Clay County Fl Real Estate Market Update November 2023
The median sales price for Clay County in November was in the negative compared to November of last year. The inventory levels dropped, which is normal for this time of year due to the holidays. Less homes on the market and less buyers. I’m writing this right before Christmas, so I want to point out the interest rates have dropped and there’s talk of seeing them to continue to drop next year. Right now the 30 year fixed rate is around 6.68%, and FHA is 6.12%. If we see them to continue to drop, we will see buyers jump back into the market.
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Median Sales Price: Looking at sold homes it means that half the homes that sold were more than 355,000 and the other half were less than 355,000.
Month’s Inventory: Based on the number of actives and homes that have sold it would take 4.13 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.
