Jacksonville Monthly Market Update | January 2023
Feb 13, 2023Welcome to the first market update of 2023! We see the fruits (or lack thereof) of December's activity come about in January. Typically, the month is a quiet given the time off for the holidays that most Realtors, buyers, sellers, and others take.
Here's some major takeaways from the update:
- Closings were down 30% compared to December - a clear sign that plenty of people took time off from the market in December.
- Months of inventory increased to 4.5, but the number of houses on the market fell to roughly 6,500. This is a great example of why you need to consider both of these numbers together for a complete inventory picture as inventory didn't increase, but instead closings slowed down.
- Rates declined for the third straight month. We anticipate this decline to continue as inflation continues to slow through the first half of the year.
- Days on market is flattening around 60. We now have two consecutive months around the same number for days on market which is a positive sign that demand is picking up.
- The average sales price was down 3% which is common at this point in the year. January usually marks the low point in the year for prices.
We'll be launching our premium membership as soon as we work out a few final details. Included in the membership is a client-oriented monthly update meant for sharing along with access to the dashboard featured in this video. Additionally, you will have full access to PDF versions that can be incorporated into your buying and listing packets as well as emailed to your database. More details to come!
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Everyone asks "how's the market?" when you meet them and the way you respond either opens a door of opportunity or shuts it.
Most Realtors have the stats but don't know what to do with them. There's so much going on that it gets confusing quickly.
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