St. Johns County Market November Update: Median Price Down, Buyers Getting More Breathing Room
The median price and St. John’s County is also in the negative, just like Clay County, the buyers rejoice, sellers not so much rejoicing, even still, we are seeing a balance market. Not really favoring buyers or sellers. Maybe I’ll take that back. Buyers are having a better time in the current market compared to a couple years ago.
Check out the latest rates at Mortgage Daily News. They also give great commentary on the ins and outs of why they rise and fall.
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Median Sales Price: Looking at sold homes it means that half the homes that sold were more than 508,000 and the other half were less than 508,000.
Month’s Inventory: Based on the number of actives and homes that have sold it would take 5.04months to sell the active homes, if no other homes came on the market. How to determine what type of market we are experiencing:
Buyers’ Market: More than 7 months of Inventory
Balanced Market: From 5-7 months of Inventory
Sellers’ Market: Less than 5 months of inventory
Average Days on the Market: This is the average based on the time the house came on the market until is went under contract.
Original List Price to Sales Price: This is the percentage of what the home sold for compared to what it was originally listed for. Not what it was listed for at the time it went under contract.
