Inventory is Falling – Prices are Slowly Rising
As we had predicted several months ago, with historically low mortgage rates, coupled with depressed prices on existing home sales, we expected Ponte Vedra real estate offerings to decline. That is exactly what happened. Oceanfront home sales have rebounded, condominiums have often attracted multiple offers as their numbers have dwindled, and even several of the higher end properties have sported shorter marketing times. The trend should continue, so for those buyers that would like to enjoy mid-3% interest rates, and get back in the market before rates begin to inch ahead, your timing could not be better. Don’t get left behind.