Market Snapshot: What You Need to Know-August 2020
Wow! 2020 has definitely been a year for the history books. With so much of our daily lives in the air people have been left wondering how much have real estate prices been affected by the pandemic? Surprisingly, for July, all real estate facts point to a healthy, active real estate market.
St. Johns County Home Prices Are Going Up?
Median home prices are on the way up! The average list price for July was $395,572. That is a 5% increase over June 2020 market statistics. Sold price market trends are looking even better. The average sold price for July was $354,257-a 10% increase over the month of June.
Although no one has a crystal ball, National Association of Realtors Chief Economist Lawrence Yun believes home prices will make their way back up in 2020. So, you’ll likely see home prices continue to creep up, but they probably won’t knock your socks off with rapid growth like we’ve seen in previous years.
"National Association of Realtors Chief Economist Lawrence Yun believes home prices will make their way back up in 2020"
St. Johns County Inventory is Low and Getting Lower
The amount of homes being listed for sale has been steady for the past several months. In June 501 homes were listed for sale and 503 were listed in July. What is encouraging are the number of homes that have sold. In June, with 501 homes listed, 470 sold in that month. Numbers looked even better for the month of July. With 503 homes listed, 487 homes sold. The average days on market for last month was 96 days.
What Higher Prices Mean for Sellers
Sellers could potential see a nice profit by selling this year. The pitfall sellers will see is many buyers in our area are being priced out of the market. This could lead to fewer offers. We are unlikely to see a lot of multiple offer situations in our current market. Dave Ramsey, radio show host and business man suggests that you "be aware of your competition."
With less offers to go around, you want your home to really stand out from similar ones in your area. Prepare your home for potential home buyers and work with a real estate agent to help you list your home at the right price.
What Higher Prices Mean for Buyers
If you’re going to buy a home in this expensive market, you absolutely must find out how much house you can really afford. Work with a mortgage broker or bank lender to get pre-approved. (not pre-qualified). The good news is, interest rates are still at an all-time low so if you wait too long, you could get priced out of the market.
Whether buying or selling, don't wait! The market is hot right now!
Whether you are looking to buy or sell, First Coast Realty would welcome the opportunity to earn your business. Feel free to reach out to us on Facebook or Twitter and we would be happy to assist you in getting the ball rolling. Or, to talk to a qualified, experienced agent call/text today 904-494-8408 or email firstname.lastname@example.org
About the Authors: The above article "Market Snapshot, What You Need to Know-August 2020" was provided by Broker and Broker Associate Gene Johnson and Libby Johnson with First Coast Realty Inc. We have been longtime St. Augustine residents and have been successful real estate agents in the area for over 25 years. We’d love to share our knowledge and expertise. We service St Augustine, Palm Coast, Palatka, and Jacksonville areas.