Have you been thinking about what’s happening in the 2024 real estate market? We’ll be providing a quick market update for North Florida as we transition from the first quarter into summertime. Let’s dive into some key performance indicators to understand what’s happening in our market.
1. Sale Price. One of the most frequently asked questions is about the current sale prices. The average sale price in our market has been on a steady rise since 2017 and has continued to climb through the Covid-19 pandemic. As of the first quarter of 2024, the average sale price stands at $375,000, maintaining an all-time high. This stability in high sale prices may surprise many, but it’s a reality we’re observing right now.
“One of the most frequently asked questions is about the current sale prices.”
2. Closed Sales. We are seeing a noticeable decrease in the number of closed sales compared to the peaks of 2020 and 2021. This decline has led to a more balanced market, as the pace of sales has slowed down, allowing inventory levels to catch up. The market is gradually returning to what could be considered a normal pace after several years of unusual activity influenced by external factors.
3. Days on Market. Another critical metric is the average days on market. Over the past three years, the highest average has been 59 days, which is quite fast. Historically, in 2015 and 2016, we saw averages around 62 days. Currently, the average is between 30 to 35 days, indicating a very active market. Well-priced homes, based on comparable sales data, are selling quickly.
4. Active Inventory. This has been climbing steadily. At its lowest, inventory dropped to around 2,000 properties. Now, we’re experiencing the highest inventory levels seen in the past five years, comparable to the healthy market of 2019. This increase in inventory suggests we’re moving towards a more balanced market, beneficial for both buyers and sellers. Notably, there has been a rise in buyer concessions, such as closing cost assistance, instead of price reductions, which helps maintain steady prices.
Overall, the North Florida real estate market is stabilizing after the turbulent Covid years. We anticipate a busy but balanced summer season with healthy movement in and out of the area. If you have any questions about these numbers or need further insights, please call or email us. We look forward to hearing from you!
