Ponte Vedra Focus Blog - market update

Housing Inventory Drops Again. Is a Bubble in Our Future?

By Gwinn Volen

Real estate inventory in Ponte Vedra Beach dropped yet again in November with only 1.9 months of inventory, down 63% from November 2019 and down 17% from last month.  The median sale price is up 34% from November 2019. Here's a look at November to November statistics for 32082:

Seeing home prices increase like this certainly begs the question, are we entering a real estate bubble? Here are a few things to consider to keep things in perspective.

Pandemic's Impact on the Real Estate Market

COVID-19 has caused many sellers to hold off on listing their properties, which means the housing inventory is incredibly low. Low inventory means sellers have the upper-hand which drives up prices. The month over month increases are a…

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Home Prices Up, Inventory Low: Ponte Vedra Beach and the Greater Jax Real Estate Market is On Fire

By Gwinn Volen

August home sale numbers are in, and the real estate market continues to not only be on fire but highly competitive too.

Here are the highlights for the Ponte Vedra Beach real estate market:

• The median sale price is up 24% from July 2020 and 34% from August 2019.
• Inventory of homes (months supply) is at 3 months, down 42% from last year and down 3% from July. 6 months supply is considered a balanced market, so we are in a seller's market.
• Buyer traffic is up. Showings per listing are up 35% when compared to August 2019.

What does this mean? This is a great market for a real estate agent, where many are having record years. However, it's tough, as the buyers are out there but the inventory isn't.

For those…

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July Real Estate Data: Surge in Relocations and Low Inventory Continues

By Gwinn Volen

Real estate in the greater Jacksonville area continues to shock and awe agents, buyers and sellers alike.

Urban to Suburban Shift Continues

Rather than the expected down shift many thought would happen due to the pandemic, our area continues to see an influx of people wishing to relocate from denser urban areas or those looking for a change of lifestyle now that working from home is an option. Additionally, we are seeing local homeowners wishing to upsize or take on a new lifestyle (think waterfront or walk to the beach).

According to Lawrence Yun, the National Association of Realtors Chief Economist:

“Homebuyers considering a move to the suburbs is a growing possibility after a decade of urban downtown revival,” Yun said.…

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NE Florida Q2 Real Estate Data Shows Solid Market

by Gwinn Volen

If you are thinking of buying or selling a home in St Johns County or Duval County, a look at the latest local real estate market statistics may offer you some insights.

The NE Florida real estate market is holding strong. Real estate is a network of micro-economies, and NE Florida, unlike other parts of the US, has moved through the macroeconomic downturn relatively unscathed.

Though we experienced a dip in prices starting in Q3 2022, and prices were down another 5% in Q1 2023, prices were up 8% in Q2 2023. My expectation is we are normalizing, as illustrated in the graph below.

MEDIAN SALES PRICE RECOVERS IN Q2 AFTER DIP

Nationally, standard…

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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.

Per the chief economist at the National Association of Realtors,…

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Ponte Vedra Real Estate Market During COVID-19: May Update

By Gwinn Volen

May real estate statistics are in, and compared to April it's more of the same for the 32082 zip code, Ponte Vedra Beach. Inventory remains very low at 4.6 months of supply.

The housing market functions under the same rules of supply and demand as any other industry. Six months of supply is considered a balanced market. So, as a whole, the 32082 market remains a seller's market (varies based on price point).

Home prices are holding, with a slight change from last May of -3%, but overall prices are up 7% for the last 12 months.

Closed sales for May were down 43% from May 2019, while April was down only 32%. May's decrease in sales are reflective of the lockdown that occurred earlier, in March and April, while April wasn't…

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Recession Coming? Probably. Housing Crisis? Read More

by Gwinn Volen

With all of the unanswered questions caused by COVID-19 and the economic slowdown we’re experiencing across the country today, many are asking if the housing market is in trouble. For those who remember 2008, it's logical to ask that question.

Many of us experienced financial hardships, lost homes, and were out of work during the Great Recession – the recession that started with a housing and mortgage crisis. Today, we face a very different challenge: an external health crisis that has caused a pause in much of the economy and a major shutdown of many parts of the country.

Let’s look at five things we know about today’s housing market that were different in 2008.

Appreciation

When we look at appreciation in the visual…

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Ponte Vedra Beach Real Estate Year End Review 2019

By Gwinn Volen

National home sales statistics show that as of November 2019 (end of year data has not been calculated), total home sales in the US were up 3.5% from 2018 for single-family homes with a total of 4.79M home sales, according to the National Association of Realtors.  The same data shows that the median home sales price was up 5.4% at $274,000, and months supply was 3.6 months, down 10% from 2018.

Florida's closed sales numbers for single-family residences were up 6.1% in November 2019 from 2018, and the median sales price was up 3.9% according to the Florida Realtors Association.  Months supply also decreased by 12.2% to 3.6 months.

So, what did the local market for Ponte Vedra Beach look like for 2019?

As of December 2019,…

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