St. James Monthly Market Update

HOMES

Our single-family home Inventory has shown a healthy increase in October 2023. There are now fifty-five homes for sale: ten more than in September. In the month of October, seventeen homes entered the market.

In addition, there are eighteen homes under contract. Many homes have been placed under contract in October.

October 2023 experienced a robust month of sales, with sixteen homes sold. Buyers paid an average of 97% of their list price. In October 2022, the sales volume was comparable to 2023, however, the price-per-square foot was $16 less per square foot than this year. Calculate that average $16/ square foot increase on the purchase price of a 2,000 square foot home.

Measuring October’s impact on housing price trends: both the average listed price-per-square-foot and the inventory increased significantly. These factors contribute to the current healthy housing market… a win-win for buyers and sellers.

CONDOMINIUMS + TOWNHOMES

The market activity for condominiums is holding steady. Today there are sixteen condominiums for sale representing the St James’ communities of Marsh Winds, Club Villas, and Harbor Walk.

Ten condominiums and one townhome are under contract. Prices remaining constant for Marsh Winds, Club Villas, and the new construction units of Harbor Walk. Ship Watch Villas, a rare commodity for sale, was under contract with only 3 days on the market.

In review of the sales activity for October 2022 vs. October 2023, mirrored each other with only two units sold. All different communities, locations, and price points. For detailed information on any condominium or townhome community in St James, contact Allyn Heck, Broker, 910-367-3989 or AllynTracyHeck@Gmail.com

LAND

Prices remain competitive, the limited inventory continues to challenge buyers. There are only thirteen lots for sale with an additional three lots under contract. In October 2022, there were eight lots sold; the highest-priced property was $272,000. In October 2023, there were only two lots sold, the lowest-priced property was $335,000. Low existing inventory, a slow replenishment of new listings and rising land costs are directly impacting potential buyers and current property owners.