Sales are Down Almost 17%. Time to Worry?

Let's dive into what's happening in the real estate world, both around the country and in our local area.

Across the Country

• Selling Houses:There's been a drop in the number of homes sold by 16.6% compared to last year. Why? Well, it’s mostly because of high mortgage rates and not enough houses for sale. But good news for those wanting to sell their homes – with more buyers than houses available, sellers have the upper hand.
• House Listings: We're not seeing as many new homes being built, and people are staying in their current homes for longer. There are fewer homes for sale now than in previous years. But interestingly, from July to August, there were more houses put up for sale. This hasn't happened in 7 years! Maybe some homeowners feel they can't wait any longer.
• Borrowing Money to Buy a House: Even though the rates to borrow money (known as mortgage rates) are a bit high right now (over 7%), they might drop to around 6.75%-6.9% later this year. A cool fact? Almost 4 out of 10 buyers are getting help from family to buy homes. Some parents are using the money they’ve earned from their homes to help their kids. And more people are using programs that help with down payments.
• House Prices: Some people thought house prices would go down, but they've actually gone up by 3-5% this year. A lot of homeowners aren’t selling because they borrowed money when rates were super low. But, some homeowners are selling anyway. Reasons? Maybe they have a lot of money saved up, their life circumstances changed, or they just aren't happy with their current home.

What's Happening Locally?

All of Northeast Florida

• Average Price: $380,000 (2.6% less than last year)
• Time Houses are for Sale Before Selling: 32 days
• How Close the Sale Price is to the Asking Price: 97.6%
• Houses Sold for More than Asking Price: 14.9%
• New Homes for Sale: 3,133 (14.3% more than last year)
• Current Inventory: 2.7 months

ST JOHNS:

• Average Price: $552,250 (just 0.5% less than last year)
• Time Houses are for Sale: 36 days
• Sale Price Compared to Asking Price: 98.2%
• Houses Sold for More than Asking Price: 13.4%
• Current Inventory: 3.6 months

DUVAL

• Average Price: $335,000 (1.5% less than last year)
• Time Houses are for Sale: 29 days
• Sale Price Compared to Asking Price: 97.3%
• Houses Sold for More than Asking Price: 18.1%
• Current Inventory: 2.3 months

CLAY

• Average Price: $365,000 (only 0.4% less than last year)
• Time Houses are for Sale: 36 days
• Sale Price Compared to Asking Price: 98.2%
• Houses Sold for More than Asking Price: 11.4%
• Current Inventory: 2.3 months

Wrapping Up

To sum it all up, even though there have been some changes in how many homes are being sold and their prices, those looking to sell still have a good chance. Locally, homes are still selling pretty close to their asking prices. As we go forward, it'll be interesting to see how these numbers change. So, whether you're thinking about buying a home or selling one, it's always a good idea to keep an eye on what's happening!