December 2024 Real Estate Market Summary

Atlantic Beach, Jacksonville Beach, Neptune Beach, Ponte Vedra Beach

Market Overview
December 2024 marked a neutral real estate market. Key highlights include an increase in for-sale listings by 38.2% year-over-year but a 17.6% decrease from the previous month. Sold listings surged by 19.2% compared to December 2023 and rose 13.4% from the prior month. Meanwhile, under-contract listings saw a slight decline of 4.9% month-over-month and 7.1% year-over-year.

Inventory and Market Balance
The Months of Inventory based on closed sales stood at 4.8, up 17% from last year but down 27.3% from November. This inventory level reflects a balanced, neutral market. A Buyer’s market typically exceeds 6 months of inventory, while a Seller’s market is below 3 months.

Property Values

• Average Sold Price per Square Foot: Increased 24.9% year-over-year, reaching $571. This metric indicates a robust upward trend in property values.
• Average Sold Price: Jumped 51.7% from last year to $1,388,000, representing a notable appreciation trend.
• Median Sold Price: Rose 42% year-over-year to $875,000, further reinforcing the appreciating trend.

Market Activity Trends

• Days on Market (DOM): Averaged 56 days, a 15.2% decrease year-over-year, suggesting quicker sales.
• Sold-to-Original List Price Ratio: Increased to 93%, up 1.1% from December 2023. This indicates a rising trend in sellers achieving closer to their original listing prices.

Absorption Rate
The absorption rate based on closed sales was 20.9%, a decrease of 13.6% from the previous year but a 37.5% improvement over the prior month. The rate based on pended sales was 17.5%, showing a similar year-over-year decline of 33%.

Key Takeaways
Buyers can enjoy an increased selection of properties, while sellers benefit from appreciating prices and quicker sales. The market remains balanced, providing opportunities for both sides.

For more details on the latest real estate trends or to explore your buying and selling options, contact Compass Florida, servicing Atlantic Beach, Jacksonville Beach, Neptune Beach, and Ponte Vedra Beach.