St Simons Real Estate Market Improving (Finally!)

Good news has been hard to come by lately in the Coastal Georgia housing market, however, it seems sunlight is finally shining on Golden Isles real estate. There have been some very positive numbers that have come out recently. First of which is existing inventory has declined and is now the lowest it’s been since October 2008. This is good news for just about everyone. Homeowners and real estate professionals alike all need inventory to decline before we will see this market return to ‘normal’ conditions.  It seems the key to selling in some areas is more than ever, price sensitive. More specifically, those homes priced between $100,000 and $120,000 had an average days on market of less than 3 months. Compare that to homes priced between $400,000 & $499,000 and that average days on market is just over 2 years. So, this tells me that investors and first time home buyers have dominated the market buying up those most affordable homes.

Another positive indicator is the latest sales volume results. From the begining of this year through the 23rd of April, the total sales volume of sold homes for that time period is just over 30 million dollars. That same period for 2009 produced only 10 million dollars worth of sales volume. That is 3 times more sales volume this year than the same time frame last year. This is an improvement indeed.  So, whether you are just someone who may need to sell a home or you are a real estate professional who earns their living selling real estate, these changes are a welcomed sight. I look forward to future improvements and being able to write about continued growth in the St. Simons real estate market and that of all Georgia.

If you have any questions about this real estate market or any other please contact John at 912-634-0595.

Sources used are StSimonsLetter.com and the Golden Isles MLS