Supply and demand is an important thing to know if you want to understand your micro-market.
When determining the market value of a property before listing it, I take several factors into consideration, including:
- Comparable homes
- Square footage
Another very important factor is the supply and demand of homes in that property’s price point.
For example, during the month of August in Ponte Vedra Beach, there were 370 active listings and 54 sold listings, which left that area with 6.85 months of inventory. This means that if sales continued at the same rate as they have and no new homes came on the market, it would take 6.85 months to sell off all their remaining inventory.
In Ponte Vedra’s Nocatee community, there were 225 active listings during the month of August, and 84 of those listings sold, which left 2.68 months of inventory.
Whether you’re a buyer or a seller, it’s very important to look at the micro-market in your price point to see what the supply and demand is.
If you have any questions about this topic or your local market or you’re thinking of buying or selling a home soon, please feel free to reach out to me. I’d be happy to help you.