Welcome to our September 2024 real estate market update! In this blog, we'll be examining the latest data from August to provide you with a comprehensive overview of the current market conditions in St. Johns County. Whether you're contemplating buying, selling, or simply curious about the market dynamics, this update will offer valuable insights to help you make informed decisions. Let’s dive into the numbers!
Months Supply of Inventory
One of the key indicators we track is the Months Supply of Inventory, which currently stands at 4.39 months. This represents a 14.03% increase compared to the same time last year. But what does this figure actually mean for you?
The Months Supply of Inventory tells us how long it would take to sell all the homes currently on the market at the current sales pace. A higher number indicates more inventory and potentially a slower market, while a lower number suggests a quicker market with fewer available homes.
Over the past few months, we’ve seen a gradual shift towards a more balanced market. Although demand remains strong, the increased inventory means buyers have more options to choose from. For sellers, this is still a favorable time to list your property, but you should be mindful of the increasing competition. For buyers, the rise in inventory presents a great opportunity to start your home search with a broader selection of homes available.
Median Days on Market
Next, let’s discuss the Median Days on Market, which is currently averaging 51 days. This metric reflects how quickly homes are selling in St. Johns County.
A median of 51 days suggests that homes are moving relatively quickly, but there’s still some time for buyers to explore their options. For sellers, this means it’s crucial to price your home competitively and ensure it’s well-presented to attract potential buyers. Buyers should be prepared to act swiftly when they find a property they like, as the market remains active.
List to Sold Price Percentage
The List to Sold Price percentage is a critical indicator of market health. Currently, this stands at a strong 97.2%. This percentage represents how close homes are selling to their original listing prices.
A high List to Sold Price percentage indicates that homes are selling near their asking prices, which is a sign of a competitive and healthy market. For sellers, this means you can expect to get close to your asking price if your home is priced correctly from the beginning. Buyers, however, should be ready to make competitive offers, as there may not be much room for negotiation below the list price.
Median Sold Price
Finally, let’s look at the Median Sold Price, which is currently at $485,000. This figure represents the average price of homes sold in the area.
The slight decrease in the Median Sold Price from last month indicates that we are moving towards a more balanced market. For buyers, this drop in prices can enhance affordability, but the market is still moving quickly. For sellers, it’s important to stay competitive and adjust expectations accordingly.
Conclusion
So, what does all this data mean for you?
For Sellers:
The market is still favorable, with homes selling quickly and close to asking prices. However, with inventory increasing and prices slightly decreasing, it’s important to remain competitive. Proper pricing and presentation of your home will be key to achieving a successful sale.
For Buyers:
The increased inventory offers more options, and the slight decrease in median prices could improve affordability. However, the market remains competitive, so be prepared to act quickly and make strong offers to secure the home you want.
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.
Staying informed about these market trends is key to making the best real estate decisions. Whether you’re buying or selling, understanding these metrics can help you navigate the market with confidence. If you're ready to take the next step, contact us today to discuss your options and find the perfect strategy for your real estate goals. We're here to help you every step of the way!
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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