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RSS FeedReal Estate is Local |
Nov. 10, 2008
Categorized in: Local Market Conditions
We hear regularly from the news media the state of the real estate market nationally and perhaps about a given region, but if you are here in Southeast Coastal GA, your interest is exclusively right here unless you are entertaining a move or purchase of a 2nd home or property elsewhere. I believe buyers and sellers are sick and tired of the commonplace answer “Well, the Market is a little slow” or “Properties aren’t moving as quickly right now.” Instead of vague statements they really want definite statistics and information, even if those statistics aren’t heartening, we all want real figures and specific info.
To compare statistics for mid October 2007 to mid October 2008, I found the following:
On St. Simons Island, in the residential sector of our MLS system, in 2007 there were 850 active listings compared to same timeframe 2008 of 900 listings. On the mainland Brunswick and Jekyll Island there were 854 properties being marketed on our MLS in 2007 and 996 in 2008. With increased inventory on the market, competition is fierce and pricing competitively is key.
On St. Simons Island, the average list for the 3rd Qtr. was $637,166 for 2007 compared to a 3rd Qtr. average of $515,890 for 2008. Lets compare the average sold numbers for 3rd Qtr. for St. Simons Island: In 2007 the average was $604,477 (94.8% of list) and for 2008 the average sold was $476,860 (92.4%)
The Brunswick Mainland and Jekyll figures were an average list for the 3rd Qtr. of $252,246 for 2007 compared to an average list 2008 of $223,816. To compare the sold transactions for the 3rd quarter for both years: 2007 / $243,770 which was 96.6% of the list price. 2008 / $214,751 which was 95.9% of the asking price.
To compare market trends October 2007 and 2008, I found the following:
In 2007, the price range that experienced the most transactions was the $140,000 - $159,999 price range. For 2008, the price range of $120,000 - $139,999 had a small proportion over the $140,000-$159,000 range. Condo sales were down for the month of October 2008 with 24 condo sales in 2007 and only 9 in October 2008.
Once more, I maintain that NOW is a great time for buyers to jump into the pool. For sellers, even though they may not sell their property for the price they would have received a year or 2 ago; neither will they pay as much for another property that better suits their needs today.
If you would be interested in receiving more information or discussing your specific situation, please give me a call!
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