Although prices decreased in Q3 2016 as compared to Q3 2015, we are seeing positive signs for the Long Point community. This reduction in average and median price was the result of variances in view types and the amount of square footage. The average square footage sold in Q3 2015 was over 5,000 as compared to under 4,000 in Q3 2016. Also, 2 of the 3 homes sold in Q3 2015 had long distance marsh view which increased the value of these properties. In addition, one of the 4 sales during Q3 2016 was a bank-owned property which lowered the average sale price and increased the median days on the market. Long Point property owners should be happy to see inventory decreasing throughout 2016. This is a good sign that property values will begin to rise in the future, particularly as the distressed properties begin to sell off the market. Stay tuned for the Q4 report to see if this trend continues.

Q3 2016 Q3 2015 YTD 2016 YTD 2015
# Of Sales 4 3 10 7
Average Price $1M $1.46M $1.09M $1.3M
Median Price $977k $1.58M $937k $1.2M
Average Price/Sq Ft $258 $274 $251 $270
Median Price/Sq Ft $253 $300 $245 $285
Median Days On Market 215 115 260 155
Sale Price/List Price Ratio 90% 83% 91% 83%
Net Change To Inventory -3 -5

Methodology

  • 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 This does not include listings that expire or are withdrawn unless they are not relisted for sale.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.