WEEK OF MAY 25, 2020 MARKET UPDATE


Wow! What a difference a week makes. For the past two weeks we had seen an increase in listings in all zip codes. This past week we have seen a drop across the board. 

Pending sales are up and we have about 3 months of inventory right now. It is a sellers market but I have only experienced multiple offer situations in the lower price range, $250k and under.

The most active zip codes are 32092 and 32095. This makes sense due to new construction and the need for families to get into a home before the school year. This is a desirable area with A+ rated schools.

The decrease I see in 32080, 32084 and 32086 is definitely due to a lack of inventory. Homes priced right and in good shape are going  under contract quickly.

We currently have less than 5 months of inventory when you combine all zip codes but some zips are showing less than 3 months of inventory. In the past buyers would be able to find homes under $250k in 32084 and 32086, currently it’s becoming difficult and very competitive for the buyer looking in these areas. Seller in these area with homes in good condition and priced well will likely see multiple offers in this market.

I will continue to watch the market stats and activity and report them to you, so be sure to check back.

Disclaimer: This is a summary for zipcodes 32080, 32084, 32086, 32092, 32095

If you need information for a specific neighborhood, let me know and I can do a custom report for you.

Until next time…

WEEK OF MAY 18, 2020 MARKET UPDATE


This week I decided to look at the zip codes for St. Augustine separately so you we could get a more accurate look on the market stats for the different areas.

Starting with Anastasia Island, zip code 32080. All the categories have increased. This is an area that is desirable and attracts many locals and people from out of state. I’ve seen quite a bit of interest in this area and had put one of my listings under contract two weeks ago and it closed this week. I have colleagues that have had a lot of activity on their listings as well, some selling virtually.  There is a strong sellers market in this zip code but buyers are not willing to overpay for a home, so pricing at market value is still key.

Next is zip code 32084. This area consists of the historic downtown, north city and areas west of town. This area attracts many different buyers, from out of state to first time homebuyers. This area consists of older neighborhoods, new construction and some 55 and over communities. We have seen an increase in most categories and just a slight dip in Sold homes. This is an area where we consistently see activity and I expect it to continue to do so. The area just west of downtown has been a good area for first time home buyers looking to purchase under $200k. This price point is becoming more difficult to find and is where we are seeing the biggest lack of inventory.

South of St. Augustine is zip 32086. This area consists of existing homes and new construction. With a number of desirable communities, including St. Augustine South and the Shores. We saw an increase in most of the categories except Under Contract. Inventory is lacking in this area which could be the reason. This is still a sellers market and a good area for the $220k to $300k price point. 

West of St. Augustine between I95 and the St. Johns River is zip code 32092. This area consists of many newer communities and World Golf Village. There has been consistent activity over the past two weeks. The number of homes going under contract compared to the new listings coming on the market show a sellers market. This is a desirable area for families and retirees. I have a number of buyers seeking homes in this area, the market is strong but as always sellers need to be priced at or slightly above market value.

Just north of St. Augustine is zip 32095. There are many newer communities including Madiera, Palencia, Las Calinas, and Kensington. There is a new Phase starting in Maderia and we are seeing activity increase here. This area attracts people from all over and can be a location that is a bit easier for locals commuting to Jacksonville. I expect to continue to see growth here as we have this past week.

We are still seeing a sellers market in all zip codes, inventory is still lacking and rates are very good. 

There is still a lot of uncertainty around the country but  we did see an increase in consumer confidence this month and the future expectations have risen 2.6%.  

New Construction around the country saw a surprising gain in April, proving people still need to buy homes. We continue to see positive activity in the area and inventory is still less than 4 months. 

I will continue to watch the market stats and activity and report them to you, so be sure to check back.

Disclaimer: This is a summary for zipcodes 32080, 32084, 32086, 32092, 32095

If you need information for a specific neighborhood, let me know and I can do a custom report for you.

Until next time…