"How's the real estate market doing?" is the first question I get asked when I'm stopping into our local Fleming Island, FL shops and someone sees me wearing my Keller Williams name badge. Whether they are actively looking to buy or sell a home, or they are content living where they are, it's a curiousity to know what's actually going on in their local market VS what they hear on financial news networks.
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What's happening in Fleming Island, FL Real Estate?
The Northeast Florida Association of Realtors puts out monthly statistics for both the greater area, including Duval, Clay, and St Johns Counties. They also break down each market area individually. In this post, I'll dissect what's happening in Region 12, otherwise known as Fleming Island, FL.
This market data breaks down both how the Fleming Island, FL market is performing this year (2016) over last year (2015) as well as how the market is doing overall for the year to date vs this time last year [to date].
Overall, if you are a seller, this is a great time for you. If you are a buyer, it's likely that you are experiencing frustration.
In a May 2015 to May 2016 comparison, the market is seeing a significantly lower rate of new listings hitting the market, which has in turn reduced the number of closed sales. The inventory rate of listings is down to only 3.9 months on market. Statistically speaking, anything below 5 months on market is considered a SELLER'S MARKET.
As a result of the shrinking inventory, home prices are going up and days on market are going down. This means that there are likely more opportunities for multiple offers. From May 2015 to May 2016, homes that sold OVER LIST PRICE have gone up a whopping 42%, with more than 1 home in every 10 closing above list.
Find propeties in the Fleming Island Area.
How does Fleming Island compare to the Jacksonville market?
While the median sales price of Fleming Island homes is steadily increasing, it hasn't kept up with the overall growth of the Jacksonville, FL market. Fleming Island real estate sales prices have gone up approximately 5% year over year, but the greater Northeast Florida market has increased 10%, based on the median sales price.
On the flip side, the Greater Jacksonville area has only had approxately 2.5% of the properties selling above list price. Months of inventory is roughly the same when considering Northeast Florida numbers vs Fleming Island.
If you are thinking about buying or selling, now is the time! Let us help you navigate the market and maximize your position. Call or text Melissa Marro at 904-466-2093 or John Marro at 843-714-0208.
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