Miller Report August 2019

THE

MILLER REPORT August 2019

The

Miller Group

Realtors You Can Trust

Included In This Issue: Nassau County Market Statistics For June In-depth Analysis of the Amelia Island Plantation Market For The First Half of 2019

IT'S MILLER TIME! JUST LISTED! 95324 Captains Way $895,000

UNDER CONTRACT!

111 Sea Marsh Road Listed At $795,000

NASSAU COUNTY STATISTICS Homes

Condos

PLANTATION HOME SALES ALL PLANTATION HOMES

PLANTATION HOME SALES BY PRICE

PLANTATION HOME SALES Marshfront Homes

Golf Course Homes

Wooded View Homes

Long Point Homes

Heron Oaks

Little Dunes

PLANTATION VILLA SALES

PLANTATION VILLA SALES

PLANTATION ANALYSIS The Plantation market for single family homes priced under $2 million has been a tale of two stories. Homes that are correctly priced, with popular floor plans, and in good condition have sold quickly for increasing prices. This is evidenced by the decrease in median days on the market from 81 during the first half of 2018 to 40 during the first half of 2019. In contrast, homes which are testing aspirational pricing have struggled to sell.

Inventory of homes priced between $1 million and $2 million has been flat while inventory of homes priced under $1 million has been extremely low. As we head into the fall, inventory typically decreases from summer levels. Considering inventory of under-$1 million is already down 26.67% in June 2019 as compared to June 2018, the second half of 2019 is expected to remain a seller's market. In fact, preliminary July statistics (to be discussed in the next issue of the Miller Report) are indicating a 19.6% decrease in all home inventory from 2018, a majority of which is in the under-$1 million category.

Homes priced over $2 million are experiencing a different market. Inventory in this category is up slightly compared to 2018. As we head into the fall, we could see some movement in this market considering all 4 home sales in the over-$2 million category last year, occurred in either September or December.

The Plantation villa market also experienced tight inventory. In January 2019 through April 2019, villa inventory, compared to 2018, ranged from down 26% to down 31%. June had the smallest gap in inventory compared to last year with only a 9% decrease however, inventory levels still remain historically low. In fact, July's active inventory is at the lowest level in the past 8 years.

It is interesting to note the inventory levels by price range. During the first quarter of 2019, the inventory shortage mostly occurred in the $500k to $999k price range and sales in this category dropped from 26 during the 1st half of 2018 to 10 during the first half of 2019. As we moved into the 2nd quarter, inventory in this category remained low but was closer to 2018 levels yet inventory of villas priced under $500k began to drop and is currently at a historically low level (down 64.5%).

Overall, low levels of inventory in both Plantation single family homes and villas have resulted in price increases. We expect this trend to continue through 2019. However, we also expect this trend to begin shifting back towards a more balanced market at the end of 2019 or during the first half of 2020. The rest of the country is experiencing a "cooling of the market", where price increases are flattening. If this trend continues nationwide, it will eventually impact Amelia Island and the Plantation. In fact, we might be seeing this in the Nassau County single family home market which has been experiencing increasing inventory levels over the past few months. However, long-term outlook for the Plantation real estate market remains strong.

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THE MILLER GROUP REAL ESTATE SHOW Just Released!

1ST HALF 2019 REAL ESTATE MARKET UPDATE James and Dave review national real estate trends and how they might impact Amelia Island.

Stay Tuned For These Upcoming Episodes!

SHORT COURSES: THE NEWEST CRAZE IN GOLF An interview with Plantation property owner and Club member, John Lyberger, about how the short course trend is impacting the golf industry and how the new Omni course might impact local property values. John is the Director of Golf at Desert Mountain Club in Scottsdale, AZ.

www.millergroupofamelia.com/podcast/

THE MILLER GROUP REAL ESTATE SHOW

Recent Episodes THE EXCITING FUTURE OF NASSAU COUNTY: AN INTERVIEW WITH LAURA DIBELLA THE NEW COMMUNITY CENTER: AN INTERVIEW WITH RON NELSON AND BOB STICHWEH THE NEW OCEAN CLUBHOUSE WILL BE A GAME CHANGER: AN INTERVIEW WITH DONNA BILGER

www.millergroupofamelia.com/podcast/

Who do you know that needs help buying or selling real estate? We would love to help them!

The Miller Group

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