St. Johns County’s real estate headwinds are starting to gust.
In another sign of a slowing housing market, more than one-third of all residences listed for sale during May had price cuts—the highest rate since at least 2017.
According to data from Realtor.com, 34.9% of listed properties were reduced in price, underscoring a shift in market momentum after years of zealous demand.
The surge in reductions comes alongside a sharp rise in housing inventory, which hit another high for the month.
There were 3,212 homes for sale in May, up 4.2% from April’s total of 3,082 and up a marked 23.6% from 2,599 in May of last year.
The growing supply of homes suggests sellers are facing increased competition amid waning buyer urgency.
Despite the growing abundance of available properties, sales remained sluggish. Just 685 homes sold in St. Johns County in May, the lowest number of monthly sales since April 2020, when 674 homes were sold as the market stalled at the height of COVID-19 shutdowns.
Homes also took longer to move off the market. The average number of days on market for sold or delisted homes climbed to 64 days in May, the slowest turnover since May 2020, when listings lingered for 74 days.
That timeframe, too, marked the pandemic’s early impact on housing activity.
Still, prices have proven resilient—at least so far. The median listing price for a home in St. Johns County in May was $559,000, down only slightly from $564,071 a year ago.
However, compared to the post-pandemic peak of $599,720 in May 2022, asking prices have fallen approximately 6.8%, suggesting the market continues to slow from its frothy highs.
The number suggests that sellers are adjusting expectations, and buyers are regaining some negotiating power.
Local brokers told The Citizen that they’ll be closely monitoring the coming months to see whether this trend continues into the summer—a season traditionally marked by peak buying activity.
If demand doesn’t pick up, further price adjustments may be in the offing.
