St Johns County Real Estate Market Update Sept 2023
We are seeing a weaker seller’s market, with leanings towards a more balanced real estate market for the month of September. The factors are more homes on the market, while seeing less homes sell. When that happens enough it can cause the prices to come down, as sellers who are motivated to sell, lower their prices. The median sales price in St Johns County is negative 3.13% this month compared to September 2020. This does not indicate a crash is coming. It could be a correction or hey, it could be a shift downwards, but only time will tell.
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Median Sales Price: Looking at sold homes it means that half the homes that sold were more than 540,000 and the other half were less than 540,000.
Month’s Inventory: Based on the number of actives and homes that have sold it would take 4.11 months 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.
