16
Sand Castles
Ponte Vedra Recorder · October 29, 2015
Welcome to Sandcastles
By Janet Westling
Contributing Editor
Welcome to our fall issue and the
second anniversary of Sandcastles,
a luxury, lifestyle and real estate
seasonal section. We launched Sandcastles on Oct. 31, 2013, just as we
welcomed our Florida/Georgia fans
to Jacksonville.
The Florida/Georgia game, an
annual event that started in 1915, is
sometimes called the “world’s largest
cocktail party.” Many fans arrive early
to vacation and take in the last days
of beautiful summer weather. They
stay in our resorts around the first
coast and for some in their second
homes.
Our Georgia neighbors to the
North reside in the #1 feeder state for
real estate sales in Florida! And Jack-
sonville and
the beaches
communities
benefit from its
close proximity to Georgia’s
capitol Atlanta
and its large
population.
Our market
watch, written
Janet Westling
by Janie Coffey, Director of
Sales for Manormor Sotheby’s International Realty, delves into our local
market with an analysis of the current indicators throughout the beach
communities.
Twelve of our top agents share
their stories about some amazing
properties currently on the mar-
ket. From Queens Harbor to Vilano
Beach, these properties for sale
represent our thriving market and
picturesque locale that we often refer
to as “Florida’s best kept secret.”
Our First Coast is a wonderful
place to live and with Georgia on our
minds this issue we invite our visitors and residents to experience and
enjoy our vibrant community and
Florida lifestyle.
In our travel and leisure section
we feature travel agent Susan Hudson, tennis pro Danny Witt and PR
consultant Tera Williams who shares
the last installment of “This Old
House.” The Art and Antiques Show
returns this December and celebrates
the season with Viva Espana and an
impressive lineup of speakers during
the show. The Ponte Vedra Women’s
Club PR Chair, Patti Freeman, shares
the calendar of events planned for
this philanthropic organization.
And, it was just announced that
Berkshire Hathaway HomeServices
Florida Network Realty is partnering with Dreams Come True and the
Jacksonville Jaguars.
Our home is our castle and at the
beaches it is our castle in the sand.
From palm trees to sand dunes, golf
courses to resort living, Jacksonville,
Ponte Vedra beach and the beaches
communities offer the most desirable
real estate in Northeast Florida!
Janet Westling,
Berkshire Hathaway HomeServices
Florida Network Realty
Sandcastles creator and contributing
writer
www.janetwestling.com
Market Watch
Local market watch: 2015 Beaches report
Janie Coffey
Director of Sales | Broker Associate – Manormor
Sotheby’s International Realty
This has been an interesting year for real estate
on the Beaches. While Jacksonville Beach and
Neptune Beach still saw improving economic indicators across the board for the real estate market,
Ponte Vedra Beach and Atlantic Beach saw some
mixed messages from certain metrics.
Let’s get into the data a bit to understand what
is going on in each sub-market.
Jacksonville Beach
Jacksonville Beach saw a healthy gain of 9% in
average closed price for 2015 year to date over
2014, averaging $379,000. Not only did the sales
price average increase over the past year, but the
number of homes on the market compared to the
number of homes selling shrunk to a 4 month
average inventory, which is just at the edge of
a Stable Market, ap proaching a Seller’s Market.
Months of inventory is an indicator of supply and
demand. If not another new listing came on the
market, all the actively listed homes would sell
out in 4 months.
A Seller’s Market typically has less than a 4
month inventory of homes. A Stable Market is
typically around 4-6 months of supply and a
Buyer’s Market is typically over 6 or 7 months
of listings. Of course, in higher priced areas, the
months of supply for a stable market is a little
higher as higher priced homes take a bit longer to
sell on average.
Not only did Jacksonville Beach have a tighter
supply of homes, the percent a home sold for versus its listed price rose to 95%, up from 93% last
year. Jacksonville Beach is definitely a good market right now for sellers, and buyers are finding
they need to be very competitive in their offers if
they want to go under contract.
Neptune Beach
Neptune Beach was a close second to Jacksonville Beach regarding strong metrics. Up 7%
over last year, the average home in 2015 sold for
$388,000 year to date. The months of inventory is
a little higher than Jacksonville Beach, but still in
a Stable Market with a 5.5 month supply of active
listings.
The properties that sell are selling over 20%
faster than they did last year, going under contract
in 83 days compared to 106 last year. And the average closed price was 92% of list price, the same
as it was for 2014. For buyers in Neptune Beach,
they definitely need to act quickly with homes going under contract in less than 3 months.
Atlantic Beach
The real estate market in Atlantic Beach has
mixed indicators in 2015. While they have a tight
supply (less than 5 months of inventory), the days
on the market rose a bit, taking 94 days to sell on
average, compared to 84 days last year. Sales prices declined slightly, down around 4% to $341,000
on average compared to last year. For homes that
sold, the list to sales price ratio in Atlantic Beach
is the highest on the beaches, selling at 96% on
average, meaning there was not too much room
for negotiation.
Both Buyers and Sellers should speak to their
agent when pricing a home to sell or making
an offer, as the mixed metrics show that a deep
analysis needs to be made for your property to
price it to sell or make an offer to purchase.
Ponte Vedra Beach
Ponte Vedra Beach experienced a similar market
to Atlantic Beach, with some mixed indicators.
The average closed property sold for $643,322,
down slightly (3%) in 2015 compared to 2014.
Properties took approximately two weeks longer
to sell than they did in 2014 yet the absorption
rate remained fairly steady at roughly 7 months
throughout 2015. Properties that do sell are selling
much closer to list price than they did in 2014.
Up to 93-95% versus 91% in 2014. As in Atlantic Beach, with the mixed market indicators we
are seeing in Ponte Vedra Beach, it is especially
important to speak to your real estate agent when
pricing a home to sell or making an offer so that
all factors can be weighed out to result in a successful purchase or sale.
With season almost upon us and a good one
third of all luxury properties on the Beaches
owned by out of area owners, now is the best
time to consider listing your property to sell.
Historically November through January sees a
decrease in homes on the market, lowering your
competition from other active listings. For home
buyers, you will need to work with your agent to
find the best properties in a decreased inventory
during the season, and make sure your offer is
competitive while the supply is tighter with more
buyers in the market than off season. A professional real estate agent can help you analyze the
data in your specific area to make sure you price
it to sell or submit the winning offer if you are
purchasing.