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May Real Estate Market Update for St. Augustine, FL: What the Latest Metrics Mean for You

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Real Estate Market in St. Augustine, FL-May 2024

Welcome to our real estate market update for May. The Florida temperatures were not the only things heating up. The St. Augustine real estate market is also on the rise. Whether you're a buyer or a seller, understanding these key metrics will help you navigate the current market landscape. Let’s dive into the numbers and see what they reveal.


Months Supply of Inventory: 4.2


The Months Supply of Inventory is a crucial indicator in real estate, reflecting how long it would take for all current listings to sell given the current pace of sales. In May, this figure stands at 4.2 months. What does this mean?


  • Seller's Market: A lower number typically indicates a seller's market. When inventory is low, buyers have fewer choices, which often leads to quicker sales and higher prices.

  • Balanced Market: A balanced market usually falls between 5-7 months. The current figure of 4.2 suggests we are nearing a balanced market.


12-Month Change in Months of Inventory: +15.38%


Year-over-year, the Months Supply of Inventory has increased by 15.38%. This significant uptick indicates a growing inventory and potentially longer times for listings to sell.


  • Implications: An increase in inventory can signify a shift towards a more balanced market or even a buyer's market. This could mean more options for buyers and potentially less competition for each property.

  • Market Dynamics: For sellers, this shift might suggest a need to price competitively and possibly invest in staging or improvements to make their property stand out.


Median Days Homes are On the Market: 44


The Median Days Homes are On the Market provides insight into how quickly homes are selling. Currently, the median duration is 44 days.


  • Market Speed: A lower median indicates a faster-moving market, where homes sell quickly. Conversely, a higher median suggests a slower pace.

  • Current Scenario: With a median of 44 days, the market is moderately paced. Homes are not selling immediately, but they are also not languishing on the market for extended periods.


List to Sold Price Percentage: 97.6%


The List to Sold Price Percentage is an important metric showing the final sale price as a percentage of the list price. In May, this percentage is 97.6%.


  • Pricing Accuracy: A high percentage indicates that homes are selling close to their list price, reflecting accurate pricing and realistic expectations from sellers.

  • Negotiation Insight: For buyers, this metric suggests that there is not much room for lowball offers. For sellers, it underscores the importance of setting a competitive yet realistic asking price.


Median Sold Price: $515,000


The Median Sold Price gives a snapshot of the typical price point in the market. In May, the median sold price is $515,000.


  • Market Health: This figure helps gauge the overall health and affordability of the market.

  • Budget Planning: For buyers, understanding the median price helps in budgeting and planning. For sellers, it provides a benchmark for setting prices competitively.


Conclusion


The interconnected nature of these metrics provides a comprehensive view of the current real estate market:


  • Supply and Demand: With a 4.2-month supply and an increase in inventory, the market is moving towards balance.

  • Market Pace: Homes are on the market for a median of 44 days, indicating a steady but not overly rapid pace of sales.

  • Pricing Trends: Homes are selling close to their list price (97.6%), and the median sold price is $515,000, reflecting stable pricing dynamics.


Whether you're looking to buy or sell, these insights are invaluable for making informed decisions. Stay tuned for more updates and tips on navigating the real estate market successfully! We publish a new update every month.




 

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


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