The Jacksonville Beaches market has been ON FIRE for years, and 2020 with a roar! After a fantastic start to the year, the coronavirus hit and the state started shutting down in March. Find out how the market has fared the storm!
THE MARKET DURING CORONAVIRUS SHUTDOWN:
While we only have numbers for Jacksonville Beaches closed home sales through April so far, April closed sales were down 25% year to year. Closed sales for 2020 overall remain strong.
Not surprisingly, new listings in April dropped by 27% over the prior April. This can be mostly attributed to seller fear and uncertainty, choosing not to list now.
The good news is... Jacksonville Beaches home sales prices rose 15% April 2020 to an average of $518,398 - another record high!
WHAT DOES IT ALL MEAN?
The Jacksonville Beaches (Neptune Beach, Jacksonville Beach, Atlantic Beach) market has been a very hot sellers market for several years. Inventory is low and homes are selling for more than ever.
With Jacksonville returning back to normal, sellers that have chosen not to list in the last two months, will soon. This will lead to a flood of new inventory that may dampen the current hot sellers market.
The long term effects of shutting down the state economy won't be seen immediately. However, millions of Floridians have been pushed into unemployment, and many small business have been suffering or destroyed. This will have an impact on the states housing market, even if not immediately. My advice - if you need to sell - do it right now while the market is still HOT!