Running the Numbers on a Few of Northeast Florida’s Newer Communities

Let’s take a quick look at pricing and inventory for new homes as we head into Spring 2019.

Price adjustments in new home construction happen all the time. The market shifts–demand increases/decreases, or labor/material costs rise–and prices need to rise or fall accordingly.

So, now that some of the newer communities along CR-210 have been actively selling for a while, let’s take a look at what prices and inventory are doing.

Shearwater

Shearwater has been selling homes since mid-2016, so it’s got a little bit of a leg up on the two other communities we’re reviewing. It is still a growing community, however, with the recent addition of Toll Brothers to the list of builders, and a new townhome product from David Weekley.

The absorption rate (or, how long the current inventory of properties would last at the current rate of sales) is close to 4 months, however, that number doesn’t fully reflect what’s available for sale, as all builder inventory is not necessarily entered into MLS. That also explains the drastic jump in Average Sale Price in Feb. of this year, as it was likely on a home not listed in MLS, but built from dirt.

Beachwalk

Beachwalk, the community with a 14-acre man-made lagoon, has also been on the market for a little bit now.

While we don’t have a huge amount of sales data on Beachwalk, given how new it is, we are seeing an almost 12% decrease in average list price since this time last year. The absorption rate is coming down, but there is also more inventory coming on the market, so we’ll see if that downward trend holds.

Beacon Lake

Just across the road from Beachwalk is Beacon Lake. And while Beacon Lake hasn’t been on the market as long as the previous two communities, it’s still interesting to see where pricing may be headed.

Average list price is down just slightly (about 2% from last year), and there’s not enough data to give us a picture of sale prices from this time last year. Absorption rate is trending downward, but, as with Beachwalk, inventory is coming up a bit, so we’ll have to wait and see what the trend may be.

Is there a northeast Florida community you’d like to see some numbers/statistics on? Let us know below and we’ll get back to you with some information.