Happy New Year everyone! I hope you all had a great Holiday Season. Virginia Beach just received a great mark from the folks at 24/7 Wall Street. They named Virginia Beach the #1 Best-Run City in America and placed Chesapeake at number 6. Read the full story.
As promised, I have compiled the sales statistics for the Sandbridge Beach real estate market, including single family residential homes and condominiums. These stats confirm that for the most part 2011 was a good year. All categories are up; for the exception of average and median sales price for non-oceanfront homes. The strongest factor affecting those two categories is the number of distressed properties sold. In residential home sales there were 10 short sales and 6 bank owned sales in the market, representing 38% of all closings. The percentage of distressed condo sales was 73%. See graph for more detail and a comparison between the prior two years.
The statistics above show that sales activity in regards to single family homes has improved dramatically from 2009 to 2011. Certainly part of this is a reflection of increased home affordability and historically low interest rates. Additional stats show that 45% of homes sold were in a price range from $400K-599K and properties that sold for more than $1 million represented 14% of total sales. The condo market saw 46% of its sales in the $300K-399K range. If you have any questions regarding the information I have provided, please call or email me.
I’ll end this newsletter with a link to a video that my assistant, Kaycee Inwood, put together for our community website, www.sandbridgelife.com. It’s a great compilation of some of the events and moments in Sandbridge Beach this past year: SandbridgeLife.com’s 2011 Favorites.
Aloha,
Pat