2020 continues to be a year of challenges. With so much of our daily lives remaining unpredictable, concerns over real estate assets are a focus of people, and the negative affects from the pandemic. Surprisingly, August statistics for St. Augustine/St. Johns county real estate points to a continued healthy and active market.
St. Johns County Real Estate Market Remains Active
The Average sales price for Single Family homes remained steady at $353,983 with 494 closed property sales. The average listing price for single family homes was $359,085, out of 474 active listings. The average sold price to list price was an impressive 97.3%. The average days on market also remained steady at 82. The biggest challenged facing home buyers is a shortage of inventory, however with interest rate remained historically low, home buyers do have more purchase power. The shortage of inventory creates favorable market conditions for home sellers due to the law of supply and demand.
St. Johns County Remains an Outlier to National Statistics.
St. Augustine/St. Johns remains an outlier to national statistics. The 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.
"National Association of Realtors Chief Economist Lawrence Yun believes home prices will make their way back up in 2020"
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. 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. 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 info@firstcoastrealtyinc.com
About the Authors: The above article "Market Snapshot, What You Need to Know-September 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.