Altogether Ponte Vedra Beach is experiencing a very robust year in Residential sales volume and value appreciation. Year to date we are experiencing a 10% increase in total active listings from 960 to 1059 units followed by a 17% increase in the number of units sold from 392 to 462 units. New Listings are up 9% from 680 to 743 homes over the same period last year. Total sold volume has increased 29% with the average sold price increasing from $677,457 to $744,094 with Residential properties closing at similar ratios to listing prices of 96-97%.
These figures fall in line with the general premise that the immediate market area has been rewarding most homeowners and investors with a generous rate of return continuing the theme of the past several years.
The Ponte Vedra Beach market, with respect to it intrinsic elements, is characterized by limited available parcels for development and superior proximity to the Atlantic Ocean. This condition creates the supply and demand formula directly contributing to upward pricing power. These intrinsic traits weighed against data over long periods of time contributes positively towards future marketability and value.
Neighboring communities offering new homes, where developers enjoy greater development opportunities, sometimes have difficulty raising prices infinitum. Resales in these areas often compete with the ever-increasing pressure from new offerings. There is however a very strong appeal to a new home largely offsetting the concerns over future value and marketability.
Currently there seems to be a willing buyer for every opportunity. The St. Johns County area continues to be a magnet for people and businesses seeking the lifestyle, educational experience and commerce that it affords all of its residents.
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