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Jacksonville Beaches Market Update

By
Real Estate Broker/Owner with Magnolia Properties-Northeast Florida

Jacksonville Real Estate Market UpdateAs they say, "the numbers don't lie". The Beaches area markets are all over the place! Without giving out TMI (too much information), I'll give you the hightlights and the lowlights of the Beaches market. I'll give you the condensed version.

Jacksonville Beach has fewer listings than it did in Oct 2010 (-31.7%) but the median sales price was up 9.1% ($232,300.00) over October 2010. Year to Date in Jax Beach median sale price is up only 1.4%. BUT---the key word here is UP! Inventory is down 24.3% from the same time last year. We are down to a 7 month supply of inventory in Jacksonville Beach. That's a GREAT thing!

Neptune Beach took a huge hit on the median sales price. It was down a whopping -59.7% compared to October of 2010. The Year to date numbers are a whole lot better - up 16.7% to $280,000. The median sales price in October 2010 was $501,500 and this year the median sales price was $202,000. WOW!! Ouch! There are 8 months of inventory on hand in Neptune Beach right now. This is down 46.7% vs the same inventory in October of 2010.

Jacksonville Real Estate Market UpdateMy head is hurting from all of these numbers! I am ready to bang my head against my computer monitor. I never was much of a bean counter! One last report to go!

Atlantic Beach had 25% fewer closings in October of 2011 than they did in 2010. The median sales price is up 20.7%. The current median sales price is $281,250. Again, the key word is UP! So the bottom line in Atlantic Beach appears to be fewer homes sold, but the ones that did sell - sold for more! There is a 7 and a half month supply of homes on the market right now in AB.

Jacksonville Beach and Atlantic Beach both showed improvement in price but fewer homes sold. Neptune Beach had a price DECREASE but year to year, the prices are up 16.7%.

The number of homes on the market continues to decline. This will probably force prices to continue rising. Interest rates remain low so this just might be the perfect time to buy.

Call me today and let's get out there and find a house at the Beach for you. Aren't you ready for a long walk on the beautiful beaches of Northeast Florida?

Jacksonville Real Estate Market Update

 

 

 

 

 

 

 

 

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Magnolia Properties
Northeast Florida

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Nicole Needham
Needham Realty - Winters, CA
SFR (530) 302-5478

Why the drastic price decrease in Neptune beach ? Is it a case less  of the more expensive ocean front property selling. You would think the numbers would be close for all three beach communities. How is the ocean front high rise condo market doing, Our company developed Pelican Point in the Early 80's !!!! I love the beaches in North Florida.

Nov 30, 2011 12:35 PM
Anonymous
Ronda Densford

Hi Nicole. Thanks for stopping by and taking a minute to read our blog! I went back and reviewed the numbers and here's what I found out. In October of 2010, the median sales price of homes in Neptune Beach $501,100.  The median price last month was $202,000. Down 59.7%.  I did a little more digging and there was an asterick and it noted that the number didn't include Seller concessions and it said that there may have been a small sample size. Still crazy isn't it? There were 3 properties sold in October 2010 and only 2 this year. That would explain the huge drop.

Pelican Point is still beautiful. Units in there are selling in the low to mid $300's and, like most condo developments, they have had a few short sales. The prices this summer stayed up pretty high.

The Beaches communities have homes in all price ranges. For the most part, Atlantic Beach remains the hottest market.

Thanks again for visiting our blog. Have a great Christmas!

Ronda

Nov 30, 2011 03:40 PM
#2
Nicole Needham
Needham Realty - Winters, CA
SFR (530) 302-5478

Hey Ronda... Thanks for the response. It does not surprise me that Atlantic beach is the hottest market. Very cool community. Nice to here that Pelican Point is holding up well. Lived in the penthouse for a coupe years, sure miss that !! I have not been back there in at least six years. I need to get back there soon.

Have a great 2012 !!

Nicole

Dec 01, 2011 03:23 AM