This year, the Northeast Florida Residential Real Estate Market hit its lowest point in November with just over 5,000 properties on the market. That’s 45% less than the same period last year. According to a Northeast Florida Association of Realtors news release, this year’s home inventory is equivalent to 1.7 months’ worth of supply. In comparison, a balanced real estate market is considered to have between a five and six-month supply available. Basically, there are not enough new homes available for those looking to move to or within St. Johns County. That’s where MasterCraft comes in.
Flocking to St. Johns County
According to recent United States Census Data, St. Johns County has grown by almost 4% in 2020 alone, making the demand for homes higher than ever before. With a low inventory of resale homes available in St. Augustine, Ponte Vedra Beach, Julington Creek, and other areas of St. Johns County, what are homebuyers supposed to do? Well, you could consider building a new home with us, MasterCraft Builders Group.
The popularity of St. Johns County is undoubtedly at play when it comes to the low inventory of homes we are facing; people want to live here, and the numbers show a stark reality – there are simply just not enough homes to accommodate all of the potential residents. According to our owner and CEO, Chris Shee, St. Johns County is growing like never before. “Because this area is still largely undeveloped,” he explained. “I foresee many years of growth for St. Johns County in particular.”
According to Shee, the growth of St. Johns County has brought with it families from all over. “I’ve seen move-ups within St. Johns County, move-overs from Jacksonville and Clay County, and relocations from all over the United States, particularly an influx of folks from the Northeast,” he said. “St. Johns County is the best place to live in Florida, and people are starting to realize that. They’re escaping high-density cities and wanting to move to an area that offers a more comfortable lifestyle.”
New Construction Fills the Void
You can rest easy. MasterCraft is here to fill the void. Though the low inventory has not changed how we build our quality homes, it has changed the way we do business. “We are keeping more specs going today than we were last year,” Shee said of new, move-in ready homes available for purchase. “As soon as one sells, we start another one, helping to fill the void of a lack of inventory of used homes.”
With the lack of resale homes available, it’s no surprise that new construction homes are becoming more popular than ever. With so many buyers looking to relocate, MasterCraft has seen an increase in sales this year of almost 100%. “The low inventory has a lot to do with the sales pace,” Shee explained. “As does the desire to live in a more comfortable home with ample space and rooms.” With a low inventory of resale homes, it’s not uncommon for buyers to feel pressured into a decision out of fear that they’ll lose the opportunity at a future home. In contrast, new construction offers flexibility, comfortability, and ensures that the buyer is able to choose the home of their dreams.
Looking to Move? MasterCraft is Here for You
If you’re one of the many homebuyers looking for your next home in St. Johns County, it may be time to consider new construction. At MasterCraft, we always have an ample supply of homes and homesites available, so buying a new home is an easy solution to the lack of inventory that Northeast Florida is currently facing. Not only does new construction grant you the opportunity to choose what features are put in your home, but you’ll also get to enjoy the benefits that come along with it, including upgraded appliances, energy-efficiency, ample storage space, and many more.
If you’re in the market for a new home, we have a few words of wisdom for you: Don’t wait!! “We have seen some dramatic cost increases in building materials, and expect to see more next year,” Shee said. “Builders are also running out of lots faster than expected, which means the longer you wait, the more limited your options are.”
When you build with MasterCraft, you’re sure to receive the home of your dreams. Each home is carefully crafted with your needs in mind, so you know it was built to support you and your family no matter what life throws your way. “Our focus is and will always be on being the best home builder in Northeast Florida,” said Shee. “We will consistently deliver beautiful, well-thought-out homes to our customers. That’s our promise.”