Market Trends in Jacksonville Real Estate | August 2023Sep 16, 2023
If you're like me, you love new things.
They're exciting and bring about opportunities.
This week, we got the brand new stats for August, which means a treasure hunt for the new trends. 🤩
The market is evolving, and it's more important than ever to keep up based on the amount of questions and confusion in the market.
X marks the spot...🏴☠️
Making Sense of Jacksonville Prices
Let's start by looking deeper at the Jacksonville market.
The metro area is comprised of 5 counties: Duval, St. Johns, Clay, Nassau, and Baker.
The median sold price was down 2.1% in August compared to July. 😨
Nothing to fear, we typically see prices decline in the Fall as buyer demand cools with school back in session. 😌
What's more interesting is the underlying changes happening in each county.
Baker and St. Johns were down roughly 6.5% in a month, which is what's driving prices in the Jacksonville metro lower.
Duval was flat, Clay was up 0.4%, and Nassau was up 3%.
St. Johns is known for it's high-quality schools and is home to many families with children, especially in the massive Nocatee development.
With kids back in class, far fewer families are looking to make a move and sellers are having to sharpen the pencil on their prices to get homes sold. 😲
A New Trend in Home Prices
Next, let's go over an interesting trend that is emerging. 🧐
It's always important to look at what prices on active listings are doing compared to the prices of properties that are selling.
You can see if sellers are moving in sync with buyers (more transactions) or if they are heading different directions (fewer transactions).
In this case, we see a divergence forming as the listing price is headed higher while the selling price is going lower. 📈📉
There are a variety of factors affecting this, but I'd argue this is evidence of sellers pushing the limits of the market, knowing there's a lower number of homes for sale and seeing just how high they can go.
It's just one month, so we'll see if the trend continues or if sellers take corrective action.
What It All Means
These two charts highlight a few important points:
🔀 Each county is experiencing a different market. There are micro markets with different dynamics going on, so you need to key in on what's happening in your neighborhood to make the most informed decisions.
🤗 Expect more price affordability. Not because the market is crashing, but because prices generally come down in the Fall. This seems like a great opportunity to re-engage with less competition if you're a buyer who needs to make a move.
⚔️ Look for stalemates in the market. Sellers hold the cards because there aren't a lot of options for buyers. Regardless, buyers are balking at paying premium prices as rates make new 20-year highs. I expect we'll see homes sit for longer if the two parties play chicken.
These are three great talking points you can use to answer "how's the market" and keep your clients updated.
Remember, people paused on the home search need to stay updated to manage expectations along the way.
Whenever you're ready, there are 3 ways I can help you:
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