Market Snapshot: What You Need to Know-October 2020
Updated: Nov 11, 2020
As we continue to work through the challenges of 2020, the real estate market continues to progress in a steady manner. The market statistics for October in St. Augustine/St. Johns county Florida continue on a healthy trajectory and remain active.
St. Johns County Real Estate Market Remains Active
Median home prices took a slight increase in September. The average list price for September was $404,721. That is a 13% increase over August 2020 market statistics. Sold prices remain stable. The average sold price for September was $356,694 versus compared to August at $359,983.
Although no one has a crystal ball, National Association of Realtors Chief Economist Lawrence Yun believes national home prices will make their way back up in 2020. So, you’ll likely see home prices continue to creep up, but not at a rate to ease fears, or a rapid return to the growth seen in previous years.
St. Johns County Inventory is Low and Getting Lower
The amount of homes being listed for sale took a slight decrease in September. What is encouraging are the number of homes that have sold. In August, 519 from 494 . The average days on market for last month was 84 days.
What Higher Prices Mean for Sellers
Sellers could potentially 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. However, the law of supply and demand is still favorable for home sellers.
"National Association of Realtors Chief Economist Lawrence Yun believes home prices will make their way back up in 2020"
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-October 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.