THE
MILLER REPORT June 2019
The
Your
Miller Group
Real Estate
Keller Williams
Experts
Market
Included In This Issue: Amelia Island Plantation Statistics For April Plantation Penthouses Are The Holy Grail The Plantation's New Community Center The Boys & Girls Club Summer Camp
IT'S MILLER TIME!
JUST SOLD! 34 Salt Marsh Dr (Lot 74) $730,000
CONGRATULATIONS TO OUR WONDERFUL SELLERS! AND A BIG WELCOME TO OUR NEWEST COMMUNITY MEMBERS!
NASSAU COUNTY SALES Homes
Condos
The Nassau County single-family home market continued its move towards a more balanced market. Months of supply has gradually increased over the past few months, shifting from 4.3 in February to 4.7 in March and then to 5.0 in April. In 2018, the months of supply remained at 4.0 during these months. However, new pending sales increased by 29.9% in April from the same period last year, reversing the trend of decreasing new pending sales from the previous two months. It is interesting to note that on-island sales have remained almost equal between 2018 and 2019 with average and median prices increasing. Therefore, the 4.9% decrease in year to date closed sales for Nassau County is occurring off-island. The Nassau County condo market saw an increase in sales in April over last year which was expected as new pending sales were up in March. After decreasing in both February and March, months of supply increased slightly to 3.7 in April, but this was still below April of last year. Year to date through April 2019, condo sales are up 12%, while active inventory is down 10.4% which indicates strong demand. Although low inventory will impact the number of sales, we expect condo pricing to continue to increase.
PLANTATION SALES ALL PROPERTIES
HOMES
Single-family home sales tapered off in April 2019 compared to last year. Overall active inventory was down 15.09% between the two periods. There was also a shift in inventory by price point. The inventory of homes priced under $1 million was down 29.41% between the two periods. This is significant considering 80.6% of 2018 single-family home sales occurred in the under $1 million market. At the time of this writing, the inventory of homes priced under $1 million is 55.12% of total inventory compared to the past 5 year average of 66.18%. The inventory of homes priced over $2 million is 20.9% of the total compared to the past 5 year average of 7.7% Based on respective sales over the past year, there are 6.4 months of supply for homes priced under $1 million compared to 21.6 months of supply for homes priced over $2 million. We're still seeing that homes which are priced correctly and in good shape can take advantage of increasing prices and quick selling times, particularly homes priced under $2 million. If your home is priced over $2 million, it could take longer to sell considering a smaller buyer pool plus increased inventory. However, there were 4 sales in 2018 of properties over $2 million so these beautiful properties are moving.
PLANTATION SALES VILLAS
HOME SITES
The Plantation villa market is in a strong seller's market. We are seeing increasing prices, particularly in categories with low inventory. For example, Ocean Club Villas and Dunes Club Villas have experienced substantial price growth over the past few years. In fact, a Dunes Club Villa just closed for $2,775,000 (in May) which is higher than what this same villa sold for during the peak in 2007. A Piper Dunes listed at $694 per square foot, just went under contract even though similar villas were selling for $490 and $459 per square foot a year ago. We have also seen substantial price growth in 3 bedroom Beach Wood Villas thanks to strong demand and low inventory. Villa owners across the board are benefiting from low inventory. At the time of this writing, there are no Ocean Club Villas, Dunes Club Villas, 3 bed Beach Wood Villas, or Linkside Villas on the market. Even though there were fewer sales in April 2019, the sell through percentage was higher. As long as inventory remains low, we anticipate condos remaining in a seller's market. If you own a Plantation villa and have considered selling, now is a good time to do so.
PENTHOUSE VILLAS
THE QUEST FOR THE PLANTATION'S HOLY GRAIL Buyers are waiting in line for Ocean Club Villa and Dunes Club Villa penthouses.
THE RARE FIND Ocean Club Villa and Dunes Club Villa penthouses (6th & 7th floor) are a rare commodity. Since 2016, only 6 have sold, 2 of which were sold by The Miller Group. Of these sales, only 3 actually hit the market. The others were sold as pocket listings. The villas which did hit the market sold extremely fast. Looking at the price increases will give you an idea of their popularity over the past few years:
740 Ocean Club Place: $1,675,000 in 2016 618 Ocean Club Court: $1,700,000 in 2016 1771 Dunes Club Court: $1,600,000 in 2017 737 Ocean Club Place: $2,150,000 in 2017 1753 Dunes Club Place: $1,980,000 in 2017 1714 Dunes Club Place: $2,775,000 in 2019 It has been amazing to watch the prices of these villas increase. It shows just how special a top-floor Ocean Club Villa or Dunes Club Villa is. Will prices continue to go up or are we reaching an inflection point where prices outpace demand? Stay tuned!
We are looking for a Penthouse Villa! If you know anyone interested in selling, please let us know!
THE MILLER GROUP REAL ESTATE SHOW On our most recent episode of the Miller Group Real Estate Show, we interviewed Ron Nelson and Bob Stichweh about the AIPCA’s new Community Center. This new building is an exciting addition to the Amelia Island Plantation and demonstrates the community’s willingness to invest in its common properties and amenities which will have longterm positive impacts on property values. To listen to this episode go to our website and click on the podcast link in the top menu or type in this URL: https://www.millergroupofamelia.com/podcast/ In this episode we discuss the following information: How was the Community Center concept created? What was the original Property Owner's Club design purpose and why was a completely new building needed? How was community member input gathered and how strong was the support for a new building? How will the new Community Center be different from the Property Owner's Club and how will it be utilized? How will the demand for additional parking be addressed? How will the Community Center impact property values? When will the Community Center open and how will it be introduced to the community?
THE MILLER GROUP REAL ESTATE SHOW
Stay Tuned For These Upcoming Episodes! THE EXCITING FUTURE OF NASSAU COUNTY An Interview With Laura DiBella, the director of The Nassau County Economic Development Board
1ST HALF 2019 REAL ESTATE MARKET REVIEW James and Dave review the Plantation and Nassau County real estate markets for the first half of 2019.
Recent Episodes THE NEW OCEAN CLUBHOUSE WILL BE A GAME CHANGER - AN INTERVIEW WITH DONNA BILGER AMELIA ISLAND PLANTATION REAL ESTATE MARKET 2019 PREVIEW
www.millergroupofamelia.com/podcast/
SUMMER CAMP!
AT THE BOYS AND GIRLS CLUB
The Boys and Girls Clubs Of Nassau County are near and dear to our hearts here at The Miller Group. Supporting our local Clubs is a family tradition we are honored to continue. From a real estate perspective, organizations like the Boys and Girls Club, play an important role in enhancing property values by fostering a robust and healthy community. No organization has a greater impact on our local community than the Boys and Girls Clubs of Nassau County. Since this is the June Issue of the Miller Report, we thought it would be a great idea to highlight how The Boys and Girls Club is supporting local youth this summer.
The Summer Program offered by our local Clubs is an astonishing opportunity for the youth of Nassau County. Summer at the Boys and Girls Clubs is all about mixing learning with fun! Over the years, the Summer Program has included trips to Disney World (happening again this year!), visits to White Oak Conservancy, and beach parties at the Ritz Carlton. But it's also filled with learning opportunities! On the next page, check out some of the activities the kids will be doing this summer!
SUMMER CAMP!
AT THE BOYS AND GIRLS CLUB
STEMM PROGRAM The 2019 STEMM (Science, Technology, Engineering, Math, & Medicine) Summer Camp offered for the Boys and Girls Club of Nassau County will provide exciting learning opportunities for the kids. The experiences include a Medical Emergency Rescue by Drones, a MARs Red Rover Robotics journey hosted by the MOSH (Museum of Science and History), a Virtual Reality educational experience, lessons on how to create/design your own video game at the Microsoft Store.
CAMP DEEP POND Camp Deep Pond is a 62 acre summer camp near Hilliard, FL where campers can learn new skills and experiences in the great outdoors. The kids will participate in archery, bike riding, kayaking, fishing, and rocketry.
MYON READER myON Reader is a student-centric, personalized literacy program that offers 24/7 access to thousands of enhanced digital books. It matches books to a child based on the child's reading ability and interest. The goal is for the kids to maintain and enhance their reading skills over the summer!
What a great way for the youth of Nassau County to spend their summer! Thank you to all donors, volunteers, and staff for making our community stronger!
We keep selling all of our listings! If you know someone interested in selling, please give us a call!
The Miller Group James Miller: 904-557-5720 | jdmiller8@outlook.com Dave Miller: 904-206-0525 | dfmillerjr54@gmail.com