The Top 5 Things to Know About the Fernandina Beach, FL Real Estate Market

Did you know that last month the average sales price of a home in our Amelia Island, Fernandina Beach, and surrounding Nassau County, Florida area was down more than 20% compared to just one year ago? The local real estate market in our area is starting to show more signs of softening. Here with the top 5 things you need to know about our local real estate market:

1. Not only are homes selling for less than they were a year ago, they are also taking longer to sell.
   This past month, it took an average of 33 Days for Single Family homes in our area to go Under Contract after they were listed for sale on the MLS. This is up from 11 days a year ago. It also took an average of 102 days for homes to ultimately sell to sell compared to just 63 days this time last year.
2. The number of new homes coming on market has remained steady.
   Last month 167 homes in our Amelia Island and surrounding Nassau County, Florida area were listed for sale. This was similar to the number of homes that hit the market the previous month, as well as this time last year.
3. Active listings of homes for sale has been increasing.
   While the number of new homes coming on the market has remained steady, the number of active listings is increasing.  At the end of last month there was currently 2.6 months of inventory of homes in our area. This is up more than 30% compared to a year ago.
4. The percentage of homes being paid for with cash is about the same. Although the average interest rates for home mortgages increased significantly compared to this time last year, the same percentage of homes (27%) are being paid for with cash.
5. As mentioned at beginning, average sales price of a home in our area has decreased significantly. The average sales price in our area is currently $506,966. This is down 21% compared to a year ago when the average sales price was $641,970. It’s also down more than $50,000 from the average sales price of $560,411 just one month ago.

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.