4th Quarter Residential Housing Report in the Golden Isles of Georgia (St. Simons Island/ Glynn County)

By
Real Estate Agent with Real Estate Professionals of Glynn

Greetings and Happy New Years from what today one could call the deep freeze.  You see it is currently 24 degrees and windy but it is winter and considering this will last for only another day...well one need not complain too much since this is only the 4th or 5th cold event we've had in the past 12 months.  Speaking of which let me get to the 4th quarter report.  Yep the ole end of year.  Because I don't wish to bore everyone to death with endless statistics for the entire year I'll restrict this commentary to the last quarter sales of single residences.

All the news is not doom and gloom particularly if you are a buyer but yes there are even rays of sunshine for sellers as well. To begin with total sales volume is off by 39.1% in Glynn County for the 4th quarter. However, within that dismal statistic is one of those rays of sunshine.  The first of which is that sales grosses on the mainland are generally up by a modest 2% with the greatest increase being in Brunswick proper (B1).  Whereas on Saint Simons the South end seems to be doing just fine with selling prices being up a hair over 15%.  However, don't let this figure fool you.  You see Mid South, Mid North and North Saint Simons show a decrease in sales volume from 1 to 11.34%, so the pain isn't over there as of yet.  A bit of explanation is warranted regarding this increase in sales on the South end of Saint Simons.  You see it's pretty obvious sellers are generally accepting lower offers.  Offers which are averaging 10.6% below the asking price: Meaning the sellers in S-2 through S-4 are hanging closer to their asking price.  That could be due their not being in the position to wiggle as much for a variety of reasons.  Sellers on the mainland are taking an average of 3.5% less than the asking price with a range of 5 to 2.4% for all areas.

In summary the hot areas are North and West Glynn (G-2, G-3) and Mid North Saint Simons.  In each instance this trend holds true when compared to 2006 4th quarter statistics.  So what does all this mean to you as a Buyer or a Seller?  As a Buyer it means that there are real values out there on Saint Simons and the Mainland.  Expect them to continue to drop for another quarter but don't expect Sellers to cut prices by major hunks.   An additional 2 to 3% reduction can be expected in Mid- South/North and North Saint Simons with S1 (South Saint Simons) remaining relatively stable.  Mainland areas will undoubtedly reflect a similar trend with Central and North Glynn being the least reflective of further price reductions. Whereas Western Glynn will follow this trend due to surpluses of new housing.  Overall properties in the $135,000 - $160,000 range along with those in the $190,000 - $250,000 range continue to be the most active.

Finally, I need to add to the mix a brief comment about lenders.  Local lenders continue to have ample monies for qualified buyers.  And yes, even if you are a first time buyer there continue to be viable programs to assist you in obtaining your first home.  But remember being qualified means, being employed with an adequate income, NO EXCESSIVE use of credit or bad credit.  Lastly, do yourself and your Realtor a favor go out and get yourself prequalified prior to beginning your search.  And for goodness sake be honest with yourself about what you can afford.  The best way to do that is to apply an old adage that my grandfather use to say "Is it a need or a want?  A need will grow and want will come back to haunt you".  Until next quarter, be well, be safe, be wise and behave.

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