It's time we took a look at how the Real Estate market is doing on Amelia Island.
It’s time we took a look at how the Real Estate market is doing on Amelia Island. We are beginning to hear about how the recession is over and the Real Estate market is on its way back. If you don’t have a property on the market for sale or if you’re not in the market to buy a property then you may be one of those who are willing to celebrate because we are coming out of this mess, right? Hold on before you buy the bubbly and break out the crystal. Let’s take a good look at what Real Estate is doing right in our own backyard, Amelia Island.
I was doing a little research in the Nassau MLS system and wanted to know how many homes are being offered for sale on the Island, there are 441 active residential listings as of 9-4-09. In addition there are 285 condominiums for sale on the Island. For an Island twelve miles long and three miles wide I consider 726 listings high. So what is our activity on the Island, just how healthy is our Real Estate market?
For the past seven days these are the results: There were four (4) residential units “sold” on the Island. Condominiums showed only one sale for the same time period. If we look at residential sales off the Island but within Nassau County there were 13 sales.
Folks I don’t care how you look at this, it is not the sign of a healthy Real Estate market. In my opinion I think Real Estate on Amelia Island appreciated at such a rapid rate that it is still a long way from the bottom. I ‘m not sure many sellers can take it to the bottom in order to sell. When you look at sales off Island compared to the sales on Island you have to ask why? Let’s face it, what few sales we are seeing today are almost all driven by price. Properties are offered at a lower price in the unincorporated area of the county resulting in more sales.
Jacksonville is showing a few signs of life in their Real Estate market, but mostly in areas where the prices have dropped dramatically and buyers are again “sniffing” around. I talked with a couple of agents in the Jacksonville area and they indicated that there was the problem of trying to get financing for their buyers, back to the banking problem.
Folks, I think we have a long way to go on the Island before we can say our market is turning around. Coming out of the recession is not something I see happening anytime soon. Keep your eye on the unemployment numbers if you want a feel for how the recession is doing. Until people start working and unemployment is reduced, we will continue on this slippery economic path.
Keep the faith and let’s hope for better days ahead.