Fast-Paced Luxury Sales Raise Entry-Level Price Point

I’ve enjoyed visits with many of my friends and potential buyers in the Ponte Vedra and Ponte Vedra Beach area of NE Florida.  We came across this area primarily because of the brutal heat in the Central and Central West coastal areas.

This area has also branded itself as the Mecha Golfing region and TPC stadium courses as well as the Golf Hall of Fame. I must say we have some extremely challenging courses. Please allow me to share some of the statistics I’ve researched recently and in combination with Realtor.coms research, this is what I would like to share.

August 10, 2018

In the past 365 days as of August 10, 2018, the Statistics show 983 homes in the Ponte Vedra Beach area have sold from 1,000,000 to $3,500,000. This only includes the homes East of the Intercoastal and the Gauna River.

In the past 365 days from today’s date August 10, 2018 the NE Florida MLS has recorded 4,170 homes home sales West of the Intercoastal and the Guana River and the majority in the Nocatee community. This price point range was searched between $350,000 and $995,900

It’s a good time to be selling high-end real estate: The luxury market is posting a record number of sales, and 19 major areas also saw double-digit gains in July, according to®’s 2018 Luxury Home Index. The index measures the entry-level luxury price tier, which is the top 5 percent of residential sales among 91 U.S. counties.

© Tom Merton – Hoxton/Getty Images

In 49 of the 91 markets analyzed by®, the luxury tier had an entry point of at least $1 million. The number of sales at or above $1 million climbed 12 percent over the last year,® reports.

“The strong economy is bolstering demand for luxury homes,” says Danielle Hale,®’s chief economist. “They are selling fast and demand for these homes has pushed the entry-level price point to more than $1 million in half of the markets studied. Although there are some pockets of weaker performance, we’ve seen double-digit price growth in 19 markets for the first time in four years.”

Luxury homes are selling faster, too. The median age of inventory in the 91 luxury markets tracked was 108 days in July, down 11 days or by 9.3 percent year over year,® reports.

The fastest-growing luxury market in July: Sarasota, Fla., which continued to hold onto its top spot on®’s list. Luxury sales prices in Sarasota have risen 21.2 percent since last May. Half of all luxury homes there have also sold within 157 days, which is 21 days faster than a year ago.

Exploring a new adventure, and only minutes from the East Coast Beaches with a great sea breeze and extremely low Electrical rates. Our 2700 sq ft home has never exceeded $130.00 and this is a summer bill. Winter months you may experience rates below $100.00. Call me for an appointment to explore your future possibilities.