Northeast Florida Luxury Market Update June 2009

Only 174 properties out of the 22,711 residential homes currently for sale in the Northeast Florida MLS are priced over $2M. The largest portion of the properties over $2m (39% of the properties) are in Ponte Vedra Beach. Of those 174 properties only 6 have sold and 1 have gone under contract since 1/1/09. The average sale was for $2,501,667 with 5,108sf and selling at 86% of list price.

35% of the homes have actually fallen off the market since 1/1/09 (61 homes.). The average home over $2M currently on the market has been on the market for 288 days without a sale.

These stats all go to show that it is just a very slow market for the luxury level of properties. 83% of the sales were for oceanfront (5 out of 6). So the typical luxury buyer is looking for oceanfront.

Date: 2009-08-21 02:44:00
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