St Johns County Fl Real Estate Market Update January 2023

This real estate market report is for single family homes in St Augustine, Ponte Vedra, Nocatee, St Johns, Ponte Vedr Beach and Hastings.

We experienced a negative price change in January 2023 compared to January 2022. The chart also shows that we are seeing inventory levels rise at a level of shifting to a more balanced market. Still a seller’s market, but just by a hair.

Does this mean that buyers will have it much better now? Yes and no. Interest rates are still inching up, probably will continue to increase, so if you’re waiting to see if they drop, that might not be a great idea.

Sellers this doesn’t mean you’re not going to get a good price for your home, you still can, but not at the same fever as a year ago.

Median Sales Price: Looking at sold homes it means that half the homes that sold were more than 445,990 and the other half were less than 445,990.

Month’s Inventory: Based on the number of actives and homes that have sold it would take 4.84 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.