Happy New Year! I hope everyone enjoyed the Holidays and is looking forward to a great 2014.
As I have done now for the past five years, you will see the annual real estate market statistics for Sandbridge Beach. The chart is broken down by residential and condo ownership and ocean front or non-oceanfront property.
Click on image to enlarge.
As you can see upon review, sales in the area ran very close to the previous year. Noticeably you can see that the average sale for condos is up 24%, this is based on the reduction of distressed inventory (short sale or foreclosure) in this segment. Condominiums took the hardest hit in value during the recession, so it is good to see this segment of the market begin to recover. Other segments to point out, ocean front properties, although running about the same as last year, volume has picked up. There were nine sales this year compared to five last year. Several of these sales were purchased for new construction. Currently there are five homes under construction which represents the largest increase in many years. The main reason for this is that lenders have begun to offer loans on this type of financing again. This is another good sign for the real estate market in Sandbridge. After reviewing the table above you have any questions or would like another statistic on the market please let me know I would be happy to put it together for you. Rental companies are reporting strong reservations for the upcoming summer which confirms what many of us already know; Sandbridge is a great place to be.
I wish everyone a great 2014!
Aloha,
Pat