According to Redfin, the greater Jacksonville area was one of five areas across the US leading the surge in real estate prices, showing a 21% increase in prices in the last year. This is looking at average sales price comparing March 2020 to March 2021. If you look at Ponte Vedra Beach, you’d see an even larger increase. March average sales prices in Ponte Vedra Beach are up 48% over March 2020.
The Ponte Vedra Beach luxury price point is a considerable driver behind this number surge. Our area is seeing a large number of COVID relocations – people who have a work location choice – many of which have the budget and desire for a high-end property. For the purposes of this article, luxury is defined as homes over $1,000,000.
Ponte Vedra Beach Luxury Real Estate in 2021
Closed sales in the over $1M price point are up 153% from March 2020 and 106% if comparing Q1 2020 to Q1 2021. While the overall 32082 market has 1.2 months of supply, the luxury market is also incredibly low at 2.5 months of supply. That’s down 73% from last March just as COVID arrived, when we had 9.2 months of inventory. Days on the market is also down significantly. And finally, sellers are receiving 98.5% of list price in the luxury arena, which is up 5% from last year.
Luxury Real Estate Areas at a Glance: Q1 2021 vs Q1 2020
Here is a look at some of the main areas in Ponte Vedra Beach that have properties in the over $1M price point.
- Oceanfront Luxury Home Sales Over $3M
- Over $3M Closed Sales: 2, +100%
- Months Supply: 2.3 months, -80%
- Median Sales Price: $7,600,000, +4.8%
- Median Days on Market: 26, -96%
Note: This is a very small data set. Ponte Vedra Beach has limited Oceanfront inventory in any year. This is looking at the 10-1300 block.
- Old Ponte Vedra Beach Luxury Homes Over $1M
- Over $1M Closed Sales: 8, +33%
- Months Supply: 2 months, -74%
- Media Sales Price: $2,850,000, +150%
- Median Days on Market: 20, -74%
Note: The calculated median sales price in Old Ponte Vedra is now $2.85M, but that is skewed by a few teardown sales. Buyers should expect to pay $3M+ for a renovated or new home.
- Marsh Landing Luxury Homes Over $1M
- Over $1M Closed Sales: 18, +350%
- Months Supply: 3.6 months, -57%
- Media Sales Price: $1,262,500, +4.1%
- Median Days on Market: 43, -72%
- Sawgrass CC Luxury Homes Over $1M
- Over $1M Closed Sales: 8, +33%
- Months Supply: 1.9, +26.7%
- Median Sales Price: $1,275,000, +13.3%
- Median Days on Market: 96, +405%
- The Plantation Luxury Homes Over $1M
- Over $1M Closed Sales: 7, +16.7%
- Months Supply: 0.7, -85%
- Media Sales Price: $1,250,000, +11.1%
- Median Days on Market: 35, -53.3%
Related Articles:
- February Real Estate Report: Should Buyers Hold off?
- January Real Estate Report: Low Inventory and Frenzied Buyers
- December Real Estate Report: Market Continues on the Same Trend
- November Real Estate Report: Are We Headed Towards a Bubble?
About the Author:
Gwinn Volen is a top-ten ranking Jacksonville area real estate agent, owner of The Volen Group, Keller Williams Luxury International in Ponte Vedra Beach, and creator of the Ponte Vedra Focus blog.
