The average sales price is also up. This year, it’s sitting at $375,100 compared to last year’s average sale price of $372,900. However, the average days on market is down. In 2016 that number was 97 days. This year, the average is 92 days on market. Ultimately, the overall strength of the market largely comes down to how many months of inventory there are. This is calculated by how long it would take the market to deplete if no new homes were to come on the market. Anything less than six months is a seller’s market while anything more than six months is a buyer’s market. Currently, the absorption rate in St. Johns County is down to 4.68% from last year’s absorption rate of 5.14%.
Duval County’s days on market have decreased. In 2016, homes spent an average of 72 days on market. Today, the average is 66 days. In terms of inventory, Duval County currently has three months of supply. Last year, we were at almost four months of supply. The last area I want to go over today is Clay County. This county has also seen a lot of activity over the last 12 months. The average list price is up in Clay County from $260,000 in 2016 to $291,000 this year. The average sales price has gone up as well, actually rising by 11%. The average this year is $226,889. This time last year, the average was $204,000. Like the other two counties we discussed, Clay County’s average days on market has also decreased. In 2016 properties spent an average of 82 days. Now, the average days on market is down to 68 days. But, what about inventory? Last year in Clay County, there were just over four months of inventory. Today, there are just 2.79 months of inventory. This signals a very strong market. With all three of these counties having very strong markets with less than six months of inventory, we are able to see a good overview of what’s going on. However, the numbers I’ve talked about today are on a larger scale than what might be applicable to your area. If you have specific questions about your neighborhood or area, feel free to get in touch and let me pull a more specific report for your situation.
"ALL THREE OF THESE COUNTIES HAVE VERY STRONG MARKETS WITH LESS THAN SIX MONTHS OF INVENTORY."