Local Navarre Florida Housing Market Update
March 2024
Big News This Month For Buyers
Navarre Has 3 mOnths of inventory
The big news this month is that we finally have enough inventory locally here in Navarre to cross the threshold into a BALANCED MARKET. Sellers have had the upper hand for YEARS.
Remember back when buyers couldn’t ask for anything?
Buyers finally are finally able to negotiate for more favorable terms when they buy a home.
I’ve seen sellers offer closing costs, rate buy downs, or remodeling allowances.
A Balanced Market is defined as having between 3 and 6 months worth of inventory
The Technical Stuff:
You will often hear real estate experts talk about “Absorption Rates” or “Months of Inventory” and they are basically the same thing. A metric to gauge how quickly homes are being sold.
If there are more buyers than homes, then demand is high, and homes sell more quickly.
If there are plenty of homes to choose from, and not that many buyers shopping, then demand will be low and homes will sit on the market longer.
We finally crossed the threshold into 3 months supply. If selling pace remained the same, we would exhaust the current inventory in 3.02 months.
Will It Last?
Will we continue to live in a balanced market throughout the spring? I don’t have a crystal ball, I can’t make any guarantees, but I don’t think this balanced market will last.
If you are thinking of buying a home this year, you have 2 options. You can buy now while home prices are stable and competition is low, or you can wait for lower interest rates. But if interest rates do come down, you will likely be competing with multiple offers and over asking home prices.
While neither choice is ideal, we can’t go back in time to 2015 home prices and we won’t be seeing 2020 interest rates. All we can do is move forward. Choosing a path that is best for you today to build wealth and eventual financial freedom.
If you are considering buying a home this year then please take a minute to download the
Ultimate Homebuyer’s Guidebook
Days On Market
Although Days On Market is at 50 days this month, I want everyone to understand this doesn’t mean you can expect your home not to sell for about 50 days. Days On Market considers the average of all the homes listed, even the overpriced ones. It is a poor reflection of how quickly a home can sell when priced properly and strategically marketed. Take a look at the graph below to see what I mean.

In the above graph, each red dot represents a home sold. Along the bottom is Days On Market, (DOM). You can see the highest concentration of homes sold between 0 and 25 days. It doesn’t appear to matter how expensive the home was, homes in all price ranges sold rather quickly.
There are a fair amount of homes that sold between 25 and 60 days. Perhaps it took them a little longer to make adjustment to their marketing strategy or to adjust their price point, but after 60 days, there are a lot fewer dots.
My assessment is that a properly priced and well marketed home does not need very much time to sell.
Poll:
Whether or not you’re in the market to buy a home, what do you think the smart choice is?
Should home buyers buy now while home prices are stable, and competition is low?
Or should they wait to see if interest rates go down later this year?
Submit your answer below.
Navarre By The Numbers
240 Active Listings
102 New Listings in February
68 Homes Under Contract
48 Homes Sold
Median Sold Price: $391,500
Average Days on Market: 50
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