What You Need to Know: Jekyll Island Real Estate
With the recent introduction of The Cottages at Jekyll Island, Single Family Home Sales have increased drastically over the last year. Up 52% since 2016 and with an average sales price that has increased over 26%, it’s safe to say that the new oceanfront residential community is a popular choice in the area.*
Residents of Jekyll Island enjoy the scenic natural surroundings, small-town community feel and deep connection to local history that Jekyll offers. The fee simple title and ownership of real property on Jekyll Island is owned by the State of Georgia – which means all residential property on Jekyll is subject to a land lease ownership structure with the JIA. Read more on their website.
*Statistics courtesy of Golden Isles MLS, statistics run Jan-July 2017 vs Jan-July 2016.
Why No Two CMAs Are Alike
Whether you’re a buyer or seller, your agent will give you a market snapshot known as the comparative market analysis (CMA). Comparisons are based on similar homes within a given search area, using size, age, features, condition, location, whether the homes have sold recently and which are currently on the market.
Buyers use CMAs to help them make offers while sellers use CMAs to help them price their homes for sale or to adjust the price. As soon as a home sells or a new home comes on the market, the previous CMA is no longer relevant and your agent can generate a new one for you.
Prices may vary widely, even between identical homes. One property may simply offer better drive-up appeal or more extensive updates. CMAs differ widely by search perimeters like number of bedrooms, views, swimming pools, or a broader search area.
There’s always going to be a home that sold for an astronomical figure, or the one that sold for pennies on the dollar, so you might throw out the highest and lowest priced homes because there’s no knowing why a seller undersells or a buyer overpays. Family pressures, corporate relocations, and other reasons won’t be in the CMA.
Consider how quickly homes are selling, whether they sold for list price or above, or if homes are experiencing price reductions. Your agent will explain how home sales are trending and what strategies may work best for you to get the home you want.