While elevated rates, sluggish sales, and high inflation have taken a toll, it’s unlikely home prices will drop next year. In fact, we may see a further uptick; home prices are holding steady for most parts of the country since inventory is extremely low.
Housing inventory is about a quarter of what it was in 2008, with distressed property sales at just 2% and nowhere near the 30% mark seen during the crash. There are signs that mortgage rates have topped out at 7%. One example is the October consumer price index, which shows inflation is rising less than expected.
Home sales are expected to decline by 7% in 2023. However, 2024 is expected to result in a strong rebound, with a projected increase of 10% in home sales and a 5% increase in the national median home price. Prices should hold firm or marginally grow.
Plenty of potential buyers are still patiently waiting to enter the market. Talking with your neighborhood expert to develop a plan to stay ahead of the curve will result in the best sale possible. Call me today at 904.669.1449 to get the conversation started.
Berkshire Hathaway HomeServices Florida Network Realty 112 Sea Grove Main Street St. Augustine, FL 32080 Presented by BONNE JONES Specializing in Marsh Creek Country Club and Surrounding St. Augustine Properties Published by REAL Marketing (RM) | www.REALMarketing4You.com 858.952.4280 ©2022 Marsh Creek DECEMBER 2022 REAL ESTATE MARKET REPORT REALTOR® 904.669.1449 Bonne@b-jones.com B-jones.com BONNE JONES Connect with me on: DON’T EXPECT A PRICE DROP IN HOME PRICES IN 2023 EXPECT AN INCREASE OF 1% IN THE NATIONAL MEDIAN NEXT YEAR INSTEAD.
Leonardo
Angelica, Source: NAR’s Lawrence Yun
The Current Market Mortgage Rates Predictions
and
Prepared Especially for LEONARDO AND ANGELICA WASHINGTON
HOMES SOLD IN THE LAST 3 MONTHS
August 8th
8th,
BORMLS
Bonne Jones and Berkshire Hathaway are not in any way affiliated with Marsh Creek Owners Association, nor is this in any way an official advertisement or publication of Marsh Creek. © 2022 All rights reserved. This representation is based on sales and data reported by multiple brokers/agents to the BORMLS between
and November
2022. Listings and sales may not be those of Berkshire Hathaway. The
does not guarantee the accuracy of this data, which may not reflect all the real estate activity in the area. E&OE covered. This market report is not intended to solicit properties already listed for sale nor intended to cause a breach of an existing agency relationship.*Estimated Square feet rounded down to nearest hundred.
STATUS ADDRESS BEDS BATHS EST. SQ. FT. LIST PRICE SOLD PRICE SOLD DATE WATER VIEW DAYS ON MARKET Sold 143 Marshside Drive N/A N/A N/A $365,000 $350,000 11/30/22 Yes 39 Sold 303 Marshside Drive North 3 2 2,418 $775,000 $760,000 11/29/22 N/A 87 Sold 332 Marsh Point Circle 4 3 2,752 $1,050,000 $1,025,000 11/22/22 Yes 3 Sold 201 Heritage Court 3 2 2,499 $799,000 $740,000 10/31/22 No 49 Sold 410 Players Court 3 2 2,010 $599,000 $525,000 09/27/22 Yes 50 Sold 370 Oyster Court N/A N/A N/A $525,000 $467,500 09/26/22 No 20 Sold 501 Turnberry Lane 3 2 2,542 $775,000 $700,000 09/26/22 No 116 Sold 378 Marsh Point Circle 4 3 3,390 $1,225,000 $1,200,000 09/09/22 Yes 1 HOMES PENDING IN THE LAST 3 MONTHS STATUS STREET NAME BEDS BATHS EST. SQ. FT.* LIST PRICE LIST DATE Pending Marshside Drive 3 3 3,100 $1,048,000 08/22/22 MARSH CREEK CURRENT MARKET ACTIVITY ©2022 Google | This map is a visual representation of the data on the right. PENDING SOLD ACTIVE REALTOR® 904.669.1449 Bonne@b-jones.com B-jones.com BONNE JONES Five-Star Agent Gold Pinnacle Award Silver Pinnacle Award St. Augustine Beach Top Producer Forbes Top 500 CURRENT MARKET ACTIVITY Homes Sold in the Last 3 Months Home Pending or Contingent Homes Currently for Sale 9 8 1 MARKET IS HOT, INVENTORY IS LOW M arsh C reek is a M u C h sought after C o MM unity , and i would love to help you M arket your ho M e AVE RAGE SOLD PRICE 8 HOMES RECENTLY SOLD $1,127,865 AVE RAGE ACTIVE LIST PRICE $720,938 46 AV ERAGE DAYS ON MARKET (SOLDS) MARSH CREEK AT A GLANCE Leonardo and Angelica, If you’re curious about your home’s current value, whether for future sale, estate planning, or any other reason, call me today at 904.669.1449. Let my marketing go to work for you!
