Real Estate Market Update

I wanted to share some market data from the Northeast Multiple Listing Service which includes real estate information for Baker, Bradford, Clay, Duval, Flagler, Nassau, Putnam and St. Johns Counties.

The Second Quarter data specifically for St. Johns County is as follows:

	1st Quarter	2nd Quarter
Average Price	$377,500	$385,000
# Homes on the Market	2,485	2,842
# Homes Sold	322	576
# New Homes Built	302	236
Avg. days on the market	127	125

For the 32092 zip code where World Golf Village is located, there were 141 homes sold in the second quarter with an average days on the market of 117 days. The Percentage of asking price to sold price was 94.0%.

The inventory level of homes on the market has been dropping. In all of the Neighborhoods that are part of the World Golf Village Development of Regional Impact, the inventory level dropped from 368 in August, 2007 to 272 in August, 2008. In all of the Northeast Florida Counties mentioned above, the inventory level dropped from 27,014 in October 2007 to 24,648 in July 2008.

The median sales price for the entire area in 2008 is 5.3% less than the median sales price for 2007.

I would like to have a crystal ball and make predictions on the real estate market for St. Johns County but the market has still been up and down month by month. The trends are looking better with inventory levels decreasing.