Jacksonville and St Augustine Florida Real Estate Update: Opportunities for Buyers and Sellers in March 2023
If you're keeping an eye on the real estate market in Northeast Florida, (Jacksonville and St Augustine FL), the latest weekly market update for March 17, 2023, reveals some interesting data points.
Let's start with the number of active listings in the region, which currently stands at 5641, with an average days-on-market (DOM) of 90. This indicates that there is a healthy supply of homes available for buyers to choose from. However, 3168 of these listings have been on the market for 45 days or more, which could represent a great opportunity to get a good deal.
Over the last 30 days, 3096 new listings have been added to the market, which is a positive sign for those looking to buy. Additionally, there are 4965 properties under contract with an average DOM of 72, and this shows a healthy level of buyer activity.
Sales are up with 2450 homes sold in the last 30 days, with an average of 80 DOM. This is great activity and has been increasing every week since the beginning of the year.
735 homes/listings expired in the same period, which means that some sellers are struggling to attract the right buyer with their current pricing and marketing strategy.
Mortgage rates continue to show volatility with the average interest rate being 6.69%,
There are only 2.30 months of inventory available, meaning it's still a seller's market in Northeast Florida, and buyers will need to be prepared to act fast to secure their dream home.
If you're looking to buy or sell, now is a great time to act. With a good supply of homes on the market, active buyer activity, and fast-moving inventory, the market is full of opportunities. Contact us today to take advantage of our expertise in the local real estate market and let us help you find your dream home or sell your property quickly and for the best price. Don't wait, get in touch with us today!