St Johns County Real Estate Market Update Oct 2023
More homes on the market and less of them sold in St Johns County for the month of October has us again seeing a weaker seller’s market. This tends to be normal as the higher price range and going into the holidays. Once we get past Christmas and the New Year, we should see a gradual increase in sales heading into spring. Mild weather helps to keep our market moving even in the winter months.
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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 4.27 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.
