By Gwinn Volen
January’s real estate statistics are in, and our market continues to see incredibly low inventory, creating a frenzy when a home hits the market.
News reports show that more than 1,000 new residents are moving to Florida daily. This is evident in the multiple offer situations we are seeing, at every price point, including the luxury market. Take a look at the recent under contract homes in Old Ponte Vedra, as an example. Both of these properties went under contract in under two days.
Ponte Vedra Beach housing inventory continues to linger at 1.5 months, down 67% from last January. Nocatee has only .5 months worth of inventory. Blink and any new listings are under contract. Six months of inventory is considered a balanced market, so you can see how the frenzy happens. Here is a look at the Ponte Vedra Beach numbers, which are again, pretty representative of every sub-market in the area.
What Does This Mean for Buyers:
Just like last month, it’s important to understand how competitive this market is and keep your head on straight. Bring your “A game” if you love a home, and be sure you have an aggressive agent who knows what they are doing.
What Does This Mean for Sellers:
Sellers indeed have leverage here, and often have several strong offers to choose from. As mentioned, even in the higher end markets like Old Ponte Vedra, we are seeing homes go under contract within a day or two. As a seller, you must still do all the right things to ready your home. But if it’s well cared for, presents well, and is priced strategically, you stand to do quite well in this market.
- December Real Estate Report: Market Continues on the Same Trend
- November Real Estate Report: Are We Headed Towards a Bubble?
- October Real Estate Report: The Market has Never Been Better
- September Real Estate Report: Why Selling This Fall Makes Sense
About the Author:
Gwinn Volen is a top ten ranking Jacksonville area real estate agent and owner of The Volen Group, Keller Williams Luxury International in Ponte Vedra Beach.