Sales continue to be strong in the Ponte Vedra area, both for the month and year-to-date, when compared with the same months last year.
Macro-economic indicators also continue to be very strong:
- Near full employment.
- Signs of rising wages.
- Recent guidance from the Fed that interest rate increases are unlikely in the coming months, helping mortgage lenders keep 30-year mortgages low, hovering around 4.375%.
Listings sold in Ponte Vedra were slightly lower this month than a year ago, 33 vs 36, but year-to-date sales are up 10% from 60, in 2018 to 66 in 2019. Pending listings year-to-date are in line with last year, 81 vs 83, respectively.
Interestingly, we are still facing a shortage in listings with the absorption ratings dropping to 5.5 months, versus 6.3 months year-to-date in 2018. Both the average list price and median list price are up versus 2018, but the average sale price has dropped somewhat (6.9%), as has the sold-to-list ratio.
At the million plus level:
- Sold and pending listings are both ahead of last year (year-to-date and for February).
- So far this year, 13 homes have sold at above $1 million, versus 6 last year.
- Pending sales are 19 this year vs 15 last year.
So far, the data does not support the notion that there is any softening in the highest price ranges, but again, caution is warranted. We seldom understand full year trends until well into the second quarter (traditionally when the largest volume of transactions occurs). When we have a few more months of data, and more volume, we will normalize any discrepancies in averages that are due solely to changes it high end sales.