If you are thinking about buying or selling, having a solid grasp of housing market metrics is essential. These metrics offer valuable insights for both buyers and sellers, helping them make informed decisions in a constantly evolving market. Let’s dive into some current statistics for St. Johns County using data from October 2024, and what they reveal about the market's dynamics.
1. Months Supply of Inventory (MSI) – Currently at 4.35
The Months Supply of Inventory (MSI) measures the balance between supply and demand. This metric tells us how long it would take to sell all current listings if no new homes were added to the market.
What it Means: The current MSI of 4.35 months signals a more balanced market. Typically, an MSI below four months indicates a seller’s market (more demand than supply), while above six months points to a buyer’s market (more supply than demand).
Takeaway: A balanced MSI means buyers have more choices, while sellers face moderate competition. Both can negotiate effectively based on realistic pricing.
2. 12-Month Change in Months of Inventory – Up 9.57%
The 12-month change in inventory reflects shifts in supply and demand over time.
What it Means: The 9.57% increase in MSI suggests a shift toward a balanced or slightly buyer-friendly market compared to the previous year. This shift can result from various factors such as economic conditions, seasonal trends, or changes in interest rates, which might make homes more affordable for buyers or encourage sellers to list their properties.
Takeaway: The increase in inventory can be advantageous for buyers, giving them more options to choose from. Sellers may need to price competitively to capture buyers’ attention.
3. Median Days on Market – 62 Days
The Median Days on Market (DOM) is the average time it takes for a home to sell from listing to closing.
What it Means: With homes taking around 62 days to sell, we’re seeing a moderate-paced market. In a high-demand, fast-moving market, this number is lower. A higher DOM generally suggests a slower market.
Takeaway: Buyers have a bit more time to consider options, while sellers may need to prepare for a longer listing period. However, strategic pricing and effective marketing can still speed up the process.
4. List to Sold Price Percentage – 96.8%
This percentage indicates how close homes are selling to their listing price.
What it Means: With homes selling at 96.8% of the listing price, it’s clear that properties are typically going for close to their asking price. This often reflects competitive pricing from sellers or strong negotiation by buyers.
Takeaway: For sellers, it’s essential to price homes accurately to attract serious buyers. Buyers should be prepared for limited price negotiation and might need to act quickly on well-priced homes.
5. Median Sold Price – $503,347
The Median Sold Price represents the midpoint of all home prices in the area.
What it Means: At $503,347, the median price provides a benchmark for buyers and sellers to understand current market trends. It reflects a healthy pricing level, suggesting a robust market with well-maintained property values.
Takeaway: Buyers can use this figure to estimate the budget they’ll need, while sellers can set realistic expectations for sale prices based on current market conditions.
In Summary: A Balanced Market with Opportunities for Both Buyers and Sellers
The St. Johns County real estate market currently presents a balanced landscape. Moderate levels of inventory, steady pricing, and a reasonable turnover rate suggest that buyers and sellers alike can navigate the market effectively with informed strategies.
Whether you're buying or selling, understanding these key metrics can help guide your decisions, set realistic expectations, and capitalize on the current market conditions to meet 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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