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Local home sales soar in August 09/27/2011
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Posted: September 9, 2011 - 5:10pm  |  Updated: September 10, 2011 - 1:42am

 

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By Adam Van Brimmer

 

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."

 LOCAL HOME SALES SNAPSHOT

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

 LOCAL HOME SALES SNAPSHOT

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

 

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Experts believe recession will spare Liberty 03/05/2008
March 5, 2008- Coastal Courier- Military cities, such as Hinesville and Columbus, will be strong points in the state's economy this year, according to a forecast by Georgia State University.  Those two areas will be booming because the national base realignment is boosting jobs in Hinesville/Fort Stewart and Columbus/Fort Benning by more than 3 percent each, the forecast said. Read the article: Experts believe recession will spare Liberty.pdf
Army announces re-stationing details 02/01/2008
February 1, 2008- AUSA News- The Army announced Dec, 19th where it will station more than 74,000 soldiers as part of its plan to grow the active and reserve component force over the next few years.  Read the whole article: AUSA News- 2-1-08- Army announces details.pdf
Kingston tells chamber of Army's benefits 01/16/2008
January 16, 2008- Coastal Courier- U.S. Rep. Jack Kingston (R-Savannah) talked Fort Stewart finances, ongoing conflict in Iraq and preserving Liberty County's history during the Liberty County Chamber of Commerce's Annual Meeting and Awards Dinner last week.  Serving as the keynote speaker, the congressman told local business people the current financial impact of the 3rd Infantry Division and expected future impact of an additional 3,900 soldiers planned for the post in 2011 continues to make Liberty County fertile for business.  Read entire article: Rep. Kingston Ft. Stewarts $1.3 B local impact.pdf
News Brief: 01/02/2008: Army Reorganization 01/02/2008
January 2, 2008- AUSA News- To accomodate the anticipated strength increase of 74,200 by 2010, the Army revealed its plan Dec. 19 to station new active, Guard and Reserve units at larger posts across the country.  The move would affect 380,000 soldiers and their families, and require $66 billion to buld 20 brigade complexes, 69,000 barracks spaces, 4,100 family housing units and 66 child development centers through 2013.  Read about the plan: AUSA News- 1-2-08- Army Reorganization.pdf
Army Announces Plan to Station Soldiers, Boost Bases 12/19/2007
December 19, 2007- American Forces Press Service- The Army's new plan for stationing its growing number of troops will affect 380,000 soldiers and family members and cost more than $66 billion in construction projects through 2013.  Announced today, the plan is the largest Army transformation since World War II, and moves the force toward a "modular," or brigade-centric posture.  The Army's vice chief of staff told reporters at the Pentagon today that the design represents a holistic improvement across the entire service branch.  Read all about it: DOD- 12-19-07- Army announcement.pdf
Savannah, Hinesville, Fort Stewart growing faster than state, experts say 11/15/2007
November 15, 2007- Savannah Morning News- Metro Savannah and the Hinesville/Fort Stewart areas are expected to add jobs faster than the rest of the state, according to a quarterly outlook released Wednesday by Economic Forecasting Center at Georgia State University.  Read entire article: Savannah Hinesville Ft. Stewart growing faster than state.pdf
Ribbon cutting opens airport 11/05/2007
November 5, 2007- Coastal Courier- A ribbon cutting Monday marked the opening of the MidCoast Regional Airport at Wright Army Airfield.  It was a milepost in the special relationship of the area's civilian and military communities.  The state of the art facility replaces an aging, inadequate Liberty County Airport, and Fort Stewart is getting use of a 5,000-foot resurfaced runway in place of a deteriorating landing strip that had been closed to fixed wing aircraft. Read all about it: Ribbon Cutting opens new airport.pdf
Area job market called one of the best in U.S. 10/03/2007
October 3, 2007- Coastal Courier- The Hinesville/Fort Stewart community has zoomed from 20th to fourth place in the Milken Institute's ranking of best performing small cities.  Read entire article: Job Market best in the US.pdf
Tour showcases BoE's new office 10/01/2007
October 1, 2007- Coastal Courier- More than 100 people visited the Liberty County Board of Education's new central office dedication Monday in an event that included a tour of the adjoining pre-K center. Read entire article: Tour showcases BOE's new offices.pdf
Savannah, Hinesville among country's 'best performing' cities 09/28/2007
September 28, 2007- Savannah Morning News- Savannah jumped from 78th to 34th in the just-released 2007 Milken Institute/Greenstreet Partners Best Performing Cities Indez, which ranks metro areas- both large and small- according to their ability to grow and sustain jobs.  Read entire article: Savannah Hinesville among best performing U.S. cities.pdf
County Administrator: Airport opening Nov. 5th 08/03/2007
August 3, 2007- Coastal Courier- The long-awaited opening of the joint-use civil-military airport at Wright Army Airfield has been scheduled for Nov. 5.  Read entire article: Joint use civil military airport opens Nov. 5.pdf
VP: Target not just about the bottom line 08/03/2007
August 3, 2007- Coastal Courier- A who's who of local business, political and community leaders converged on the Target distribution center in Midway for the site's grand opening Wednesday afternoon.  Read entire article: Grand opening of Target's 1.5 millions S.F. distribution center.pdf
LCPC expecting more growth 06/01/2007
June 1, 2007- Coastal Courier- Jim Thomas, Liberty Consolidated Planning Commission Chairman, spoke during a recent Rotary Club meeting about the "explosion of expansion" in the county.  By 2030, Thomas said, he expects the population of Liberty County to grow anywhere from 32 to 50 percent.  To accompany this population growth, he discussed the 10,000 living units planned for the Independence Development in Hinesville, and touched on the development involved in the Midway master plan.  Read entire article:  Liberty County Planning expecing massive growth.pdf
Coastal Communications sold 05/02/2007
May 2, 2007- Coastal Courier- Coastal Communications, which provides telephone, high-speed Internet and entertainment services to homes and businesses in Hinesville, Richmond Hill, Midway, Fort Stewart and surrounding areas, has become part of CenturyTel, Inc.  Read entire article: Coastal Communications sold to Fortune 400 company.pdf
Booming birth rate delivers needs at hospital 02/12/2007
February 12, 2007- Coastal Courier- With the looming prospect of delivering more than 700 babies this year, officials and doctors at Liberty Regional Medical Center recently met with Rep. Jack Kingston to discuss plans to expand the hospital's maternity ward.  Read entire article: Booming birth rate delivers need at local hospital.pdf
Hinesville in line for VA clinic 12/01/2006
December 1, 2006- Coastal Courier- The U.S. Department of Veterans Affairs has recommended putting new outpatient clinics for veterans in both Hinesville- about 30 miles southwest of Savannah and home to Fort Stewart- and in Brunswick. See the article: Hinesville in line for V.A. clinic.pdf 
In Coastal Georgia: Expect 844,000 residents by 2030 10/18/2006
October 18, 2006- Savannah Morning News- A Georgia Tech report predicts half again as many coastal Georgians by 2030.  If you're planning to stick around coastal Georgia, you'd better move over.  Read entire article: Expect 844,000 by 2030 from Savannah morning news.pdf
Affluent retirees would fuel economic boom, officials say 09/21/2006
September 21, 2006- Savannah Morning News- Tempted by the carrot of a more educated, more affluent population, Georgia's economic development experts are working to develop stretegies to hire retirees to the Peach State.  Read entire article: Affluent Retirees will Fuel Economic Boom.pdf
Hinesville keeps getting bigger 03/21/2005
March 21, 2005- Coastal Courier- The actions brought more than 2,600 acres from the Independence project along West 15th Street and another 111 acres for development off Topi Trail.  Read entire article: Hinesville Keeps getting bigger.pdf