Miller Report May 2019

THE

MILLER REPORT May 2019

The

Your

Miller Group

Real Estate

Keller Williams

Experts

Market

Included In This Issue: Amelia Island Plantation Statistics For March Nassau County Statistics For March The Miller Group Real Estate Show Info

IT'S MILLER TIME! JUST SOLD! 35 Marsh Hawk Rd $1,125,000

UNDER CONTRACT! 8144 Residence Court, 104 Listed at $1,050,000

We hosted our first educational event in April, teaching our community how to increase their property values through interior design. A big thank you to Julia Hall Interiors for a great presentation! We had a wonderful time! Stay tuned for our next educational event which will be announced in a future Miller Report.

NASSAU COUNTY SALES Homes

Condos

The Nassau County single family home market continued to shift back from a seller's market to more balanced one in March. March 2019 saw decreases in closed sales, new pending sales, and the sale to list price ratio, all while inventory was up 18.5%. Months of supply increased to 4.7 in March 2019 as compared to 4.0 in March last year while median time to contract increased by 29.6%.

The Nassau County condo market was a slightly softer in March although it still is trending towards a seller's market. March 2019 saw a decrease in closed sales, but active inventory was down 23.5% and the number of new pending sales increased over March 2018. Months of supply shifted from 4.7 in 2018 to 3.5 in 2019. Average and median prices were down in March 2019 compared to the year before but this was a result of a change in the mix of condos sold. We expect condo pricing to increase as long as it remains in a limited inventory market.

PLANTATION SALES ALL PROPERTIES

HOMES

The Plantation saw 11 fewer sales in March 2019 as compared to the previous year, with the decrease mostly coming from the villa market. Plantation home sales were even between the two periods despite the fact that active inventory was down 22%. However, the lower inventory levels might impact future sales as there were only 2 new pending sales in March 2019 as compared to 11 in March 2018. We're still seeing a dichotomy in the market where homes that are in great condition and priced well are selling quickly with increasing values while homes which are in need of work are sitting on the market and taking price reductions.

For now, overall Plantation home inventory remains low, but the number of new listings outpaced new pending sales which could indicate an increase in inventory during the second quarter. However, we think the demand for Plantation properties should stay strong as Florida's favorable tax laws entice buyers from the northeast and the economic development of Nassau County continues to enhance our area's appeal.

PLANTATION SALES VILLAS

HOME SITES

Plantation villas saw a dramatic decrease in the number of closed sales. There were only 2 sales in March 2019 as compared to 12 in March 2018. Inventory being down 28% between the two periods is partly to blame. However, we think there is more to the story. Villa inventory has been low for a while, which matched with consistent demand, has pushed villa prices up over the past few years. As sellers try to take advantage of this trend, we are beginning to see what we call, aspirational pricing. For example, a villa was recently listed at $694 per square foot while 2 villas in similar condition on the same floor in the same condominium group, sold for $490 and $459 in the past year. Aspirational pricing can work in a seller's market...however, it can also create inventory buildup if it outpaces buyer demand. Although we are beginning to see aspirational pricing, March 2019 still saw increased new pending sales and decreased new listings. So other than a few outliers, we do not think pricing has yet outpaced demand, however it feels like the trend towards a seller's market could be softening.

THE MILLER GROUP REAL ESTATE SHOW Check out our most recently published podcast episode: The New Ocean Clubhouse Will Be A Game-Changer - An Interview With Donna Bilger.

In this episode, we ask Donna the following questions: What are the biggest changes you have observed since the Club transitioned to a member-owned Club 8 years ago?

The original Ocean Clubhouse design from the mid 90s was never intended to be a fully self-supporting facility. Would you talk about some of the challenges the operating staff faced?

How was the new design created? How were member ideas incorporated into the new design?

What does the new design mean for Club members and the Plantation community at large?

What are the significant design changes in the new facility?

The Club has never had an elegant banquet facility for weddings and other special functions. How will the new banquet room enhance the member's experience?

When do you expect the renovated Ocean Clubhouse to open?

What has been the reaction from prospective community members regarding the renovation project?

How do you plan to introduce the new Ocean Clubhouse to the community?

We also discuss the the Ocean Club House Renovation's impact on property values and the role it will play it attracting residents to our community.

You can listen to this podcast on iTunes by searching for The Miller Group Real Estate Show or you can visit http://www.buzzsprout.com/254561.

THE MILLER GROUP REAL ESTATE SHOW

Stay Tuned For These Upcoming Episodes!

THE NEW COMMUNITY CENTER: THE AIPCA HAS A NEW HOME An Interview With Ron Nelson & Bob Stichweh

THE EXCITING FUTURE OF NASSAU COUNTY An Interview With Laura DiBella, the director of The Nassau County Economic Development Board

THE

MILLER GROUP

If you know anyone who is looking to buy or sell, we'd love to help them! Just give us a call with their name and number and we'll follow up and take great care of them for you!

The Miller Group James Miller: 904-557-5720 | jdmiller8@outlook.com Dave Miller: 904-206-0525 | dfmillerjr54@gmail.com