Posted: September 9, 2011 - 5:10pm | Updated: September
10, 2011 - 1:42am
Housing stall? What housing stall?
The local residential real estate market continued to buck the national trends in August, with sales hitting a four-year high in the Chatham, Bryan and Effingham county area.
The 416 sales marked the second time in three months more than 400 homes changed hands in a one-month period, something that hadn't happened since mid-2008.
"We are a bright spot, a very bright spot, and it feels like we're going to have a good September as well," said Monica Spillane, president of the Savannah Area Board of Realtors. "People are finally getting the message that real estate is a local decision. It's about what's going on in town or in a particular area of town and not what's going on across the state or the country."
The hottest sales areas in August directly reflect local conditions, specifically manufacturer growth. Gulfstream has added 1,300 employees so far this year, and other manufacturers based west of Savannah - JCB, Mitsubishi, Firth Rixson, Efacec - have added hundreds more.
Many of those new workers have families, making schools a big consideration in home shopping. And the popularity of West Chatham schools like Godley Station and the Effingham County school system contributed to upticks in those areas, Spillane said.
Effingham saw 71 sales, more than double the August 2010 totals and 45 percent more than in August 2009. West Chatham recorded 72 sales, the fourth straight month the area eclipsed 60 sales.
Realtor LaTrelle Pevey, who is based in Effingham, said low prices in the areas west of Savannah are attracting clients, too. Effingham's average sales price fell to $147,673 in August, while West Chatham homes went for $160,049.
"Gulfstream and the others are bringing in a lot of people, and while the newcomers love Savannah, they like the price point and the ease of access to I-95 out this way," said Pevey, who owns ERA Adams-Pevey Real Estate. "Buyers are finding the price points and larger lots appealing."
Price points helped move homes in other areas of Savannah as well. Skidaway Island hit a three-year high with 26 sales, as retirees and upper middle-class families took advantage of list prices down 28 percent from a year ago. Chatham County's other islands hit a three-year high with
54 sales. The average sales price was under $300,000 for just the second time this year.
The local housing market's momentum runs contrary to the national outlook. Savannah has seen month-over-month gains in five of the first eight months of 2011, with pending sales -- those for homes under contract but not yet finalized -- having remained steady.
Nationally, strong pending and finalized sales in the spring slumped in the late summer months. The National Association of Realtor's chief economist, Lawrence Yun, largely blames mortgage underwriting standards, but renewed fears of a double-dip recession have also contributed.
Yet Pevey views Savannah success as something that could spread around the country.
"I have always been of the mindset that just as fashion starts on the West Coast and in the Northeast and eventually filters down to Savannah, the opposite is true with real estate," Pevey said.
"Now that things are looking better here -- with the port activity and tourism and everything else we have going for us -- our success can move out to the entire nation."
The Savannah-area housing market (Chatham, Bryan and Effingham counties) hit a four-year high for sales in August. A look at the local market (numbers include residential real estate, including single-family homes, modulars, townhomes and condominiums):
Period|Available inventory|New listings|Final sales|Pending sales|Average sales price
August 2011 |4,315 |663 |416 |236 |$183,579
July 2011 |4,353 |635 |381 |250 |$209,072
June 2011 |4,506 |698 |405 |268 |$200,910
May 2011 |4,546 |737 |371 |244 |$190,191
April 2011 |4,480 |663 |324 |295 |$186,350
March 2011 |4,574 |760 |353 |278 |$188,313
February 2011 |4,561 |636 |248 |225 |$186,819
January 2011 |4,568 |732 |213 |191 |$204,280
December 2010 |4,679 |507 |305 |147 |$204,441
November 2010 |4,818 |538 |243 |158 |$196,561
October 2010 |4,981 |567 |275 |172 |$186,121
September 2010 |5,155 |632 |278 |175 |$192,402
August 2010 |5,286 |706 |263 |195 |$196,760
The Savannah-area housing market (Chatham, Bryan and Effingham counties) hit a four-year high for sales in August. A look at the local market (numbers include residential real estate, including single-family homes, modulars, townhomes and condominiums):
Period | Available inventory | New listings | Final sales | Pending sales | Average sales price |
August 2011 | 4,315 | 663 | 416 | 236 | $183,579 |
July 2011 | 4,353 | 635 | 381 | 250 | $209,072 |
June 2011 | 4,506 | 698 | 405 | 268 | $200,910 |
May 2011 | 4,546 | 737 | 371 | 244 | $190,191 |
April 2011 | 4,480 | 663 | 324 | 295 | $186,350 |
March 2011 | 4,574 | 760 | 353 | 278 | $188,313 |
February 2011 | 4,561 | 636 | 248 | 225 | $186,819 |
January 2011 | 4,568 | 732 | 213 | 191 | $204,280 |
December 2010 | 4,679 | 507 | 305 | 147 | $204,441 |
November 2010 | 4,818 | 538 | 243 | 158 | $196,561 |
October 2010 | 4,981 | 567 | 275 | 172 | $186,121 |
September 2010 | 5,155 | 632 | 278 | 175 | $192,402 |
August 2010 | 5,286 | 706 | 263 | 195 | $196,760 |
