ST. SIMONS ISLAND
2016 REALESTATE REVIEW
No matter where you live on St. Simons Island, 2016 was a year to remember. We experienced road closures, property use demonstrations and hurricanes, not to mention we had a another break out year for Real Estate sales. I’m certain, that anyone with a pulse came away from 2016 with a clearer understanding and opinion of how real estate on St. Simons impacts their lives. So… let’s take a look at what the real estate market did in 2016…
By the numbers…
SSI South had the most sales of any area on St. Simons with 258 Sales in 2016, the South end had the most units sold, highest average price and fewest DOM days on market. Driving sales is the desire to live close to the village and beaches.
SSI MidSouth has benefited from sales in the Reserve and Mariners developments. As supply tightened in the SSI South end, home buyers and investors looked to renovations of older homes along Old Demere and nearby neighborhoods.
SSI MidNorth with over 210 units sold benefited from new home construction in the Harrington submarket. Many of these homes were bought by a mix of retirees and young professionals looking for newer construction and more house for the money.
SSI North had 38 sales in 2016. Historically, homes on the North end have had to discount pricing in order to compete with over supply of listing inventory and less market demand for living on the North end. If you are willing to drive the additional 7 minutes, to the “Hamptons” you may find some of the best values on the island today.
Trends that we saw in 2016....
Total number of homes sold in 2016 was actually less than the previous year (698 in 2016 versus 740 in 2015). This may surprise many because 2016 was a “hot” market here on St. Simons.
The explanation lies in the fact we had fewer homes available for sale. Supply of Homes went down compared to 2015. Approximately 100 less homes (401) were available at the end of 2016 than were available at the end of 2015.
Pent up demand. Buyers were often frustrated by a lack of inventory and are now quietly waiting for that “perfect” house to come on the market.
Now is a good time to list a St. Simons Island home for sale. Inventory is down (less competition) and there is strong demand for well-priced homes. Buyers are ready to lock in low interest rates NOW before they begin to rise later this year.
Contact Page Aiken at 912-258-6000 for a free home price evaluation today.