This year our traditional celebration of Independence Day, the boat parade, was blown out by weather. Most of the weekend we had great weather but on Monday night “mother nature” brought her own version of fireworks, with a great display of lighting and thunder. As they say on Broadway, “the show must go on” the parade was held the next night and everyone that participated had a great time.
We are just past the half way mark for 2011 and I have compiled the real estate sales statistics for Sandbridge Beach.
Some of my thoughts on these statistics are as follows; sales overall have experienced modest gains over last year. All of the sales in condos come from The Sanctuary complex. As you can see, they have more than doubled from last year but is still a relatively low number. Under the category of units sold the community sold two vacant lots during the six months, which is not included in the 20 units sold, this would increase that number further on the residential side. The biggest change is in average and median sales price for non-oceanfront homes, this looks significant but with further analysis, I have determined that the main reason for difference year to year is that there was much more inventory for sale in the lower price range this year as compared to last year. My feeling is that there are many people that have been sitting on the side lines to purchase property in Sandbridge, but have been priced out of the market for the past 7 years or so. There are now options available for this segment of the market, and the properties are being purchased. Most of the homes listed under $600,000 that are in good condition are sold within 45-60 days, and some within 14 days. Oceanfront numbers have come down as well, but continue to be a small portion of the market and traditionally the most expensive. Sales data in this category comprises of one sale in 2010 and three in 2011.
If you have any questions regarding this data or any other real estate questions, please call or email.
Enjoy the summer!
Aloha,
Pat