My Blog

The Vilano and South Ponte Vedra Beach real estate market continues to show signs of significant improvement. Last month I wrote an article and blog called “What’s Hot and What’s Not”. Much of that information is still the same (please refer to that blog if you missed it), however there has been additional improvement in our market, especially when it comes to pending sales (homes under contract).

The total number of homes that have gone under contract in this area since May 1st is 10. That’s more than 2 homes per week going to contract! And as of May 28 there have been 5 closings in May. The number of showings and potential buyers are also continuing to increase. This is all great news for our local market!

Some segments of the market still show signs of weakness (including lots and land, condos priced over 500K, and homes over $1,000,000), but we are seeing some increased activity in those segments as well. As I said last month, most buyers I am currently working with sense that now is a great time to buy and that we are nearing the bottom when it comes to price. Some homes are still overpriced but the buyers are doing their homework and most are well aware of which homes offer the best opportunities.

As of today (May 28, 2008) the total number of currently “pending” sales (under contract) is 14. This is up from 9 at this time last month. I expect to see most of those homes close in the month of June, which would be a huge increase in the number of closings over the previous month. The bottom line is that our local market in Vilano and South Ponte Vedra Beach is improving significantly and it is likely we will continue to see further improvement in the near term. For more detailed information on local market conditions (including more specific details on the types of properties that are selling) or any other real estate related matter, STAY TUNED...

Copyright © Todd Gifford 2008