World Golf Village Real Estate Market Condition and Trends

2017 Second Quarter (April 1st-June 30th)

The 2nd quarter of 2017 ended with the sell of 194 single family homes in the World Golf Village area, 62 of which were New Construction.  This number is down 11.4% from the second quarter of 2016 when 219 homes were sold in the same sampled area.  This can be considered a direct result of low inventory as well as increased home values.

The most notable change in the 2nd quarter was an increase in multiple offer transactions resulting in quick sales and increased sell prices.

 

 

 

 

Average Sell Price

Average sell price for single family homes in the WGV area increased 14.82% in the second quarter in comparison to the same quarter one year ago. Average price was $287,571 compared to $250,469 in the second quarter of 2016.  Average price per square foot came in at $124.64.  The average time on the market was 121 days.

Of the 194 homes sold in this quarter, 31.96% were New Construction homes located in the communities of Trailmark, Markland, Samara Lakes, Arbor Mill, Park Place, Windward Ranch, Segovia and Bannon Lakes.  This is down from 93 New Construction homes sold in the same quarter of 2016.  With the increase in new construction communities in the World Golf Village area this decrease could be directly related to increased cost.

Price Breakdown For 2nd Quarter 2017 Homes Sold

Less than 200              – 15 Homes

200-249,999                – 55

250-299,999                – 56

300-349,999                – 31

350-399,999                – 18

400-449,999                – 8

450-499,999                – 3

500+                            – 6

World Golf Village Detailed Community Report (Single Family)

Community                 Homes Sold    Volume           Average Sell Price      Price Sq/ft       DOM

King and Bear             14                    $5,877,828      $419,844.86                $143.93           263

Royal Pines                 1                      $542,000         $542,000.00                $149.60           521

St. Andrews                3                      $780,900         $260,300.00                $143.36           98

Turnberry                    4                      $1,027,000      $256,750.00                $121.39           70

Cascades                     8                      $2,525,705      $315,713.13                $155.55           147

Murabella                   33                    $9,498,500      $287,833.33                $112.30           92

Heritage Landing        24                    $5,947,900      $247,829.17                $104.50           58

Samara Lakes             34                    $7,749,826      $227,936.06                $133.34           71

Sevilla                         9                      $2,246,900      $249,655.56                $115.90           41

The Meadows             8                      $1,700,500      $212,562.50                $121.65           73

Whisper Ridge                        4                      $899,600         $224,900.00                $113.15           31

Arbor Mill                    4                      $1,259,710      $314,927.50                $133.13           124

Markland                     10                    $5,365,918      $447,160.00                $146.36           232

Windward Ranch        6                      $2,634,685      $329,336.00                $125.04           112

Park Place                   2                      $678,703         $339,351.50                $108.82           608

Verona                        1                      $292,000         $292,000                     $112.88           27

 

Current Inventory

As of July 20, 2017, there are 275 single family homes on the market at an average asking price of $333,000 and a total asking volume of $90,576,000.

31 of the 275 homes are currently listed as under contract.

109 are New Construction inventory.

263 are a part of a HOA.

 

Forecast for 3rd Quarter of 2017

Demand for affordable homes in the World Golf Village will remain strong.  This means that competitively priced houses below $250,000 should continue to sell quickly and may increase in price slightly in the 3rd quarter of 2017.  Overall, I expect home prices to flatten over the next few months.  High end properties should remain consistent as they are currently in line with new construction pricing and demand has remained unchanged at this time.

 

 

 

 

 

 

 

 

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