As we reach the midway point of 2012, the Ponte Vedra real estate market continues to make great strides toward recovery. May and June were particularly strong, as we enjoyed one of our three strongest closing months in four years. There has been strong sales movement across the board, as we have seen good sales activity with the oceanfront homes, gated community residences, Old Ponte Vedra homes, and condominiums. The market times have shortened in many instances, and prices have been holding stronger. While demand remains strong, inventories are definitely shrinking which should lead us to eventual appreciation. The next variable will be the so-called “shadow inventory” which remains a mystery, as a significant number of our sellers have purposely held off listing their homes for sale until values begin to rise. Stay tuned!