Jacksonville FL Real Estate Market December 2022

Hold up!!! Look at the chart, or just read here. Last month in Jax, we saw a negative median sales price of about 4k! 1.4% negative. I know what you’re thinking……the crash is here! January will be worse!!!! I did take a look at the median sale price in January a few days ago to see how things were shaping up. Buyers, or potential buyers, I hate to bust your bubble, but so far we are up about 7.5% over last year. We still have a couple weeks to go, so that will change.

Let’s talk about the month’s Inventory level. Good ole’ supply and demand. The 3.39 number represents how many months it would take to sell the 2,858 homes at a rate of 842 homes sold. That’s still a seller’s market. Not as crazy as December 2021 market, but still a seller’s market. Days on the market are higher and the list price to sales price is showing that sellers are not getting full price or close to full price as they were.

What does this mean for buyers? More homes to choose from! Better contract terms. Not having to pay over list price for the majority of homes.

What does this mean for sellers? It’s still a great market to sell in. You will have to make sure you price your house correctly and make your house look good inside, and out. You can sell, and the fear of not having a house to buy is way less than what it was last year at this time.

Median Sales Price: Looking at sold homes it means that half the homes that sold were more than 284,995 and the other half were less than 288,990.

Month’s Inventory: Based on the number of actives and homes that have sold it would take 3.39 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.