Amelia Island, FL (PRWEB) December 16, 2012
New listings of detached single family homes in the Fernandina Beach real estate and Amelia Island real estate markets were down 16.5% compared to October 2011 and down 14.3% YTD. Pending sales for single family homes rose 74.5% year over year and rose by 11.1% YTD. The median sales price of a detached home increased by 20% to $217,495 year over year and by 8.8% YTD. The average sales price of detached single family homes showed similar increases. The average sales price rose 25.4% to $267,576 year over year and showed an 8.8% increase to $201,785 YTD. The percentage of original price received was relatively steady, decreasing only 1.3% year over year and by 0.1% YTD. The number of single family homes that closed in October 2012 remained stable, rising just 4% to 52 in October 2012 compared to 50 in October 2011.
The townhouse-condo market showed similarly good news. New listings of condominium properties increased 36.4% compared to October of 2011 though only increased by 2.8% YTD. Pending sales of attached homes, such as Fernandina Beach condos, increased 133.3% compared to October 2011 and decreased by 3.2% YTD. The median sales price of a townhouse-condo increased 22.1% to $220,000 and by an equally impressive 26.4% YTD. The average sales price of attached condominiums rose 129.1% to $471,717 year over year and showed a 32.9% increase YTD. The number of closed townhouse-condos increased by 150% compared to October 2011 but decreased by 10.5% YTD.
The increase in the average sales price and median sales price in the Amelia Island real estate market has been driven in no small part by a decrease in available inventory. The Amelia Island - Nassau County Association of Realtors monthly indicators report shows that in October of 2010 there were 1,552 detached single family homes listed for sale. By contrast, the report indicates that in October of 2012 there were 526 homes for sale. The decrease in inventory combined with historically low mortgage rates are driving up the price of homes in the Amelia Island housing market.
The professionals at Prudential Chaplin Williams Realty stand ready to guide both buyers and sellers through the complex market conditions in Fernandina Beach, Amelia Island, Yulee, and Nassau County, Florida.
5472 1st Coast Highway, Suite One
Amelia Island, FL 32034