Life in the Hammock, both in our vibrant community activities and beautiful beaches, as well as in real estate, is bright and full of energy. When Jim and I decided to move home to Florida several years ago, it quickly became clear to me that I wanted to settle down in the Hammock. Moving to Island Estates was one of the best choices I have ever made, and I love living in our beautiful beachside paradise.
As both a realtor and a resident of the Hammock, I am personally interested in the state of the market for our community. Before writing this article, I wanted to take an in-depth look at the sales in the Hammock’s luxury communities over the last two years. I compared the period from May 1, 2014–April 30, 2015 to the period from May 1, 2015–April 30, 2016. Take a look at the accompanying chart for detailed information about your specific community.
We all remember the economic downturn, and it is encouraging to see that we have weathered the storm and are returning to a more normal market. Sales for many areas in the Hammock are holding steady, or increasing, and properties are moving.
One of the largest areas of growth is in Hammock Beach and Ocean Hammock, both in condos and homes. Hammock Beach Villa owners should note that unit sales increased from six sold units to 14 sold units during the compared periods of time. The price per square foot for these sales increased slightly by 3%. Homes in Ocean Hammock and Hammock Beach also saw increased pricing, rising by 23% from one year to the next. The average days on market were also cut virtually in half, from 237 to 120.
Island Estates is another area of particular interest given that their year-over-year home sales increased from two homes to eight homes. Additionally, the price per square foot for homes in that area increased slightly from $227 to $234.
The one area of downturn is in Hammock Dunes proper. While the number of home sales remained relatively unchanged from year to year, the average sales price decreased by 19%. This could be a result of a sales mix, i.e. more older homes selling that are located further from the ocean, rather than a truly significant market change. However, the Hammock Dunes Condos saw increased sales for high end units, and the number of units sold has held steady.
Despite the uptick in activity, it is important for sellers to be realistic about the price they can expect to fetch for their property based on market activity. The biggest mistake I see from sellers is incorrect pricing of their properties. As a homeowner in this area, I am acutely aware of the desire to receive top dollar for what is likely the largest investment any of us has made. However, incorrect pricing–whether motivated by the original purchase price or the amount a seller desires to retain after the sale–can cause otherwise excellent listings to languish on the market and become stale. To avoid this, sellers should be realistic about the state of their home and the market.
Does your property need renovations? Are there a number of available properties for buyers to choose from in your specific community? Are the properties that are currently on the market in your area receiving interest? All these factors can affect the market value for your home. By pricing their properties appropriately, sellers typically see sales take less time, and they can avoid stress, irritation, and the emotional and financial carrying costs associated with homeownership.
Now is an excellent time for owners who are considering selling to assess the value of their homes with a licensed, experienced realtor, and begin making any improvements or updates that will help their home to be as desirable and marketable as possible. Just as I fell in love with life in our oceanside paradise, many visitors will do the same this summer and beyond, and perhaps your home is the perfect fit for them!
About the Author: Dana Davis is a licensed realtor with Coldwell Banker Residential Real Estate, the number one brokerage in regular and luxury sales in Flagler County, according to MLS statistics. She holds CIPS, GREEN, and RSPS designations. She can be contacted via email at Dana@DanaDavisProperties.com.