By Holly Hayes
Don’t believe all of the headlines you read in the papers, the sky is not falling in Ponte Vedra Beach and other local Northeast Florida areas! We have a very desirable lifestyle, no state taxes, beautiful weather and a continued influx of buyers from states such as New York, Illinois and Georgia. While there has been a normalization of the market, locally we are still seeing price increases, more cash sales due to interest rate increases and a robust market in the lower price ranges. In the vibrant world of Ponte Vedra Beach real estate, understanding market metrics has never been more crucial. Whether you're a prospective buyer or seller, these figures offer invaluable insights into the ever-evolving landscape, and we'll even take a closer look at some of the most sought-after neighborhoods. So, let's dive right in and explore the statistics that are shaping the current real estate scenario.
September 2023 Statistics: A Snapshot of Ponte Vedra Beach Real Estate
Here's a snapshot of key real estate statistics for residential properties as of Oct. 3, 2023, in NEFMLS Summary Statistics for Ponte Vedra Beach ZIP code 32082 in September 2023 compared to the same period last year:
- Absorption Rate: The Absorption Rate, which measures the pace of home sales, has risen to 3.27, marking a 15.55% increase from September 2022. This indicator reflects the strong demand for properties in the area, favoring sellers but also trending towards a more balanced market.
- Average List Price: The Average List Price now stands at an impressive $1,966,091, showcasing a 9.47% increase from the previous year. The average YTD coming in at $1,629,995 is a 14% increase over YTD 2022. This uptick demonstrates the rising property values in Ponte Vedra Beach, offering potential sellers an advantage.
- Median List Price: The Median List Price, the middle price between lowest and highest property sales price, has seen a subtle uptick, settling at $1,375,000, with a 0.36% increase from September 2022. This incremental growth suggests that properties at various price points continue to attract buyers.
- Average Sale Price: The Average Sale Price has surged to $1,775,042, marking a remarkable 35.43% increase from last year. This figure reflects the premium prices buyers are willing to pay for their dream homes in this desirable area. While this number will fluctuate based on the higher-end luxury sales market year over year, we are averaging an increase in prices and the luxury market is definitely creating a buzz in our area. The average sales price YTD is up 6.48% over YTD 2022.
- Median Sale Price: The Median Sale Price now stands at $880,000, showing a 10.17% increase from September 2022. This suggests a broad range of properties are being transacted, catering to diverse buyer preferences.
- Average CDOM (Cumulative Days on Market): The Average CDOM has increased to 53 days, representing a 29.27% rise compared to September 2022. This longer time on the market indicates buyers may be taking a bit more time to make decisions, and sellers need to pack their patience when it comes to how long it takes to go under contract. Remember, it only takes one buyer!
- Median CDOM (Cumulative Days on Market): The Median CDOM has increased to 38 days, marking a 46.15% increase from the previous year. This statistic reflects the varying pace at which different properties are being snapped up by eager buyers as well as the patience of sellers to wait for the right offer that works for them. In some cases, sellers may have dictated pricing above what the market could bear and so they have had to lower their pricing and expectations of this normalizing market.
- Percentage of Cash Sales: Mostly due to a substantial increase in interest rates, the number of cash sales are up nearly 48% over September of 2022 and up 53% over August 2023 sales.
Now let’s zoom in on some of the most coveted neighborhoods in Ponte Vedra Beach.
- Sawgrass Country Club: Known for its prestigious golf course and upscale living, Sawgrass Country Club has seen robust sales and listings activity. Buyers and sellers in this area should be prepared for a dynamic market with high demand. Current listings sit at eight with an average sales price of $1,275,000.
- The Plantation at Ponte Vedra: Nestled in a serene, exclusive setting, The Plantation at Ponte Vedra boasts impressive sales and listings numbers. It's a community where luxury living with tremendous golf meets the serene beauty of the coast. Currently there are eight active listings with an average sales price of $1,853,000.
- Marsh Landing: Another premier golf and country club community, Marsh Landing has witnessed active sales and listings. Its picturesque landscapes and planned top-tier amenities make it a magnet for both buyers and sellers. Active inventory is 12 homes with an average sales price of just over $2 million.
- Oceanfront Properties: The allure of oceanfront living remains strong, with active sales and listings along Ponte Vedra Beach's stunning coastline. These properties offer unparalleled views and a taste of coastal paradise. As of Oct. 3, 13 oceanfront listings were available to purchase with an average sales price of $6.2 million.
- Old Ponte Vedra: With its charming character and proximity to the beach, Old Ponte Vedra has seen robust sales and listings. It retains the timeless appeal that attracts buyers seeking nearby beach access and an exclusive beach lifestyle. Currently, there are 10 active listings, eight homes either under contract or pending sale and an average sales price of $2,730,000.
- Vilano Beach: For those seeking affordability without compromising on coastal living, Vilano Beach offers a range of options. This neighborhood typically provides more budget-friendly alternatives while still delivering the charm of beachfront living. This is where the bulk of oceanfront listings is with 24 and an average sales price of just over $2,900,000.
In conclusion, Ponte Vedra Beach's real estate market remains robust with substantial demand, rising prices and a dynamic landscape with beautiful beaches areas, excellent school system and desirable lifestyle. Whether you're buying or selling, understanding these metrics is essential for navigating this market with confidence.
