Jacksonville Fl Real Estate Market Report January 2022

A local news station has mentioned the start of a cool down for the real estate market in Northeast Florida, due to the stats shared by our real estate board, known as NEFAR. Just to point out, this is usually for the whole area of NE Florida, grouping in condos and single family homes together.  My reports are for single family homes, and I break them down by Jacksonville, Clay and St Johns County. December’s median sales price was $288,990 and did drop to $269,950 in January 2022. There actually hasn’t been very impressive leaps compared to Clay and St John’s Counties in the median sale price dept, but let’s look at the big picture…..we are in such a low inventory, hot seller’s, market, that even a little cool down doesn’t mean a crash is coming. We need to watch inventory levels the next 6 months or so, interest rates and inflation. There has to be a trigger to get home owners to sell. Remember many are still nervous to list, not know they can find a new house when they sell.

The amount of Lis Pendens (fancy name for starting the foreclosure process), filed is low compared to 2019, 2007, and 2006. Using the month of October, for no particular reason, we saw 117 filed in 2021, 259 filed in 2019, 469 filed in 2006 and in 2007, 825 filed. I left 2020 out for the obvious reasons.

Come back each month for updates. I usually wait until mid to end of the month to do the month before, to give some procrastinating agents time to get the sales numbers inputted into the MLS.

You might be wondering if these numbers apply to your home, but each neighborhood is different, so if you’re thinking of selling and want to know more click:    

If you’re a buyer and want to see what homes are available in Jacksonville, click the following link: Want to Search for Homes in Jacksonville Florida?

Median Sales Price: Looking at sold homes it means that half the homes that sold were more than 269,950 and the other half were less than 269,950.

Month’s Inventory: Based on the number of actives and homes that have sold it would take 1.60 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.

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