How many days are homes on the market in Amelia Island, FL?

If you're thinking about buying or selling a home, it's important to keep an eye on DOM trends in your local market. DOM stands for "days on market," and it's a measure of how long a property has been listed for sale before it's sold.

In a hot market, where there are more buyers than sellers, DOMs tend to be low. This means that homes sell quickly and often at or above asking price. In a slow market, where there are more sellers than buyers, DOMs tend to be high. This means that homes may take longer to sell and may need to be priced lower to attract buyers.

The DOM trend in the Amelia Island and Fernandina Beach, Florida area has been volatile in recent months. A year ago, homes in the area were averaging just 7 days on the market. However, that number has increased significantly in recent months. In May 2023, the average DOM was 27 days. This is still lower than the national average of 61 days, but it's a significant increase from a year ago.

There are a few factors that could be contributing to the increase in DOMs in the Amelia Island and Fernandina Beach area. One factor is the rising interest rates. As interest rates have increased, some buyers have been priced out of the market. This has led to an increase in inventory and a decrease in demand.

Another factor that could be contributing to the increase in DOMs is the lack of inventory. The number of homes for sale in the Amelia Island and Fernandina Beach area has been declining in recent months. This is due to a number of factors, including the high cost of construction and the limited availability of land.

If you're thinking about buying or selling a home in the Amelia Island and Fernandina Beach area, it's important to work with a real estate agent who is familiar with the local market, such as myself. I'm happy to help you understand the DOM trends and can help you make the best decision for your needs.

Here are some additional tips for understanding DOM trends:

• Compare DOM trends over time. This will help you see how the market has changed and how it's likely to change in the future.
• Compare DOM trends in different areas. This will help you see how the market is performing in different parts of the city or county.
• Consider the factors that can affect DOM. These factors include interest rates, inventory levels, and the overall health of the economy.

By understanding DOM trends, you can make informed decisions about buying or selling a home. You can also be more prepared to negotiate with sellers and buyers.

If you have any questions about DOM trends or the real estate market in the Amelia Island and Fernandina Beach area, please don't hesitate to contact me. I'm happy to help you in any way I can. Feel free to call or text me at (904) 866-1211 or email me at 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.