How’s the market? Well, that is a complex question mainly because our market is so varied. You can have statistics on average sale price that are accurate but also a bit misleading, as one very high-end sale can skew the curve. Then you have the pseudo-experts rendering opinions based on data that may not be applicable to your exact area. Bottom line, when deciding to buy or sell, the best way to find the accurate value of a property is with a specific comparative market analysis, which examines properties in close geographic proximity as well as similar style and size.
The other key to knowing when to buy or sell is not reacting to misinformation. There have been many articles, blogs and news stories that could make you question your intentions to buy or sell property. I’ve seen many pieces stating that home sales are negatively impacted during election years, yet the “data” that supports that assertion shows only a tiny fluctuation.
A paper published in the British Journal of Political Science used data to look at housing sales. They found that in election years, homes sales declined between two-tenths and three-tenths of a percent. Two-tenths of a percent? Hmmm. That does not seem significant enough to generate this much negative press.
With all of that being clarified, let’s dive into what the stats do say for the Beaches. We are comparing April 2015 to April 2016. Remember, take these with a proverbial grain of salt, as they are for general areas and as we all know beach property can change from one block to the next.
South Ponte Vedra Beach saw days on market decrease from 161 to 141 and the average sale price increase from $516,775 to $584,876 with the average list price increasing by about $50,000.
In the North Ponte Vedra region, days on market increased slightly from 109 to 115 but average sale price took a huge jump from $508,238 to $933,103 and average list price was up by roughly $400,000.
Jacksonville Beach has taken a slight hit in days on market and average sale price, with 112 days on market compared to 97 and a sales price of $374,460, down from $382,277. Average list price, however, increased from $507,246 to $625,340.
On the other hand, Neptune Beach jumped from an average list price of $547,945 to $666,578 with an average sale price of $407,600 over $305,337. Days on market also dropped from 92 to 77.
Then we have Atlantic Beach, where things went up across the board. Average list price soared from $591,375 to $773,197, with average sale price rising from $265,993 to $479,449. Days on market dropped from 119 to 83.
So, what does this all mean? Is it the right time to sell? Is it the right time to buy? Yes and yes…IF…it works for you. That’s really the nuts and bolts of it. There are many markets where across-the-board stats can apply, but Jacksonville is not one of those and most especially the Beaches are not in that category, either. You have to get specific information on a specific property to make a good decision about buying or selling. Don’t trust online estimates, don’t rely on news stories or the price for which a friend bought or sold their home. Talk to a professional and have a licensed Realtor® help you navigate the real estate market. It’s the safest and surest way to protect a very important part of your financial life.
Carmen B. Edwards
Managing BrokerRE/MAX Specialists Ponte Vedra
238 Canal Blvd. Suite 4
Ponte Vedra Beach, FL 32082
** Stastistics from Northeast Florida MLS Market Summary Reports by Area-Residential April 2015 compared to April 2016. All information deemed reliable but not guaranteed. Each RE/MAX office is independently owned and operated.