Residential Real Estate in Ponte Vedra 3rd Quarter Update
The Ponte Vedra Beach residential real estate market continues to be very strong year-to-date through September.
- In total, 488 homes sold in 2019 versus 510 last year (which was one of the best years ever).
- Importantly, both the average and the median sales prices have increased by 7.7% and 8.26%, respectively.
- Increasing sales prices are also reflected in the improved sold-to-list ratios, which in September climbed to 95%.
- The year-to-date absorption rate has also changed favorably and is now 6.06 months versus 6.82 months last year—an 11.14% improvement.
- The number of listings, 300 in our market, has been consistent since October of 2018 but the average days on market in September was only 80 days, down from 130 last year, indicating properties are moving quickly in what still appears to be a seller’s market.
High-end sales also continue to be very strong year-to-date.
- In the $750,000 to $1,000,000 range we had 106 sales, versus 89 last year—a 19.1% increase.
- The $1,000,000 range saw 99 sales year-to-date versus 90 last year— a 10% increase.
- However, year-to-date pending listings are down 7.2%, and in the $1 million+ range were down 31.2% in September.
- Overall the pending listings at $1 million+ are up 2.7% from 111 last year to 114 this year.
We have noted in previous reports that many buyers are actively considering new construction is quite competitive with single-family residential resales. This trend continues. In St. Johns County, 2018 was a banner year with 4,517 new single-family permits issued. While year-to-date 2019 permits lag slightly at 4,254, new single-family permits are still well ahead of full year numbers in 2017 (n=3,760) and 2016 (n=3,470).
Nocatee is ranked #4 in top ten master-planned communities across the country, by annual home starts (n=1,077), and includes homes in all price ranges—including luxury sales. Our team has been very busy assisting buyers in their new home purchases.
We are happy to report that 2019 is our best year ever for residential sales and that we are currently ranked #2 in Northeast Florida for small team sales! Thank you for your strong support.
Sources: MLS Market Summary, 32082 Residential, September 2019, St Johns County Building Services Division, September 2019 Monthly Recap Report issued Oct 2, 2019, Nocatee info from HeraldTribune.Com from article posted July 26, 2019 quoting Metrostudy Regional Director Tony Polito
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