by Linda Ash of Ash & Rose Real Estate
It’s hard to believe the Watson Realty Corp. office in Nocatee has celebrated its one year anniversary. What growth we have seen in the area since our doors opened! It’s also an exciting time to be on the Ash & Rose Real Estate Team! We have over 30 years of business, sales and marketing experience among us, it’s no coincidence we are one of the fastest growing teams at Watson Realty! Our team has been busy in St. Johns County with new construction popping up all around the county. We work with a large number of Millennials, but members of Generation X are really the ones that have been driving the housing market. It’s apparent with many of the new amenity-rich neighborhoods and our highly rated schools, Gen Xers are purchasing homes throughout the county. Gen Xers – adults between the ages of 37 and 51 – make up the second largest share of home buyers, comprising 28 percent in 2016, according to data from the National Association of Realtors® (NAR).
The Northeast Florida Association of Realtors market stats for April, 2017 continue to show positive trends in St. Johns County. One of the most impressive increases in the area is the median price per square foot. This April the median price per square foot is $137, an increase of 5.4% over last year. There have been 5,950 closings in our county this April, a 10.4% increase over April 2016 when there were only 5,398 homes closed. Another positive trend is the increase in pending sales. There were 9.1% more contracts written this April (2,112) over April 2016 (1,935). The three year dollar volume of closed sales has continued to rise, April 2015 ($486,854,524); April 2016 ($550,528,301); and this year we have seen an 11.7% increase ($615,183,819).
The inventory of homes for sale in St. Johns County this April was 2,313. This amount is down 5.9% from last April giving Buyers fewer choices. We only have 4.6 months supply of inventory. A balanced market is 5 to 6 months supply. I’m sure we will see this number change with the building we are seeing all around us. Driving west on C.R. 210 between Hwy 1 and I-95, you have surely experienced slowing traffic due to all the road construction. Buyers, including Gen Xers, will certainly want to check out the new Twin Creeks planned development community featuring a 14-acre “lagoon”.– This neighborhood has rights to build 3,000 homes plus mixed use development including retail. Crystal Lagoons US Corp is the company that developed the technology for the lagoon. The clear man-made lagoon called Beach Walk will have sandy beaches and surrounded by shops and restaurants. A variety of homes will be built in front of the lagoon, and others will be within walking distance. It will be an exciting option for our Buyers as it will be totally different from other great new construction neighborhoods in St. Johns County.
Nocatee has announced two new communities: Timberland Ridge and Daniel Park at Town Center. Timberland Ridge (Duval County) will be on the north side of Nocatee and surrounded by preserve and water. Multiple builders will be building homes here, David Weekley, ICI Homes, and Providence Homes. Prices will start in the Low $300’s and range from 2,200 to 3,384 square feet. Watch for models opening in the fall. Daniel Park at Town Center is located in the heart of Nocatee, walking distance from Splash Park, Greenway Trails, the Nocatee Preserve, Town Center Shops and restaurants. Daniel Park will feature homes exclusively by David Weekley from 1,300 to 3,000 square feet, starting from the high $200’s.
In summary, pending sales are up, closings are up, median price per square foot is up, the 3-year dollar volume of closed sales is up and inventory is down. All are positive signs for the St. Johns housing market. If you have questions about the statistics, please give me a call. If you are considering new construction or a resale home in the area, call one of the Ash & Rose REALTORS® to assist you throughout the process.
"Generation X: Buying the Biggest Homes and Biggest Home Sellers," National Association of Realtors Economists' Outlook blog (April 14, 2017)
Jacksonville Business Journal, March 9, 2017 14 Acre “crystal lagoon” set to break ground in March, By Derek Gilliam.
Local Authors & Experts for St. Johns Magazine