What a year we are having in real estate on St. George Island! Compared to this time last year, sales of homes are almost twice what they were last year, with the average home price up slightly from the average last year.
Does that sound like a recovery in our market to you???
We continue to feel blessed that our team is doing so well, with a little over 20% of all the residential business on the island passing through our hands, on either the list side, the buyer side, or both. We have been hard at it, through the good years and the not-so-good, and we see our efforts for our customers paying off, as the market comes back.
The sweet spot continues to be beachfront for under a $1M, and it's getting harder and harder to find. The other hot commodity is bank-owned properties - most of them are priced at or below market, and multiple offers are not uncommon. Most of my buyers find that the market alerts I send them nightly on their chosen segment of the market are the best tool in keeping on top of new listings and price drops - the time to make the offer is when you see the one you want, at the price that makes sense to you.
Patience is most certainly a virtue, but don't out-wait the market. I've got buyers who have been patient and kept working with me through the last few years, but who have now found the right property and snapped it up. The values are still there, but more and more people (twice the number form last year!) are deciding now is the time to buy.
They are in good company!