Jacksonville & St. Augustine Real Estate Market Update - April 4, 2023: Expert Insights by Chris Snow of the Florida Coastal Team
Our weekly market update for April 4, 2023, covers essential data from the Northeast Florida MLS, and as a team leader, I'm eager to share my perspective on how to capitalize on the current market conditions.
As of this week, we have 5,430 active listings in the Jacksonville and St. Augustine marketplace, with homes spending an average of 88 days on the market (DOM). In the last 30 days, we've seen 2,998 new listings come to market as the sitting inventory (homes on the market for 45+ days) continues to decline to 2,976 homes. There are 4,934 properties under contract with an average of 70 DOM. The market is continuing to gain momentum and we are just getting to home-buying season.
In the past 30 days, 2,566 homes have sold with an average DOM of 76 days. If you're a prospective homebuyer, my advice is to act fast when you find a property that catches your eye. If you delay, you are inviting competition in.
There were 659 listings that expired in the last month.
Mortgage interest rates are still a little volatile, but rates are down to 6.44%. Despite this, the demand for properties in Jacksonville and St. Augustine continues to be strong. With a mere 2.12 months of inventory available, the market remains favorable for sellers. This low inventory is creating multiple offers situations again, especially in certain price points (less than $500k).
If you're ready to seize the opportunities available in this fast-paced market, don't hesitate to contact, our team.