SBH Newsletter – January 2011

SBH Newsletter – January 2011
January 13, 2011 sandbridgehouses

I hope everyone had a wonderful holiday with family and friends and didn’t get too bogged down with the winter weather. Amazingly, Sandbridge Beach received about 13 inches of snow the day after Christmas. It was a great treat for visitors and local families. The last time I saw snow like that in Sandbridge was in the early 80’s.

The main focus of this month’s newsletter is to summarize where the Sandbridge Beach real estate market is currently, the past few years of direction and what the future may bring.

See the table below for statistics compiled from 2008 to 2010. After reviewing one can see that the bulk of the dip in the market occurred from 2008-2009. With the exception of condo’s it appears that the market is beginning to stabilize. The average sales price for non-oceanfront actually grew from 2009-2010 by 6%, while oceanfront properties dipped slightly by 1%. Again, with single family properties, sales volume and units sold grew by 20% and 21% respectfully. Some of this increase I attribute to the sale of bank owned and distressed properties (short sales), but clearly there was an uptick in interest from buyers based on increased affordability and low interest loans that fueled 2010. Condominiums continue to be a problem due to limited financing options. With the resolution of litigation involved with Sandbridge Dunes and The Sanctuary scheduled for 2011, sales and values should increase in this segment.

My personal opinion is that 2011 will offer continued stabilization of property values, and buyer interest. Mortgage rates should continue to stay historically low, and lenders will continue to develop programs for the vacation home buyer. The one area that is questionable is inventory. Currently we have 82 single family homes for sale, which may sound like a lot, but is about 20% below average from the last three years. This can certainly impact the number of properties sold in the community for the year.

If you have any questions regarding the information I have provided, please send me an email or call, I am happy to share my thoughts on this special seaside community we call Sandbridge Beach!

All the best for 2011!!