Real Estate August 2022

Aug 1, 2022 | News, RE News

It is August, where has the summer gone? Has the hot housing market gone, too? We are seeing signs the North Florida housing market is changing – rising interest rates, houses on the market longer, price reductions, homebuilders offering bonuses, and increased seller concessions. Recently, Jacksonville recorded a rate of 25% of sales contracts cancelled, one of the highest rates in the country.

Six homes sold the past 3 months (according to 7/25/22 NEFAR MLS). Ranging in price $580,000 to $820,000, the homes sold 98% – 105% of the list price. The homes sold at a price per sq foot ranging from $206.43-$260.86, and were on the market an average of 22 days. In addition, 7903 Vineyard Lake sold in a private transaction. The roof has been replaced and other renovations are in the works.

Public records have not been updated yet, so I don’t have the sales information.
Two homes are For Sale in Deercreek – 10044 Watermark Ln and 10234 Cypress Lakes. These homes are both 5 bedrooms/4.5 baths and range in size from 3455 – 4240 sq ft. They have been on the market 16-31 days, and average $240.84 per sq ft. Two homes are Under Contract – 10248 Cypress Lakes, a 3791 sq ft home with 5 bedrooms/4.5 baths listed at $774,000, and 10416 Cypress Lakes, a 4 bedroom/4 bath home with 3308 sq ft, listed at $825,000. These homes are listed from $204.17 – $249.40 per sq ft and have been on the market from 16-59 days.

Summer has been an exciting time with the success of the Deercreek Swim Team. Congratulations to all the swimmers, coaches and parents for an outstanding season. Exciting is a word to describe the upcoming real estate market. Will Deercreek cool off like other areas, or will it continue with sales due to limited inventory in this desirable community?

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