St Johns County Florida Real Estate Market Update November 2023

This report is for single family homes in St Johns, Orangedale, Switzerland, Fruit Cove, Julington Creek, Ponte Vedra, St Augustine, and Nocatee.

Median sales price for St Johns County is down almost by 3%. Inventory level is a little higher this month than last year, but we are still seeing a good market that is leaning towards a more balanced market, but still favoring sellers. Interest rates have dropped with FHA dipping down into the low 6s, as of December 23rd. What does that mean? Well, with the rumors of the rates dropping in 2024, buyer may not want to wait to start their search if that’s your goal for 2024.

Median Sales Price: Looking at sold homes it means that half the homes that sold were more than 510,000 and the other half were less than 510,000.

Month’s Inventory: Based on the number of actives and homes that have sold it would take 4.01 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.