Marsh-front homes on the Amelia Island Plantation saw a slight increase in activity during the 3rd quarter as compared to last year. The decrease in inventory is a positive sign for sellers as this should help future sales prices and days on the market. Although the sale prices and prices per square foot decreased, this was primarily a result of variances between the properties such as view quality, lot size, and age of the home. We are noticing a few trends in the Plantation market that will affect marsh-front homes as well as others in the future. Demand for Plantation properties has been steady if not increasing. Buyers seem to understand the value offered by the Plantation’s HOA, amenities, and beautiful campus. However, buyers are less willing to take on major renovations or deferred maintenance. Therefore, properties which are in need of updating tend to sit on the market longer, even if the list price reflects the needed work. Also, buyers who are willing to take on renovation projects want a value cushion built into their purchase price. For example, if a home needs $50k worth of work, then a buyer will expect a $100k discount in the price. If you are planning on listing your marsh-front home for sale, you can protect your value by making sure if your home has no deferred maintenance which might discourage buyers.
Sales are based on known closings recorded at the time the report is prepared. Quarter periods are shifted two weeks earlier in order to produce the report in a timely manner. For example, the Q3 report covers the last 2 weeks of Q2 and excludes the last 2 weeks of Q3.
Average Price/Sq Ft is the average sale price divided by the average square footage.
Median Price or Median Price/Sq Ft is the middle or midpoint price so that half of sales fall below and half of the sales fall above this number.
Net Change In Inventory is the difference between new listings added and listings sold. This does not include listings that expire or are withdrawn unless they are not relisted for sale.
Days on the market are the number of days that eachproperty is listed for sale, from list date to close date. The Median Days On Market is the midpoint of this data so that half of the sales fall below and half of the sales fall above this number.
List Price/Sales Price Ratio is the sales price divided by list price, multiplied by 100 to determine a percentage.
The information provided is based on data retrieved from the Amelia Island Nassau County MLS. This information is redeemed reliable but is not guaranteed.