Today I’m sharing a market update for how we’re finishing up 2019 and how 2020 is going to get started. How does the real estate market look hyperlocally here in Jacksonville and the beaches for 2020?
The Federal Reserve has cut rates three times in the last year. Many of us were expecting that. Some mortgage rates have remained very steady this month, and they’re down about 1% from last year at this time. That means the residential and new construction activity has kept on going in our local economy and kept pace with what we saw nationally.
New listings, or people putting their homes on the market, are down about 10.4%, much less than this time last year. That means we have 15.4% fewer homes for sale than we did last year. This puts downward pressure on the market.
Our average price point is approximately $274,000. In the market underneath that price, there’s much more demand than supply. If your home is around that price or below, we would love to speak with you. We can push the marketing to get you top dollar using our proven, repeatable system. It is a great time to sell, and a wonderful time to buy with interest rates down 1%.
There are certain hyperlocal areas where the price points are two times or more than the median price point. Once you get around $450,000 and above it may become more difficult to sell. However, it may not be the case if you have an oceanfront property. If you want a local analysis, reach out to us—it’s completely complimentary. We can show you different ways we can sell your home and potentially get multiple cash offers.
We can protect you so that you can both buy and sell because the market is perfect for that at the moment. 2019 was an excellent year to move up, no matter the reason. We’re predicting the same thing for 2020. We also have homes not on the MLS that may check your boxes.
We’re going to keep you updated on what’s going on in 2020. We’ll share another update a couple months into the new year because we’ll be in an election year, so things may alter quickly. If you’re thinking about buying or selling I encourage you to reach out and let us know how we can be of service. We would love to help you.