BROKERS CORNER: ANOTHER GOOD REAL ESTATE MARKET YEAR
Posted By Allison VanderVeer @ Nov 27th 2017 12:24pm In: Local Market Insight
2017's real estate market is another good one. This week we are curious how the
year stacks up with last, which was another excellent recovery year -- our best one
through 2016 -- since the longest recession any of us can remember. Better read
that again; it happens when you are your own editor!
That 'will never forget it' time in our real estate market was 6 years long whereas
we'd always had a one-year recession about every 10 years; that's my experience
since entering the business in 1979. But, I won't belabor that dark market; today is
about how this year stacks up to last.
In this Corner, we're looking only at single family stats and any trends that come to
light. And, we're only looking at St. Simons Island though I'll take a broad swipe
at Sea Island and Jekyll Islands. Next week, we'll cover mainland Glynn County
for the same update. And, near year's end or just after the first of the year, we'll
cover all residential property types and speak a little to commercial sales as well.
Hopefully, these numbers and trends will be insightful for you. Chew on the
numbers and commentary below. One of my goals is to inform you about realistic
values and activity and where your property may fit in the scheme of things.
Another is that you would contact me to sell your property and / or help you buy
your next one here. I want to thank you in advance for consideration: Thank You!
Whoever you call, be sure that he or she has your best interest at heart. At RDP we
constantly remind ourselves that it's about you first and foremost; it's really not
about us. As Realtors, as real estate professionals, our job is to serve the public.
By so doing, we needn't concern ourselves with success; it will happen in that
We're enjoying a really good 2017 that seems to track 2016, in so far as single-family
construction is concerned for the Island; that covers both new construction and existing homes.
All statistics are from our Golden Isles Association of Realtors multiple listing system.
This year is nearly a mirror's image of last year. Of 405 single family homes sold on St. Simons
Island in 2016, 43 were new construction. This means that 10.6 % of sales were new homes and
just under 90% were existing homes. It's uncanny that 2017 is tracking the same. One might
interpolate stats through a little over 11 months this year to come up with the same mix of sales.
Thus far in 2017 there are 395 total single-family SSI sales, 39 of which are new homes. New
represent 9.8 % of all sales; existing sales are a little over 90 % of total. To my reckoning that's a
difference of only about 1/2 of one per cent difference one year to the next! For me, that means
we have a steady market, with not so much new construction as existing.
The numbers do show that most new construction is concentrated in the north middle section of
the Island. That's in the Harrington area, near Bennie's Red Barn. The reason is, of course, that's
the southern-most area where there is affordable land available for new residential subdivisions.
One might wonder that there are no more new house units than these, given the construction
traffic we encounter daily. I think it has to do with the amount of condo properties under
development at the same time. I haven't covered condos, just single family; you can likely draw
the same conclusion just by looking around!
I said we'd touch on home sales on the sister islands. Sea Island had home sales of 34 single
family units in 2016 and 35 thus far in 2017. Jekyll enjoyed brisk sales, thanks to a couple of
new developments, tracking about 41 attached fee simple sales in 2016 and 68 in 2017. I'm
scared to offer too much info on these, as I've not researched them as closely. Another time!
Suffice it to conclude that the St. Simons Island market leads the way, is a big real estate engine
in the region, and is a bright spot in the economic picture.
Now, if we can just get a grip on water & sewer and roads!
Please contact us if you have any questions or comments.