The Top 5 Things to Know About the Fernandina Beach, FL Real Estate Market This Month

Did you know the average 30-year fixed mortgage rate in our area is just shy of 8%? We’re starting to see the effects of that mortgage rate here in Northeast Florida. I’m Colleen Gerke of Engel & Volkers First Coast here on Amelia Island, and here are the Top 5 things you need to know about our local real estate market this month:

#1 – The average sales price of a single-family home in the Fernandina Beach, FL area continues to decline. The current average sales price of a home in our area is $560,375. This is down 8.5% compared to one year ago, and down 9% from the average sales price of $612,124 we saw a month ago.

#2 - Active inventory of homes available to purchase remains steady. There’s lots of talk in the news that inventory of homes available for purchase is low. In our area, there is a 2.7-months supply of homes listed active for sale, which is about what it has been for most of the year.

#3 - Pending inventory of homes under contract and new pending sales has rapidly declined. While the number of homes available for purchase has remained steady, the number of homes pending sale – or Under Contract – has decreased by 45% compared to this time last year.  New pending sales have also decreased by 26%. These are key indicators that the real estate market is starting to slow down.

#4 - Homes also are taking longer to go Under Contract and ultimately sell. In September 2023 the median time to go Under Contract was 48 days, and the median time to sale was 135 days. This number has continued to increase throughout the year. A year ago, the median time to contract was just 23 days and homes were selling in 74 days.

#5 - 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, surprisingly more buyers are using loans to pay for their home purchase in September 2023 30% of homes were paid for in cash. This is down from 37% of homes being paid for in cash a year ago.

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.