Signs of a Bottom?
The final 2010 sales numbers point to more people taking advantage of values created on Seabrook Island by the economic downturn at the same time they display their confidence in Seabrook Island’s bright future.
Five significant positive signs are evident in the 2010 numbers versus 2009.
- A 30% increase in sales volume over last year.
- A 17% increase in unit sales over last year and even 10% higher than 2008.
- A 12% increase in the overall average price of the sales in 2010
- An 8% decrease in property inventory from one year ago.
- An increase in approvals for construction of new homes on Seabrook. There were just 7 in 2009, but 19 in 2010
Unfortunately these increases are born out of the ashes of our national real estate crisis. The market is still very fragile and all property sales remain extremely price sensitive.
The 94 Seabrook Island closings in 2010 are still well below the 10 year average of 193, but at least now headed in the right direction when compared with the 79 in 2009 and 82 in 2008.
Most of the increases in 2010 sales occurred in the single family home category.Villas and unimproved lots showed the number of sales little changed from 2009. Average sale prices for villas and lots was down from the year before.
Please feel free to call me or your favorite Seabrook Island Real Estate Sales Executive today for more real estate market information (843) 768-2560.