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St Simons Island Real Estate Market Update

Real Estate Market Update

Condominium Market Autumn 2017 Joe Wills BHHS Hodnett Cooper Real Estate

On the chart below you can see (in red) that average annual sales prices peaked in 2007 at $399,297 then fell 37% before bottoming at $250,855 in 2012. Sales units (in blue) peaked in 2003 with 324 condos sold and then began what would be a 78% decline over the next five years before crashing with only 70 condos sold in 2008. Today we are at 2003-04 average sales prices of $289,972.Sales of 316 units over the past year is 2½% below the historic peak of 2003.

There are 154 condos on the market today ranging in price from $137,500 to $2.495M; with a Median List Price of $329,990. Year over Year Sales Volume is up 6%, Average sales prices are up 2%. Demand exceeds Current Supply by 105%.

Real Estate Market Update

Single Family Home Market Autumn 2017 Joe Wills BHHS Hodnett Cooper Real Estate

On the chart below you can see that Average Sales Prices (in red) rose until 2006 at an average rate of 5% per year, peaking at $600,042 then falling 37% through 2012. Annual Sales (in blue) rose through 2004 then falling 75% over the next five years. We are at 2005 levels today for both Average Sales Price and Units Sales volume.

There are 268 houses on the market today ranging from $139,500 to $17.25M with a Median List Price of $675,000. Year over Year Sales Volume is up 9%, Average sales prices are up 14%. Demand exceeds Current Supply by 159%.

Real Estate Market Update

 

Market Update courtesy of Joe Wills, REALTOR at Berkshire Hathaway HomeServices Hodnett Cooper Real Estate