Listen Up! 

I compared the statistical data in our local Multiple Listing Service (MLS) for the months of June & July. I found it interesting that when you compare the sales prices to the new listings’ prices coming on the market you see a noticeable difference in those numbers.

For 7/1/ - 7/31/07

The Single Family category that had the most sold transactions was the 3 Bedroom group - in the $140-$159,999 price range (11 closed). Surprisingly the next largest group was also for 3 bedrooms, but in the $500,000 + price range (7 closed)! Talk about spread across the board!

The average sales totals for the month were $331,194 for single family and $226,760 for condos. However, the majority of Single Family new listings were in the $200,000-$249,999 range, closely followed by $300,000-$399,000. And the largest category of condo new listings came in at over $500K.

For 6/1 – 6/30/07

The Single Family categories that were strongest were the $140-$159,999 (12 closed) and the $300-$399,999 (also 12 closed), both in the 3 BR group. The average sales totals for the month were $266,878 for single family and $231,015 for condos. 

The majority of the new listings was in the $300-399,900 range & closely followed by listings over $500,000. The largest category for condo new listings was over $500K.

We seem to have a large demand for affordable homes but the current total inventory in our MLS system shows in the Single Family category a total of 1,531 homes with an average price of $513,406! New subdivisions are going up all over our county, however; not many fall into the price range we so greatly need. Our office’s sales were no exception with the largest number of sold transactions over the last 6 months falling under $200,000. The long & short of this story is the choices are slim in the price range the majority of the buyers are in, so it’s no wonder that there is a lot of inventory on the market. I hope investors will look at this demand, and that developers will begin to build new properties for this segment of buyers that can’t afford the inventory we’re diligently trying to market! 

Statistics are in for the 3rd quarter... not bad!  Despite all of the negative press, our numbers are staying steady.  Here is a graph with the quarterly MLS single family home sales price averages for the areas in Glynn County.  Look below the graphs for the area indicators.

The Average Days on Market have not varied much, although there is a slight increase in total DOM's.

B1 - Downtown Brunswick; G! - Central Glynn County; G2 - North Glynn County; G3 - West Glynn County; JI - Jekyll Island; S1- South-end SSI; S2 - Mid-south SSI; S3 - Mid-north SSI;  S4 - North-end of SSI

The month of March has ended and here are the final numbers.  This report was compiled April 3, and represents the past 30 days' activities:

This represents all residential properties: houses, condos, multiple family dwellings, and mobile homes.  This report does not include land or lot sales. 

The hottest area on St. Simons was S2 - the mid-south area of the island.  That area saw 19 listings, while 21 sold and 13 more went under contract.  

Another hot area is Jekyll Island, where there were 5 listings, 3 sold and 3 under contract. 

McIntosh County saw 21 homes listed, while 21 went under contract, and 20 closed.  Wow!  Camden County had 10 listings, 17 went under contract and 4 closed.  Our neighboring counties are doing well!

But, listen to this... EVERY AREA ON the mainland in Glynn County had more homes sell than were listed.  Those total numbers were 81 new listings, 93 went under contract, and 104 closed!  

This clearly shows that the housing market here remains strong.  While it is true that there are areas in the country that are experiencing a significant slowdown, that clearly is NOT the case here.  Now is a great time to list your home, and if you're considering buying, these numbers indicate that prices will be going up, so now's the time for buyers, too.  Statistically, this is the beginning of our busy time, and it looks like this year will be no different. 

Following the real estate market is a great way to identify trends in the areas.  If there is a specific area that interests you, let me know, and I'll prepare a report just for you!   

Have you been hearing about a real estate bubble?  Well, it turns out that the "bubble" is really a "rolling boom" according to Blanch Evans with Realty Times.  Here is an exerpt from her latest article:

"When homes get too pricey, homebuyers start looking elsewhere. At least, that's the theory behind what National Association of Realtors' chief economist David Lereah calls the "rolling boom." Housing booms create higher prices, and when homebuyers find housing too expensive, they start looking for the next, best alternative -- across the road, across the desert, or across the country."

They must  be coming here, because other than the usual seasonal slowdown, our market is doing well here.  During the past 30 days, there have been 28 single family homes closed on St. Simons.  They had an average asking price of $529,028, and an average sold price of $496,780.  That's just under 94% of sales to list price. 

But there are two other local areas that are even hotter.  West Glynn County had 24 closings; average asking price was $228,761; average sales price was $224,702 (98.2%!)  North Glynn County had 42 sales with the average price being $193,817 and the average sale price being $191,478 (98.9%!!!)  Talk about HOT!!!

I just heard that in Key West, there are over 1,000 listings, and only 47 under contract.  It's not like that here.  We have 845 single family residences on MLS, and 270 under contract.  This doesn't include any condos, mobile homes, lots, or commercial properties. 

With spring coming, this is the time to get property listed if you're considering selling.  The market is heating up, and with spring break just around the corner, the hotels are booking up!  One of the things I've noticed is the increase of people looking for 2nd/vacation homes on the Mainland.  With SSI price appreciation, many are now considering old town Brunswick.  And of course it will be interesting to see what Liberty Harbor and Parkwood Village do to change the landscape of downtown Brunswick!

If you have any real estate questions, I'd love to hear from you.   There are probably others who have the same questions... post them here, and I'll either answer or tell you where to find the answers!

I wish you best of luck with your real estate future.