June 2023 Real Estate Market Update for Fernandina Beach and Amelia Island, FL

Here's your June 2023 Real Estate Market Overview For Amelia Island, Fernandina Beach and the Surrounding Nassau County, Florida Area

While interest rates are at the highest point they’ve been at in quite some time, surprisingly so are the number of people using mortgages to purchase a home in the Amelia Island, Fernandina Beach, Yulee and surrounding Nassau County, Florida area. Here are the Top 5 things you need to know about our local real estate market this month:

• The average sales price of a home in our area has decreased slightly. The current average sales price of a home in our area is $560,411. This is down -7.3% compared to one year ago, and down 9% from the average sales price of $614,262 we saw in May of 2023.  
• Inventory remains steady. The current supply of homes listed active for sale is 2.6-months, which is about what it has been for most of the year. However, it’s nearly double what it was this time last year.
• Homes are taking a bit longer to sell than they were one month ago. This month the median time to contract was 35 days, and the median time to sale was 94 days. This is up slightly from the median time to contract of 27 days and median time to sale of 70 days we saw one month ago. But it’s still up quite a bit from the median time of just 8 days to go under contract we were seeing a year ago.
• More buyers are using mortgages to purchase homes in the area. While interest rates have increased to some of the highest rates we’ve seen this year, this month 75% of homes were paid for using a mortgage. This is up from the previous month when 68% of homes were paid for with a mortgage.
• Historically, the slowest time for the real estate market in our local area is from July 15 – August 15^th. While the summer is the slowest time for real estate in our area, the fall is the fastest time. If you’ve been thinking about selling your home – or even just considering the idea - now is the time to start working with a realtor to prepare and develop a plan for going to market. 

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.