New figures released by the Northeast Florida Association of Realtors (NEFAR) confirm that the local real estate market is not only recovering, but on its way toward normalization. So much so, in fact, that prospective home buyers who have been waiting to buy a new home on the First Coast may want to consider buying before prices and interest rates go higher.
Northeast Florida Home Sales
According to NEFAR housing data for the month of April 2014 (the most recent month for which figures are available):
- More homes are being listed: The Northeast Florida reported 3,185 new listings in April -- a 12.9 percent increase over last year. Despite the increase in listings, however, the overall inventory of homes available for sale was down by 1 percent compared to 2013.
- Homes are moving off the market: Pending sales rose 14.2 percent in April, with 2,439 homes under agreement.
- Homes are selling faster: Northeast Florida homes are staying on the market an average of 90 days before selling – a 7.2 percent drop from April 2013.
- Prices are rising: The average sales price increased 2 percent over April 2013. While that may not seem to be good news for homebuyers, experts say, it is an indication of a healthier real estate market and an overall rebounding economy.
Ponte Vedra Home Sales
Interestingly, NEFAR’s housing data for the Ponte Vedra area differed from the region as a whole, reflecting the area’s popularity with new homebuyers:
- Fewer Ponte Vedra homes are available: While new listings increased 12.9 percent in Northeast Florida as a whole, new listings in the Ponte Vedra area decreased 8.9 percent from last year. Yet compared to 2013, the amount of housing inventory actually increased 1.2 percent.
- Prices are rising: Ponte Vedra’s median sales price rose 19.5 percent over last year. What’s more, 21.2 percent of homes purchased were sold for more than the listing price – a 105.8 percent increase over last year.
Homebuyers needn’t be discouraged, however, by the statistics, as master-planned communities are adding to the local housing inventory every day, industry leaders say.
“Nocatee’s variety of neighborhoods like Greenleaf Village, Enclave at Town Center and Lakeside at Town Center have an assortment of affordable new homes available,” says Richard Ray, president of The PARC Group, Nocatee’s developer. “We’re also on track to open nine new neighborhoods this year: From Greenleaf Lakes and the Villas at Nocatee to the rustic Florida neighborhood of Twenty Mile, Nocatee will truly offer homes to suit any style, taste or budget.”
To learn more about new homes available for sale in Nocatee, visit the Nocatee Welcome Center or call 1-800-NOCATEE.