Market Overview

Prudential Chaplin Williams' Amelia Island October 2012 Housing Market Report Reveals Sluggish Recovery

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A housing recovery is underway in Northeast FL, but September 2012 closed sales are an indication of a sluggish rebound in the Amelia Island real estate market. The bright news is that prices are on the rise.

Fernandina Beach, FL (PRWEB) November 01, 2012

Prudential Chaplin Williams Realty, member of the Amelia Island Nassau County Association of Realtors recently released its monthly indicators newsletter for the month of September. The snapshot of the Amelia Island real estate market that the newsletter provides shows those knowledgeable about the real estate market that a housing recovery is underway but not robust.

Fewer homeowners listed their homes for sale in September 2012 than did so last year. The rate of new listings of single family homes for sale, was down 7.5% year over year (from 80 to 74) and down 14.3% YTD (from 996 to 854). New listings of attached homes, including Amelia Island oceanfront condos, were up 13.6% from September 2011 (from 22 to 25) and down 0.4% YTD (from 227 to 226).

Further indication of a sluggish housing recovery in the Amelia Island real estate market is found in the number of closed sales in September 2012. Closings on Fernandina Beach homes, Yulee homes and similar single family unattached homes were down 17.2% year over year (from 64 to 53) and up only 2.8% YTD (from 500 to 514). The news in the townhouse-condo market was equally mixed. Closings on townhouses and condos were up 66.7% year over year (from 9 to 15) and down 17.5% YTD (from 137 to 113).

The detached single family homes that closed in September had also been on the market for some time. The average number of days that detached single family homes were on market rose 19.8% from September of 2011 (from 95 to 112) and 7.6% YTD (from 92 to 99). Townhouses and oceanfront condos were on the market for a much shorter time than single family detached homes. The average number of days that an attached home stayed on the market decreased by 51.7% year over year (from 116 to 56) and by 10.6% YTD (113 to 101).

The number of detached single family homes on the market declined by 32.1% (from 809 to 549) compared to September of 2011 while the number of attached homes for sale fell by 11.4% year over year (from 15.4 to 13.6). The percentage decline in sellers entering the market could indicate that there is less inventory in the Amelia Island real estate market than there has been in previous years.

Lastly, there was some good news for existing homeowners in the monthly indicators report. The average sales price for detached single family homes rose 16.6% year over year (from $245,155 to $285,867) and increased by 11.5% YTD (from $240,378 to $268,090). Owners of townhouses and condos received primarily positive news. The average sales price of a townhouse-condo decreased by 9.0% compared to September of 2011 (from $321,444 to $292.560) but prices were up 25.4% YTD (from $264,434 to $331,713). The increase in average sales prices may indicate that there are fewer Amelia Island bank owned homes in the area.

About Chaplin Williams
Prudential Chaplin Williams Realty is a full-service real estate brokerage serving all of North East Florida and headquartered on Amelia Island. Chaplin Williams Rentals is a full-service professional property management company also located on Amelia Island, Florida. Both companies were established by owners, Dee Chaplin and Hugh Williams. For more information, visit Prudential Chaplin Williams Realty online at http://www.chaplinwilliams.com or call 904-261-9311. Call Chaplin Williams Rentals at 904-261-0604 or visit http://www.chaplinwilliamsrentals.com

For the original version on PRWeb visit: http://www.prweb.com/releases/prweb2012/11/prweb10037978.htm

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