Historic Real Estate Market Rebound in Jacksonville

By Gwinn Volen

The real estate market is on fire right now with an incredible bounce back from the onset of the pandemic. Using Ponte Vedra Beach as a sample for the greater Jacksonville market, closed sales were up 73% in June vs. May. This is the highest month over month gain since March of 2005.

Pending sales for June are up 34% vs. May. Pending sales generally represent where we are going for the next couple of months.

Why are Pending Sales Important?

With COVID and the onset of the economic crisis in March, the real estate market came to a bit of a halt for almost two months. Closed sales and pending sales were significantly down year over year, as were new listings.

Pending Home Sales Trends for Ponte Vedra Beach 2019-2020

Per the chief economist at the National Association of Realtors, Lawrence Yun:

“This has been a spectacular recovery for contract signings, and goes to show the resiliency of American consumers and their evergreen desire for homeownership,” said Lawrence Yun, NAR’s chief economist. “This bounce back also speaks to how the housing sector could lead the way for a broader economic recovery.”

What Do The Next Few Months Look Like?

Expect more of the same for the next couple of months.  But, to keep this momentum going, our market needs more inventory. New listings are only up 2% from May and are down 5% from June of 2019. Overall our inventory is now at a 4 months supply, the lowest it has been in 14 years.

Months of Housing Inventory for Ponte Vedra Beach 2006 to 2020

In Summary

This is a seller’s market. If you have been holding off on selling your home due to the pandemic, in Ponte Vedra or the great Jacksonville area, now is a good time. You have the advantage right now, but that could shift depending on where the economy goes as we move into 2021. Buyers are out in force right now and looking for the right home in spite of Florida’s rising number of COVID cases.

Our area stands out on weather, education, ease of living, and of course, the lack of state income taxes.

Additional Articles of Interest:

• Ponte Vedra Real Estate Market During COVID-19: May Update
• Ponte Vedra Real Estate Set to Rebound After Shutdown

About the Author:

Gwinn Volen is owner of The Volen Group, Keller Williams Luxury International, Ponte Vedra Beach and creator of the Ponte Vedra Focus blog. She is a top real estate agent in Ponte Vedra Beach and the surrounding areas with a penchant for data. She lives in Old Ponte Vedra Beach with her husband, two teenage boys, and multiple dogs and cats.