The housing market in Northeast Florida showed a small decrease in prices in September, which is not unusual in autumn.
Despite this decrease, month-to-month days on the market, active inventory and months of supply are trending upward, according to the Northeast Florida Association of Realtors.
The median price for single-family homes dipped 2.6% to a median of $380,000. At the same time, the Housing Affordability Index for the region fell 4.2% to 69. In this index, the higher the number, the greater the affordability.
Study praises St. Johns County
A recent study by United Kingdom-based price comparison website money.co.uk has listed St. Johns County the seventh best place in the United States to purchase a forever home. Factored into the analysis are school ratings, life expectancy, average cost of electricity, number of violent crimes and average annual earnings.
St. Johns County might well deserve the acknowledgement bestowed by the study, however, statistics reported in the study differ slightly from those of other sources.
The study reports St. Johns County schools have a grade of A+. The grade actually given by the state Department of Education is an A.
Average annual earnings is listed as $73,944. The U.S. Census reports the per capita income over the past 12 months at $43,433 and the median household income at $83,803.
Life expectancy is listed as 81.8. According to the state Health Department, life expectancy in 2019 – the last year for which numbers are available – was between 80.5 and 81.1 (for males, 77.7 and 78.6; females, 83.1 and 83.9).
Average electricity cost per kWh is 11.91 cents, which is corroborated by other sources.
The biggest differences between the study and other sources is in the number of violent crimes and the average price of a house.
The study lists violent crimes per 100,000 population at 509. However, the state of Florida puts that number at 143.9 for 2020, the last year for which numbers are available. The disparity might be explained as a difference in the definition of what constitutes a violent crime or else some independent analysis of crimes committed after 2020.
The study lists the average price of a home in St. Johns County at $326,300. According to the Northeast Florida Association of Realtors, the median price of a single-family home in September was $561,495, representing a 1.2% increase over August. Though median is not the same as average, one would not expect to see this great a gulf between numbers. That said, it is possible the study did not have access to the latest figures as did the association.
St. Johns County: A closer look
The price of a home only tells a part of the story. An important statistic is the county’s affordability index, which dropped 6% in September to 47, demonstrating that St. Johns County remains the least affordable area to live in the region.
Those selling their homes will find that median days on the market have increased 34.3% to 36 as compared to August.
New listings dropped 12.2% to 584. Active inventory increased 6.7% to 1,291 homes, resulting in a three- to nine-month supply.
The average rent for an average-sized apartment of 1,034 square feet was $1,924.
Duval County
The price of a home dipped slightly in September to a median $335,000. The affordability index dropped 3.7% to 79.
Median days on the market was 35. New listings rose slightly to 1,569. Active inventory was 2,565 homes, an increase of 15%, resulting in a 3.2-month supply.
The average rent for an average-sized apartment of 1,034 square feet was $1,530.
