Fall 2011 State of the Real Estate Market in Ponte Vedra Beach and the Jacksonville Beaches
As we go into the final quarter of 2011, I am reminded that news on the national real estate market has little to do with what is happening right here in Northeast Florida. In real estate, you hear the phase, "location, location, location." When it comes to the real estate market statistics in Jacksonville and Ponte Vedra Beach, the phrase is "local, local, local." Here's what happened last quarter in the Jacksonville real estate market:
- Overall in Northeast Florida, inventory was down. New listings decreased 23%. Additionally pending sales were up 24%. With listings down and sales up, signs of a stabilizing market are emerging.
- Through the third quarter, the Housing Affordability Index (HAI) continued to climb in the Jacksonville area. Year-to-date HAI was up over 7% In fact, CEO Greg Rand of Own America listed Jacksonville as the #1 place to invest in real estate due to the expected increase in population, increased job rate, and affordible housing.
If you're waiting to sell, now might be the time! Inventory is drastically reduced from prior years and closed sales are up, meaning buyers are taking action in the market.
In the luxury market (home sales over $1,000,000) of Ponte Vedra Beach North, there were 22 sales between January and September of this year. That's down slightly from 25 sales during the same time last year. In Ponte Vedra Beach South, 16 homes were sold January through September of this year, fewer than the same period last year. Deep discounts can still be found in the luxury market.
Market statistics for the Jacksonville and Ponte Vedra Beaches can be found below.
- Ponte Vedra Beach North saw a drastic reduction in new listings (213 homes through September of this year, 281 during the same period in 2010).
- Days on Market also decreased for this area by 11.3%
- In Ponte Vedra Beach, south of Solana Road, closed sales were up significantly with 33% more sales than year-to-date of 2010. Sales price and percent of asking price were holding steady for this area.
- The number of closed sales was up 25% year-over-year. (Good news!)
- Days on Market was down almost 16% .
- New listings were up less than 10%, which is not keeping up with the rate of home sales.
- Average sale price held steady for the third quarter.
- The number of closed sales was down slightly (7%).
- Days on market held steady, with the average time a house was on the market at about 4 months.
- New listings were down almost 20%. For home buyers wishing to purchase in Atlantic Beach, there is not a lot to choose from right now.
- The median sale price ROSE 3.4%.
- The number of closed sales was up almost 10%.
- Days on market rose 43% to an average of 110 days (which is still only 3 months).
- New listings were down significantly (more than 25%).
- The median sale price ROSE almost 20%!
Data courtesy of the Northeast Florida Assocation of Realtors.
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