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Sandbridge Home Sales Soar

0-medium2012 closed with a very positive 29% increase in houses closed in Sandbridge. 58 houses were sold this past year, versus 45 in 2011. Average sales price per house declined by 2% for 2012. The increased volume of houses has helped reduce the available inventory. If we can continue to reduce the inventory I believe we will see prices start to increase. The number of short sales and foreclosures continues to decrease, which helps sales prices.
The reduced inventory helped several individual sellers sell their properties for amounts well above the market. These sales were largely cash purchases and thus weren’t impacted by appraisals. Buyers are willing to pay a premium for properties that are unique or in limited supply.

110-medium (1)We witnessed some tear down & rebuilding activity for the first time in a few years. Among these tear downs were decent structures as well as the expected older, obsolete structures.

The Sandbridge Condominium market rebounded nicely in 2012. Unit sales were up 41% over 2011, while average price increased 6%. This rebound can be attributed to lender cooperation and the improved ability to obtain condo financing.

I am optimistic that 2013 will be a good year.