Fernandina Beach Real Estate Market Update - March 2021
When we were locked down in our homes this time last year, who could have guessed we would see such a hot real estate market in Fernandina Beach, Florida today? Despite all that uncertainty in 2020, I’m excited to have helped my buyer and seller customers negotiate and close on more than $3,275,000 in real estate contracts in the Fernandina Beach and Amelia Island, Florida real estate market year to date in 2021.
What makes a market hot?
When the news and social media say that the real estate market is “red hot” what does that mean exactly? Well for starters it means that, on average, homes that are put up for sale attract a buyer willing to pay full listing price and go under contract in an average of 14 days in the Fernandina Beach, Florida real estate market. Last year the median time to contract was 87 days.
So, if you are hoping to buy a home in Fernandina Beach, Florida this spring you must know what you’re looking for and be ready to make a strong offer as soon as you find it. It also helps if you are paying cash. Over half (52%) of the homes going under contract in the Fernandina Beach, Florida area in March were cash offers — compared to 31% last year.
Here are a few reasons why.
In March of 2021 there were only 187 active listings in the Fernandina Beach, Florida area compared to 531 active listings in 2020. Interestingly, the number of new listings (homes just listed for sale in the market) is only slightly lower than a year ago – down only 6%.
The data shows that there were 203 new listings in March 2020 and a respectable 191 new listings in 2021. The fact is, it is not fewer houses going up for sale in Fernandina Beach, it is a major uptick in demand. We can explore where those buyers are coming from in a future blog post.
For those looking for clues as to if, or when, the housing bubble will burst, the Months-Supply-of-Inventory data shows no end in sight for this current trend. With 196 closed sales in March 2021 and only 191 new listings that same month, there is certainly no excess inventory (supply) of homes for sale in the Fernandina Beach, Florida area. Excess supply of houses on the market was a major indicator of looming problems in the past.
What does this mean for local Fernandina Beach and Nassau County, Florida homeowners?
Supply-and-demand is simple to understand, but what affect does this have on you and your net worth? Every home and every situation is different, but the average sale price of homes in Northeast Florida has increased 9% from just one year ago. For the average home selling in the Fernandina Beach, Florida area that is an increase of $40,000 in value in just 12 months! So whether you are thinking of making a move, or just want to see how much equity you’ve built up in your home, your local real estate agent can help you estimate the current value of your home. You can use this estimate for planning your financial future, updating insurance coverage, as well as contemplating potential housing moves.
When things get hot, call on Realtor Colleen Gerke for help
With only a month’s inventory of homes for sale here in Fernandina Beach, buyers must do their research and be ready to act quickly when they find a home that they’re interested in. Do you have your financials in order? What are you looking for in a floor plan? What features are must-haves when it comes to neighborhood and space? Working with a dedicated Fernandina Beach Realtor like Colleen Gerke, can help you not only find but prepare to win the home of your dreams in this tough market.
If you or a friend have any real estate questions, I’m here to help. Please feel free to contact me any time via cell phone or text at (904) 866-1211, e-mail, at colleen@closewithcolleen.com, social media or via my contact page.
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.