Do You Know What’s brewing in St. Johns County
I’ve compiled tidbits from different publications I read regularly. The primary source is The Jacksonville Business Journal. Here you can find info about growth, changes, market info, etc.
· * Florida saw a 12.3% increase in its non-current loan rate – the largest jump of any state and ranked among the top five states for loans 90+ days past due.
· * S&P CoreLogic Case Shiller’s US National Home Price index reflects that Jacksonville’s data suggest it is in a housing market period of correction because of more invetory, longer sale times and growing buyer leverage.
· * Using data of pending sales, the reset of the national housing market reflects the luxury segment has fallen to the lowest level in more than a decade.
· * According to Redfin’s chief economist the main reason for fewer sales is the mismatch between the prices a homeowner will sell for and what the buyer can afford to pay. Prices are up 6.5% year over year and interest rates continue to rise.
· * As of April the US housing market had nearly 34% more sellers than buyers shopping for homes.
· * Home prices are 40% higher than Pre- COVID. Some areas of St. Augustine are even higher.
· * Jacksonville (for the purposed of their data St. Augustine is treated as a subburb) reported an April cancellation rate of 18.4% in contracts.
NOW FOR POSITIVE NEWS
· * St. Johns County has the highest college graduation rate in Florida with a 52.6% of adults age 25 and older holding a bachelor’s degree or higher.
· * A new $123 million regional park is planned in northern St. Johns along Timberwolf Trail. It will encapsulate both sports and educational facilities. The project s poised to elevate the community’s access to high-quality recreational activities and library services.
· * Speaking of new construction Publix has been granted permission to build a $145M pharmaceutical manufacturing facility. It is expected to open in 2026 and will not only be a pharmaceutical manufacturing hub but is also set ti fill a staggering 500,000 persciptions a week once operational. It will span 168,480 sq. ft at Legend Point Logistics Crossing. I love new manufacturing jobs in our community!
That’s it for now….Make it a great Day!
