%, meaning homes are selling for nearly 97% of their asking price. This is a slight dip from peak seller market conditions, where homes were consistently selling at or above the list price. While this metric suggests sellers still have some leverage, it also hints at more room for negotiations as inventory increases and competition cools.
Median Sold Price: $484,990
The Median Sold Price for homes in St. Johns County is $484,990. This figure reflects the middle price point of all homes sold and is a crucial gauge of overall market pricing trends. While prices are still strong, the slight increase in inventory and longer days on market may slow price growth moving forward. Buyers can expect more stable prices, while sellers should focus on strategic pricing to attract serious offers.
What Does This Mean for Buyers and Sellers?
For Buyers
For buyers, the increase in inventory and longer days on market provide more options and negotiating power. There’s less pressure to make a quick decision, allowing more time to explore and potentially get a better deal.
For sellers, the market is still favorable but requires more effort. With homes taking longer to sell and buyers having more choices, pricing competitively and making necessary updates to homes will be key to attracting offers and closing deals.
For Sellers
If you’re ready to take the next step in your real estate journey, whether buying or selling, reach out to us today. Our team at First Coast Realty is highly trained and knowledgeable about the local market, ready to help you navigate through the process and achieve your real estate goals, whether you’re a first-time homebuyer or a seasoned investor.
Navigating the Market Effectively
Whether you're looking to buy or sell, understanding these key metrics is critical. The market is transitioning from a seller’s market to a more balanced one, offering opportunities on both sides. Buyers, use the increase in inventory to your advantage, and sellers, make sure your listing stands out as buyers take more time to compare their options.
Keep an eye on these trends as we move deeper into the fall market, as they could continue to shift in favor of buyers or stabilize further. If you're thinking about entering the market, now is the time to align your strategy with these evolving conditions.
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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