Luxury Homes Sales Surge — The Housing Market Continues to Soar in Jacksonville FL
“Florida should weather the long-term implications of the response to the COVID-19 pandemic in relatively good shape.”
According to the September 2020 Florida Real Estate Report, released on September 22, 2020, Florida’s hot summer real estate market continues to soar into the fall. Below are some key factors and findings within the report:
- Jacksonville median list price: $323,000 (a 4.1% increase over last year)
- The median number of days a home is on the market is 59
- The active listing is down by 43% from last year (wow!)
- Total dollar volume of sales in August in Florida rose $3 billion to 13.2 billion
With active listings down by 43%, the Jacksonville housing market supply is fast shrinking, and more so at the affordable level. Surprisingly, single-family luxury home sales (>$1M) led the surge with an 82% increase. Single-family homes in the $600K-1M price range also had a strong performance closing out August up nearly 72%.
The luxury space is booming because of the entry-level market, with renters transitioning to homeownership. Rates are so low — better than ever — and it is a good time to buy. The low rates allow people to “move up” as they are now able to qualify for more, entering them into an unexpected luxury home market.
What’s in store for competing bids as the market continues to sore in the Jacksonville area? Take a look at the housing inventory breakdown for Northeast Florida:
- 1,459 homes below $200,000
- 1,556 priced from $200,000 – $299,999
- 1,617 priced from $300,000 – $499,999
- 897 priced from $500,000 – $999,999
- 340 priced at $1 million or more.
What new strategies can real estate agents implement for their clients?
What are some things that agents can do or implement with the market soaring; with high demand; with low supply; and with home buyers now looking at luxury homes?