Nationally and here in Northeast Florida, the overall residential real estate market continued to be strong through the end of October 2017. The national unemployment was 4.1% in October, which is great news! The joblessness rate has not been this low since Dec. 2000. Throughout 2017, mortgage rates held steady, at or near 3.9%, despite fears early in the year that increases in the Federal Reserve's interest rate might push mortgages into the mid to high 4% range. Across Northeast Florida, median sales prices are at historic highs, while inventory and days on the market are lower than last year, despite an uptick in listings. Our local real estate market appears poised for another good year.
Date for Ponte Vedra Beach (zip code 32082):
Despite two hurricanes in two years, the overall residential and condo market continues to show growth in the number of sales, while overall prices per square foot remains stable.
- The Ponte Vedra Beach real estate market is robst with the volume of total sales up from $410.8 million in 2016 to $471.7 million in 2017. This represents a 15% year-over year growth from 2016 to 2017.
- Almost all of the increase in total sales dollars was accounted for by more unit sales, 726 vs 798 (2016 vs 2017, respectively).
- The increase in total number of residential and condo sales also led to an increase in total square feet of property sold, which was up by 14%.
- The overall price per square foot remained virtually unchanged at an average of $242.9 dollars/ft.
Two price point categories showed the most growth:
- The number of homes selling above $775,000 but less than $1 million increased from 2016 to 2017, as did the price per square foot for those properties.
- Homes selling above $500,000 but less than $775,000 accounted for the greatest gains in total dollars sold and in square footage sold.
- There was very little change at either the high-end of the 32082 markets (>$1 million), or the low end (<$500,000) in terms of units and dollars sold.