Rate Cut Impact in Ponte Vedra
Q. Will the recent Fed rate cut affect my oceanfront home sale in Ponte Vedra?
A. It's not the Fed I worry about, but rather your days on market and months supply of inventory. Our Northeast Florida Association of Realtors (NEFAR) just released the August market report. Since you live on the ocean I'm assuming your home is in the million dollar and up price range. Days on market for homes priced over one million is averaging 125 days which is up 5% over the same time last year. More telling is the supply of inventory at 14.5 months, also up 5.1%. Compare this to homes under $500k with only 4.1 months of inventory. If you would like the August market report please contact me.
Have a real estate question or need some sound advice? Call or text Phyllis Staines at (904) 476-7653 or email firstname.lastname@example.org. Every question will receive a response and may be chosen to appear in Saturday's Times Union newspaper.