Jacksonville Real Estate Newsletter: October 2023 Market
Jacksonville, FL | october 2023
Exciting NEWS
We Are Fully Equipped for New Listings!
Our goal is to provide you with the most personalized service that is designed to help you sell your dream home for the highest possible price in the shortest amount of time.
LISTINGS
Unlock the potential of your property with the expertise of the Willie Lane Group. Our strategic marketing approach can maximize your home's value in Jacksonville's real estate market. Every listing receives the following and more:
Home prices for single family homes have stabilized across Duval County with a 0.0% change in Median Sales Price from August 2023 to September 2023. We are still in A SELLER’S MARKET. Months Supply of Inventory refers to the number of months it would take for the homes on the market to sell given the current pace of sales. A healthy and balanced market is 5 to 6 months supply. Months of Supply of Inventory increased in Duval County to 2.7. Closed Sales and Pending Sales were down for the month of September and Duval saw an increase in New Listings. The 2.7 Months Supply of Inventory is below average indicating a seller’s market though with the aforementioned increases means it is ever so slowly shifting towards balancing. So, if you as a homeowner are having thoughts of selling this might be a good time to list as some economists are predicting a break. We are seeing more cash buyers and others finding creative ways to borrow funds for purchases. An election year and the state of foreign affairs may help push some to list their home and take advantage now!
What does this mean for Buyers? Rates are weeding out some buyers in the marketplace allowing for less competition and more opportunity to negotiate with Sellers. With prices stabilizing we are seeing the Average Days on Market significantly increase as many of you are seeing price reductions on listings. Homes in 2021 that were receiving 30 offers over asking price are now receiving 2-3 offers close to asking price. The homes in 2021 that were receiving 2-3 offers at asking price, especially those that are older or outdated, are sitting for months on the market. There are opportunities for Buyers in this market! The key for Sellers – price it right!
MORtgage Update
Mortgage rates maintained their upward trajectory as the 10-year Treasury yield, a key benchmark, climbed. Several factors, including shifts in inflation, the job market and uncertainty around the Federal Reserve’s next move, are contributing to the highest mortgage rates in a generation. Unsurprisingly, this is pulling back homebuyer demand..
Our incredible beach bungalow listing is back on the market because of a sudden change in the buyer's living situation. We had a clean inspection report and the appraisal met value.
Baby #3 is on the way, bringing even more love and laughter to our lives. 🍼💫
We are surprised and so excited to expect our third child (baby boy!!) due in early March! Wesley and Ellie are going to make for the best biggest siblings and our hearts are going to be so full raising and watching them grow together. Whew!! Party of 5 coming soon!
💙 🩵 💙 🩵 💙
We are thrilled to have one more on the way! It's a BOY!
FRIENDLY REMINDER
Football Schedule Magnets
We have extras! If you would like a Jaguars football schedule magnet please reach out to us with your mailing address! We will be sure to add you to our annual list to receive one each year!
Compass is a licensed real estate broker. All material is intended for informational purposes only and is compiled from sources deemed reliable but is subject to errors, omissions, changes in price, condition, sale, or withdrawal without notice. No statement is made as to the accuracy of any description or measurements (including square footage). This is not intended to solicit property already listed. No financial or legal advice provided. Equal Housing Opportunity. Photos may be virtually staged or digitally enhanced and may not reflect actual property conditions.
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