St Augustine Florida real estate market report July 2007

Buyers Market is in full effect, the number of homes for sale in St Augustine is still at 3700, which equals a 37 month supply. I expect home prices in the resale market to decline for the next 6 months or longer until buyers start to step in.

Established neighborhoods are selling

• St Augustine Shores
• St Augustine South
• World Golf Village
• Cypress Lakes

New home developers are reporting about 3 sales per month for the best projects

Developers are first to adjust the prices or to offer incentives

• 200,000 - 300,000 Market is selling
• Incentives up to $50,000
• no lot premium
• 3% or all closing cost paid

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