POSITIVE HOUSING MARKET NEWS: Residential real estate sales data in northeast Florida (Jacksonville MSA) indicates closings are up 20% (year-to year comparison), median home prices are up 20% and overall inventory is down 30% (a 4.4 months supply on the market).
How does Amelia Island stack up against its neighbors?
The ubiquitous azaleas are starting to bloom — a surefire sign that spring has come to Nassau County. But something else is happening here. In the air, there is a sweet fragrance of economic activity. The housing market appears to be recovering, retail sales are somewhere between solid and spectacular, and corporate activity is robust. That adds up to a profitable formula.
Single-family home sales prices in the local area have been moving generally upward for about a year now, with the Fernandina Beach median sales price at $293,800 for a single-family home, according to Zillow data. Also, the Annual Report on the Northeast Florida Housing Market (Calendar Year 2012) indicates, “yearlong evidence points to market recovery…” Housing inventory down 28% in Northeast Florida, buyer rebound with closed sales up 7.1% during 2012.
A published report revealed the top 50 houses in Northeast Florida based upon their assessed/market value. Most of them are clustered along the Atlantic Ocean between Jacksonville Beach and Ponte Vedra Beach (and farther south beyond Palm Valley). However, at the top of the list is an Amelia Island Plantation oceanfront home with price tag of $6.1 million.
The inventory of houses has declined significantly in the Amelia Island and Yulee area. The supply-demand equation has returned to a healthier level here. Units are selling much faster, and qualified buyers are looking. The supply is limited; the demand is returning as retirees are able to sell their properties in other places and relocate here.
We live in a place where people — from all over — spend their vacations.
When the strategist who publishes the “Gloom, Boom & Doom Report” raves about the housing market in the southeastern U.S., you feel like you have to listen. Marc Faber, acclaimed editor of the often negative but always provocative report, says housing in many southeastern locations is among “the most attractive assets in the world.”