A closer look at the news and trends in our real estate landscape.
Today, we’re here to explore the implications of recent changes in our real estate market. This market update of the April statistics will show you what’s going on in your specific area so you can make informed decisions.
First, there has been a significant surge in active listings over the past year—this number has increased by 119% since April 2022. From March to April, this statistic increased by 4.7%, reflecting the growing momentum in our market. This jump indicates a positive shift for buyers as they have more homes to choose from. However, it’s important to note that we are still operating within a seller’s market. Despite the increase in inventory, buyer demand remains strong. This is for Clay, Duval, Saint Johns, and Nassau counties.
“The data reflects the growing momentum in our market.”
Next, let’s take a closer look at the absorption rates in each county. In Clay County, the current absorption rate is 2.6 months, indicating that it would take approximately 2.6 months to sell all of the homes on the market if no new listings were added. Similarly, Duval County boasts a 2.3-month absorption rate, while Saint Johns and Nassau counties report rates of 3.2 months and 4.1 months, respectively. Although Nassau County’s rate is slightly higher than the rest, all of these figures fall within the range of a seller’s market, which is typically considered to be between one and five months’ worth of inventory.
Looking ahead, we expect a robust real estate market in Florida for the summer and the remainder of the year. The state continues to attract numerous out-of-town buyers, resulting in high demand. As a consequence, we currently face a shortage of listings. Homes are selling quickly, with an average time of 37 days on the market before entering into contracts, which was 40 days last month. Moreover, the median sales price for houses currently stands at around $339,000, reflecting a modest increase from the previous month’s $335,000.
While these statistics provide a general overview of the counties, it is essential to remember that statistics can vary across different neighborhoods. To gain a more accurate understanding of your specific area, we encourage you to reach out to us. Whether you are contemplating selling or buying a property soon or know someone who is, our team is here to assist you. Feel free to call or email us anytime to explore the possibilities in your local market.
