What is the status of real estate sales on Seabrook and have home prices hit bottom? This question is asked almost daily and sometimes numerous times during the business day on and off the island. 2010 sales showed improvement in that median sales prices for single family homes and condos/villas/townhomes did not decline at the precipitous rate recorded in 2009. Single family homes prices fell 17.6% in 2009 as opposed to 7.9% in 2010. The median sales price fell from $733,000 to $675,000. There was no change in the condo/villa market in 2010 as opposed to 2009 where the median sales price remained at $350,000. All told data suggests that median sales prices are now where they were in 2005, not good news if you purchased your property in the 2005 through early 2007 window.
Although there was a down tick in condo/villa sales 39 units in 2010 as opposed to 41 units in 2009, single family home sales increased from 23 homes sold in 2009 vice 41 in 2010. The improvement in sales came at the cost of sellers both in increased days on the market (522 days) for single family homes and (430 days) for condos/villas as well as in price per square foot, down an average of 29% for single family homes and an average of 27% for condos/villas. The sellers who felt the largest “hit” were those selling properties originally listed above one million dollars– sixty-six percent reduced their price by fifty percent or more. Akers and Ellis is a full service agent handling Seabrook Island Vacation Rentals and Seabrook Island Real Estate and home sales.
What’s the take away from this? Although there was an increase in the number of single family homes sold in 2010 and there was some settling in the average price per square foot, 2011 will remain a challenge for sellers. They will have to be vigilant to ensure that their homes are competitively priced and hope that there will not be a significant influx of homes put on the market as a result of last year’s results. The window for buyers will begin to close some and they will need to keep an eye on increasing interest rates.