May 2023 Real Estate Market Update for Fernandina Beach and Amelia Island, FL

Here's your May 2023 Real Estate Market Overview For Amelia Island, Fernandina Beach and the Surrounding Nassau County, Florida Area

The topic of “interest rate adjustments” seems to be topping the news these days, predicting doom and gloom for the real estate industry. But don’t stress...The real estate market in our Fernandina Beach and Amelia Island, FL area is still strong. Here are the Top 5 things you need to know about our local real estate market:

1. Just like the weather in our area, the real estate market is heating back up.

The average sales price of a home in May 2023 in the Amelia Island, Fernandina Beach, and surrounding Nassau County, Florida area was $614,262. This is down just 2% compared to a year ago. But stop and think about that for a minute…That price is over half a million dollars. It’s a bit mind-boggling compared to pre-Covid prices.

2. Single-family homes are selling faster now than they have been any other time in 2023.

A year ago homes in our area were staying on the market an average of just 7 days. Today homes are staying on the market an average of 27 days. While this is a big jump from last year, it’s less than half the time we were seeing earlier this year when homes were averaging 56 days on the market. Homes are also closing much faster. The median time to sale in May 2023 was just 70 days. That’s not too far off from the 56 days we were seeing this time last year, but it’s a lot faster than the 169 days we saw in February.

3. Housing supply is limited, with fewer new listings coming on the market.

The number of new homes listed for sale in the Fernandina Beach and Amelia Island, FL is down more than 35% compared to this time last year. There is currently just 2.6-months supply of inventory in our area. Since supply is limited, on average sellers are currently selling their homes for 98% of their original list price.

4. Despite the rising interest rates, the proportion of financed deals in the marketplace is about the same as it was a year ago.

With the higher interest rates, I’m getting a lot of questions wondering if buyers are still taking out mortgages. Currently 32% of the homes purchased in our area are paid in cash. This is down just slightly from the 35% of cash deals seen a year ago.

5. Personally, as a top local realtor, I’m seeing the real estate market getting more competitive
Something you won’t see in these stats, but what I’m seeing and experiencing with my boots on the ground working as a top producer realtor on Amelia and Fernandina Beach, FL, are more multiple offers on properties as well as escalatory addendums. These were quite common when the market was red hot in 2021 and the first half of 2022, but hadn’t been as popular in recent months. However, they seem to be back.

That said, no one has a crystal ball and can for sure tell you exactly what the real estate market is going to do going forward. However, if you’re thinking of buying a home or selling a home I’m always happy to sit down with you and talk through your situation. Then, I can help develop a customized real estate plan that has your best interest at heart. Feel free to contact me to set up a free consultation.

How much is your Fernandina Beach, Amelia Island or Yulee home worth in today's real estate market?

Get a FREE instant home valuation here. Even if you're not looking to sell your home right know, knowing you're home's value can help you with financial planning, updating insurance coverage, as well as contenplating potential housing moves.

I’d be more than happy to answer any questions you have about these real estate market stats for the Amelia Island, Fernandina Beach, Yulee and surrounding Nassau County, Florida or any real estate related questions you may have! Feel free to contact me at (904) 866-1211 or colleen@closewithcolleen.com.

ABOUT TOP FERNANDINA BEACH REALTOR COLLEEN GERKE
Colleen Gerke is a Top Producer Realtor in Fernandina Beach, Amelia Island, Yulee and the surrounding Northeast Florida area. Colleen has a top 5-Star rating on Zillow, Yelp, Realtor.com and Facebook. She strives to be the best real estate agent you’ve ever worked with! Whether you’re looking to sell your house in Fernandina Beach, move to Amelia Island, or add a Florida property to your rental portfolio, you’ll have a stress-free real estate experience when you Close with Colleen.