In yesterday’s Wall Street Journal they reported that much of the vacation home real estate market is experiencing a significant increase in sales from the previous year. This article supports the figures that I have put together for Sandbridge Beach. Areas mentioned in article included Hilton Head, SC. up 13.6%, Palm Beach, FL. up 39.3% and Cape Cod, Mass. up 9%. According to the data from our local MLS, Sandbridge Beach is up 21% in single family units sold and 20% in volume when compared to 2009. Some of this is certainly due to the foreclosure market and distressed property sales but it does appear that prices have stabilized somewhat. For non-oceanfront properties the average sales price is up 4% compared to a 18% drop from the years 2008 to 2009. Oceanfront is down 1% compared to being down 11% the previous year. One of the strongest components to the Sandbridge real estate market is our small size. I make this distinction because when you look at the statistics from the Outer Banks, NC, they are experiencing the increase in sales, just not the sales price. I will be publishing my full report with my next newsletter. If you would like a copy sign up for the newsletter at bottom of home page; www.sandbridgehouses.com
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