Median Sales Price up 39.4%

Amelia Island/Nassau County, FL – July 2012

A few short years ago, housing was considered a headwind to economic recovery. Today, housing is seen as a tailwind to a stalling economy. For the first time since 2005, housing is on track for contributing positively to national GDP in 2012. That can occur either by way of direct residential investment or through remodeling and other ancillary services. Watch for signs of sustained tailwinds in a variety of indicators including market times, seller concessions, prices and absorption rates.

Though many home shoppers who assume they are still in a buyer's market find it hard to believe, one of the sobering fundamentals shaping real estate this summer is shrinking inventory. The supply of houses for sale is down significantly (-17% in our area) in most areas compared with a year ago. And that is having important side impacts such as raising prices & homeowners' equity stakes and reducing total sales. Although we are seeing some increased sale prices compared to like properties, those are the exception rather than the norm as most sales are subject to appraisal and loan approval. 
 
In Nassau County, pending sales increased 39% from July '11 to July '12 for single family homes and 600% for townhouse/condo properties. In terms of actual numbers, there were 2 condos pending in 7/11 and 14 pending in 7/12, thus the 600% increase. Still, an improvement, and one the condo market was desperate to see.
The median sales price was up 39.4% to $240,000 for detached homes and 4.8% to $285,000 for attached properties. Again, more high end home are selling compared to last year, increasing that statistic, rather than increasing prices. Specifically, there were 9 sales above $1,000,000 in 2011 (January - August) and 19 for the same period in 2012.
Most striking of all is the absorption rate. The turnover rate which foretells how long a property might take to sell. Those numbers dropped a staggering 56.3% for single family homes and 23.3% for townhouse/condo units when we compare July 2011 to July 2012. 
 
Sustained recovery will not occur without real employment and wage growth. Consumers must be confident in both the economy and their family finances before signing on the dotted line. Cheap borrowing costs have served as the glue biding things together. Unimaginable a few years ago, the rate on a 30-year fixed mortgage recently ducked below the 3.49% marker. Job creation and GDP numbers will garner particular attention this quarter.

All data from Amelia Island - Nassau County Association of REALTORS MLS

Featured Listing

 

6 Salt Marsh Drive                       4 Bedrooms, 4 Baths $799,0000

 

 

EXCEPTIONAL VALUE IN LONG POINT ON AMELIA ISLAND PLANTATION! Spacious floor plan--three bedrooms, three and one-half baths on main level; one bedroom and bath upstairs. Large open living room with built-ins and fireplace, formal dining room. Oak floors in living areas. Great kitchen with granite countertops, lots of cabinets. Florida room overlooks deck and gorgeous private back yard. Short walk to the beach and Long Point club house.
View Virtual Tour: http://www.circlepix.com/home2/ACBJ6V

Market Update

Housing Inventory Down 65.2%

Amelia Island/Nassau County, FL – April 2012 – Home prices.  They're everyones favorite indicator, and the headlines focus almost exclusively on this one metric.  But prices leave much to be desired.  They tell little about the market's balance - whether overly saturated or in a competitive bidding environment.  Historically low mortgage rates, rising rents and strong investor activity have helped nudge certain areas and segments into stable or even seller's market territory.  Prices are already rising in some cases but it's far from universal.  At first glance, April looked pretty good but there's more to it than that.

New Listings were down 18.5% for detached homes and 38.1% for attached properties.  This is a strong reduction in inventory and helped drive the Months Supply of Inventory (inventory divided by average monthly pending sales) down 72% to 9.1 months from 32.5 months for single family homes (detached) in April 2011.  Condos also saw a reduction in turnover of 34.5% to 16.9 months from 25.8 months in April of last year.

Pending Sales increased 96.1% for single family homes and 5.6% for condominium properties.  Actual Closed Sales were down by one unit (-1.9%) but with the large jump in Pending Sales, we will see a corresponding increase in Closed Sales once they actually close.

The Median Sales Price was up 8.2% to $219,990 for detached homes and 5.4% to $195,000 for attached properties.  It's uncertain whether home prices are increasing or that more higher priced properties are selling.  In our opinion, most likely the latter.

It will be interesting to see the next report as we've seen activity skyrocket and inventory continue to shrink.  We all know the theory behind supply and demand and after so many false starts, we believe the market is finally headed back up.

All data from Amelia Island - Nassau County Association of REALTORS MLS

Featured Listing

95216 Mackinas Circle                      
5 Bedrooms, 4 Baths                    
$599,0000

Executive home in Harrison Cove at Summer Beach! Located in a sought-after gated community on the south end of Amelia Island, this home has many "Wow" features. Screened pool and heated spa, French doors leading out to a covered lanai, beautifully landscaped yard, flagstone patio, hardwood floors, California closets, plantation shutters, great floor plan--all on one level except for the bonus room. Short walk to famous Amelia Island beaches; near golf courses and other amenities. Membership to the Golf Club of Amelia Island is available.

DECEMBER 2011

There's no way to be certain what 2012 will bring. However, a few things doseem clear enough to make some assessments. First, 2011 was not the recoveryyear it was expected to be. It was yet another "transition year" for most.Second, multi-decade low mortgage rates and suppressed home prices coalesced toform an attractive purchase environment. And buyers did just what their nameimplies - they bought. This has driven down inventory levels in many locales,which - thirdly - nudged the market balance toward equilibrium. Here's how thefinal month of 2011 concluded the year.

New listings were down 20.0 percent for detached homes and 47.6 percent forattached properties. Pending Sales increased 45.8 percent for single-familyhomes but decreased 18.2 percent for townhouse-condo properties.

The Median Sales Price was up 9.5 percent to $194,950 for detached homes and142.3 percent to $375,000 for attached properties. Month Supply of Inventorydecreased 66.5 percent for single-family units and 60.1 percent fortownhouse-condo units.

Ultimately, the upcoming spring market should be a major tell about the futuredirection of housing. Sellers are seeing multiple-offer situations; buyers areseeing sub 4.0 percent loans; supply-demand trends are more balanced. When itgets down to it, that's a stable foundation and a far cry from 2009. While thefundamentals are better, the foreclosure situation and political unknownsremain wild cards. For now, enjoy the fresh canvas.

QUICK FACTS

+ 1.4% from 2010 in Closed Sales
- 58.3% from 2010 in Homes for Sale (Inventory)
+ 14.0% from 2010 in Median Sales Price

(all data courtesy of Amelia Island-Nassau County Association of Realtors)

COLDWELL BANKER THE AMELIA GROUP

2011 proved as successful and again we finished first in both listing and salesfor the entire MLS with a total of $68 million in closed sales and 15.6% of themarket. Currently, as an office, we have over $104 million in listed propertywhich is far and above any other real estate office in MLS.

On the Amelia Island Plantation, the group closed over $17.5 million in realestate in 2011 and over $16 million in 2010. Currently, the group has justunder $32 million of listed real estate on AIP, alone.

Consistently, COLDWELL BANKER, The Amelia Group ranks in the top 20 of allsimilarly sized offices over the entire United States and the top 5 in thestate of Florida.
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Spotlight Listings

6 Marsh Creek $1,749,000

This incredible golf view residence on gated Amelia Island Plantation isunsurpassed in quality and top-flight features. Designed by local architectJohn Cotner, this four bedroom, 5 and half bath home offers spacious rooms, 10,12 and 14 foot ceilings, heavy molding and trimwork, great room with custombuilt-ins, two fireplaces, library with abundant built ins, chef’s kitchen withlarge island, granite counters, top of the line appliances, walk-in pantry andbanquette seating. Of special note, the kitchen offers warming drawer, beveragerefrigerator, double ovens and water pedal for hands free faucet control. Thefirst floor master has fantastic golf views and offers stunning spa-likeretreat bath with Grohe spa heads, spa tub and granite topped vanity. Allbedrooms have en suite baths with granite vanity and tile bath/shower. Thelarge bonus room over the 3 car garage is delightfully hidden behind abookcase. The other “secret” to this custom jewel? A 13x49 foot toy garage fitfor the RV or car enthusiast.

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11 Sound Point Court $1,200,000

Southern charmer on Long Point at Amelia Island Plantation. Surrounded by lushlandscaping, live oaks and magnolias, this low-country marsh and river viewhome is the epitome of southern elegance. Situated on three levels – all withelevator access – this three bedroom, four and a half bath home offers heartpine floors, generously sized rooms, high ceilings and 10” base & heavy crownmoldings. Framed by twin staircases, the entry opens on the second level withfeatures a sitting area and three bedrooms. Master suite has his and hersbaths and closets and access to screened porch which runs length of the home.Top level is open & bright with spacious living & dining space, has stunningmarsh/ICW views, well thought out kitchen with island veggie sink, access toporch for grilling and a sunny office.

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RECENT PRICE REDUCTIONS
28 Long Point Drive $995,000 Golf View 4BR/4.5BA
22 Long Point Drive $1,120,000 Golf Views 3BR/4.5BA

To view these featured properties and all of our other listings, please visitour website at [2]www.TroxelTeam.com. For more information or to view theseproperties, please give us a call at 904.556.3228.