Housing prices are on a steady increase as inventory continues to shrink island wide. As of this writing, there are 16 three bedroom two bath homes under $250,000 on the entire island. Many of those are mentioning 'in need of work' or 'in need of updating'. This price range has been very popular with younger families looking to take advantage of the 'island lifestyle' low crime and good schools. The price range has also been very popular with retirees moving to the island and buying in for the first time.
Condo sales are definitely on the rebound too and have been brisk for the last 6 months. As, average home prices on St. Simons have risen to a point where first time buyers, who would like to buy a home but are now priced out, are now being forced into the condo market which is making units under $200,000 very popular. I am now seeing multiple offers and full price offers more and more as buyer's decide to fight for a particular home versus going to look for another. I've seen several full price cash offers come up short in multiple offer situations.
If you are considering purchasing on St. Simons Island, Jekyll Island or even Sea Island and have been waiting until the market has changed, let me say loud and clear IT'S CHANGED! The National Association of Realtors is forecasting that home prices in Georgia have an expected 2014 increase of 3%-5%. http://realtormag.realtor.org/daily-news/2014/03/24/realtors-forecast-home-price-increases
I would expect that the Golden Isles being a resort area might see an increase of up to 10%. On an island home priced at $250,000 with three bedrooms and two baths built in 1980, that could be an increase of up to $25,000. That's a lot of money to wait on.
Give me a call today and we can start working on finding you the best island home for you at the best price.
Jeff Williams Realtor, RSPS
Resort & Second Home Markets Specialist
Coastal Georgia Real Estate Associates
Coastal Georgia Real Estate Associates
405 Magnolia Street, St. Simons Island, GA 31522
Ofc: 912-638-0006 Fax: 912-580-4130
Direct: 912-270-0032
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