Fernandina Beach Real Estate Market Update - May 2021
The coastal Florida life is calling…everyone wants to go!
Summer’s grand entry brings a flurry of real estate activity in Fernandina Beach, Fl. The warm sea breezes, the amazing beaches, outdoor dining options and amazing coastal lifestyle reinvigorates the soul and calls people to downtown Fernandina Beach and Amelia Island in droves this time of year. More than anecdotal, the strong demand for homes for sale in Fernandina Beach is also reflected in the data from the Amelia Island – Nassau County Association of Realtors.
This past month alone, I have helped buyers and sellers find a home in Fernandina Beach in a variety of ways including listing an undeveloped lot and land for sale in the Oyster Bay Harbour community, contracting a new home build in Amelia National Golf Course, and winning bids on existing homes the weekend they went on the market. It’s critical to partner with a realtor like Colleen Gerke who understands the market, conditions, and how to win.
All these examples play out in the current numbers from the real estate market in Fernandina Beach area. Let’s look at the data you need to know if you are interested in buying or selling homes here in the Fernandina Beach real estate market.
What’s Happening in the Fernandina Beach, Florida Real Estate Market
What Does This Mean for Fernandina Beach Homeowners and Sellers like you?
Several key statistics exemplify what it means to be in a “hot” real estate market right now.
● Ultimately it all comes down to price. And right now, Median Home Sale Prices in May 2021 in Fernandina Beach, Florida are up 29% compared to a year ago -- $400,000 is now the median price verses $310,000 in 2020. Average prices are up in the Fernandina Beach real estate market are up 21.8% as well.
● Hot also describes how fast homes move once listed for sale. In May 2021 Median Time to Contract is just 6 days verses 23 days last year. Time to Sale (closing) is much quicker too – just 51 days compared to 73 in 2020.
● Perhaps one of the reasons houses close so fast is the high percentage of Cash Sales. In May 2021, almost 33% of homes for sale in Fernandina Beach were purchased by cash buyers. Last year at this time only 17% of homes for sale in Fernandina Beach were purchased by cash buyers. Getting from contract to close is simplified when no bank financing is involved. This makes cash buyers incredibly attractive to sellers.
● While some economists will attribute increased cash sales to more investors in the marketplace, common sense tells us that a 53.3% lower supply of houses on for sale in Fernandina Beach is the primary driver for cash buyers. Supply and demand. To buy the house you want in Fernandina Beach in a limited supply aggressive buyers with the means to offer cash get first dibs. There were only 225 active home listings in Fernandina Beach, Amelia Island, Yulee and surrounding Nassau County in May 2021 verses 482 active listing last year.
● The inventory of active home listings in Fernandina Beach, Amelia Island, Yulee and Nassau County would be even lower (worse) if there hadn’t been an uptick in new home listings in Fernandina Beach, Amelia Island, Yulee and Nassau County in May (no doubt driven by homeowners/investors noticing higher prices and putting homes on the market). New home listings in May 2021 totaled 241 compared to just 159 last year. Rising home values also help those owners who may have been “underwater” in their mortgages but can now put their home up for sale for more than they owe.
● And finally, to demonstrate just how competitive the housing market is one just needs to look at what percent of full, list price sellers receive at closing. The Median Percent of Original List Price Received data for 2021 year to date is 100%! As buyers realize the Fernandina Beach real estate market is moving up they need to match the list price (or better it) in order to get a contract on the house they want.
When things are this hot, let a top realtor in the Fernandina Beach area like Colleen Gerke help you keep it cool
Statistics like these I’ve just shared may make it seem like getting the right home for you is impossible in today’s hot real estate environment. That is not the case at all. But it does mean you have to be prepared. As a top Fernandina Beach, Fl realtor I can help buyers get ready to act quickly when they find a home they’re interested in. I can help you get your financials in order and seek pre-approved financing if needed so you are ready to write an offer quickly. I can help you identify which home features are your absolute must-haves and get you into those homes as soon as they come on the market.
Likewise, you may be considering selling your home and thinking that all you have to do is list for sale-by-owner to get top dollar. How do you know you are pricing your home accurately in these fast-changing times? How do you discern between multiple offers? And how do you manage expectations of buyers who may get in the door with a good offer and then try to negotiate down during inspection periods?
I would be happy to sit down and provide a professional estimation of value for your home and talk about how I can get your home in front of the most potential buyers both locally and across the country. And if you are in the market to buy a home, let’s talk about what you want, what is actively available in the listings and even discuss strategies to find those off-market gems that just might fit your needs.
I’d be happy to discuss your real estate needs anytime of day. Please feel free to call or text me at (904) 866-1211, e-mail me at colleen@closewithcolleen.com, or reach me via my contact form. I pride myself on responding to you quickly and am happy to answer questions or find you the home you’re looking for no matter the time of day.
Sources:
Monthly Market Detail – May 2021; Amelia Island-Nassau County Association of Realtors.
ABOUT TOP REALTOR COLLEEN GERKE
Colleen Gerke is a Top Producer Realtor in Fernandina Beach, Amelia Island, Yulee and surrounding Northeast Florida areas. She has more than 25 years sales and marketing experience, an honest Midwestern work ethic, an unmatched devotion to her clients, and is highly responsive to all your real estate needs. Whether you’re looking to innovative market your home for top dollar, buy your first home, or add a property to your rental portfolio, Colleen would love to help you get the best deal you deserve.