Jacksonville, Florida Home Sales are Slowing!

The last few years have been a wild ride for Jacksonville, Florida home owners, but has it all finally come to a crashing halt?

Jacksonville, FL inventory is up and sales are down!

Home Sales in July 2022 are down to their lowest level since January 2020!

At the same time, active inventory is up to a 1.5 year high, with months of inventory doubling month over month. Inventory in July 2022 sat at almost 3 months, back to pre-pandemic levels. While this is technically still a sellers market, the tide has definitely turned!

Home sale prices still remain at record highs!

While home price growth has slowed in recent months, the current average home sale price in Jacksonville is currently $362,000.

Home marketing time is also still very low at just 26 days to sell. However, keep in mind the average sales cycle from contract to close is roughly 30-60 days. This means we are always viewing the results of market conditions that have just passed.

Foreclosure activity is back to 2020 levels.

While foreclosures were on moratorium for almost 2 years, foreclosures are back and growing!

Attom reports foreclosure activity for the first 6 months of 2022 to be almost identical with the same period of 2020 (when foreclosures were shut down mid-year).

Florida ranks 6th nationwide for foreclosure filings, with 17,624 foreclosure filings YTD 2022.

Rising interest rates, coupled with raging inflation and stagnant wage growth have led to waning buyer demand for homes, all as inventory grows. The shift was inevitable and it has begun! If you were waiting for the best time to sell for the most, it has now passed here in Jacksonville, Florida. It's about to become the buyers time to shine!