The Shifting Sands of St. Augustine's Housing Market The real estate scene in St. Augustine and its picturesque beach area paints a tale of two markets, each with its own rhythm, influenced by the ebb and flow of economic tides.
A Buyer's Market Emerges Since the leaves began to fall in October 2022, St. Augustine's housing market has gracefully transitioned from a seller's stronghold to a buyer's haven. This shift heralds a time of generally lower prices and homes taking a leisurely stroll in the market before finding their match. The numbers speak clearly: the median sold price has taken a 9.5% dip over the year, settling at $406,666, with the impact varying across homes of different sizes. While 4-bedroom homes have seen their prices climb, their 1 to 3 and 5+ bedroom counterparts have witnessed a gentle deflation in value.
Inventory and Sales: A Balancing Act October 2023 brought a fresh breeze, with the inventory of homes up by 13.1% since September, suggesting a growing buffet of choices for buyers. Sales also saw a healthy 18.8% uptick, with a twist — most homes sold were bargained below the asking price, showcasing buyer's newfound clout at the negotiation table. Yet, homes didn't linger long, with the average sale time shrinking by a robust 24.1% to a mere 44 days.
St. Augustine Beach: A Different Story St. Augustine Beach, on the other hand, tells a different story. Here, median sold prices have risen by 7.1% to an impressive $612,500. This beach area, too, has shifted to a buyer's market, but the script is different. Two-bedroom homes have enjoyed a 12.9% appreciation, while the more spacious 5+ bedroom homes have seen their prices trimmed by 9.5%. Even as the inventory expanded by 14.6%, the actual sales plummeted by a staggering 66.7%, signaling that more homes on the market doesn't necessarily mean more sales.
Redfin's Take Redfin's analysis offers a bird's-eye view, branding St. Augustine's market as "somewhat competitive." Homes here are finding owners after about 51 days on the market, at a median price point of $450K — a 5.2% yearly increment. The current market sees homes typically closing at about 4% below asking price after about 50 days of listing.
A Complex Landscape The unfolding story in St. Augustine and St. Augustine Beach showcases a nuanced market. Buyers may find hidden gems, while sellers still have the chance to strike a good bargain, especially if they're dealing in the more sought-after 2 and 4-bedroom homes by the beach. The rising tide of inventory points to a market that's gradually favoring buyers, yet the true nature of each deal is as unique as the homes and locations themselves.