An Insider’s View of the Real Estate Market on St. George Island and the Surrounding Areas
SOLD for $367,500. Custom-built bay front home on Apalachicola Bay in Eastpoint in the gated community of Magnolia Bay. Enjoy beautiful sunsets from this location. The home has 2483 square feet with 3 BR/3 BA with luxury upgrades plus a large garage and work area. There’s a boat dock and screened porch.
SOLD: 275 Magnolia Bay Dr, Eastpoint
Prudential Shimmering Sands Realty continues to be the real estate leader on St. George Island with a 43% market share, year to date, in both dollar volume and number of transactions closed. Second place is Century 21 Collins Realty with a 17% market share, and third place is Fickling & Company with a 13% market share. Six other companies comprise the remaining 27% of activity on SGI.
I am happy to report that I rank third, in dollar volume, of the 30 agents who have closed transactions on St. George Island year to date. And, I rank fourth in number of transactions closed.
This data is derived from the Multiple Listing Service of the Realtor Association of Franklin & Gulf Counties as of April 26, 2014.
Year to date real estate sales on St. George Island show an increase of 7% in the total number of transactions closed. In 2013, there were 46 transactions closed January 1-April 25; in 2014, there were 49. The dollar volume of sales for this period in 2014 is $16,679,700, a 4% decrease from 2013. Based on the number of transactions closed, the lowest year for St. George Island was 2008 when only 20 transactions closed. See chart for details.
Good news for the real estate market on St. George Island based on first quarter reports from the MLS of the Realtor Association of Franklin & Gulf Counties. Sales activity increased 38% during the first quarter of 2014 compared to the same period in 2013. In 2014, 40 sales transactions closed on St. George Island, including residential, lots and commercial, compared to only 29 during the same period in 2013. Inventory has increased 8%.
The gulf view beach cottage at 1072 East Gulf Beach Drive closed for $325,000. This 3 BR/2 BA, 1152 sq. ft. home was sold partially furnished
SOLD! $325,000
Real estate sales activity is off to a great start in 2014. Since the first week in January, thirteen properties on St. George Island have gone under contract. This is a huge burst of activity, and a great way for the real estate market to start the new year. Six transactions have already closed this month, as of 1-20-14, compared to only three for the entire month of January in 2013.
I am frequently asked, “When is the best time to list my property?” You should list when you are ready to sell, but there are other considerations. Spring is always a busy time of year for sales activity on the island so you should have your property getting full market exposure during this time. Historically, 40% to 45% of all transactions on the island close in March, April, May or June. The slowest time for closings is November, December and January.
2013 was another good year for St. George Island real estate sales. The market continued to improve and remain stable. The average sales price increased 4%, from $381,146 in 2012 to $396,611 in 2013. The “days on market” decreased 5% from 281 to 268. And the inventory decreased 6% from 190 in December 2012 to 178 Jan 2014. The total number of transactions closed decreased 5% from 170 in 2012 to 161 in 2013. These statistics cover all property types on St. George Island and are derived from data provided by the Multiple Listing Service of the Realtor Association of Franklin & Gulf Counties.
Sunrise sea oats on St. George Island
The real estate sales market is stable on St. George Island based on sales statistics as of December 9. The number of transactions decreased 8% from 2012, but the inventory decreased 11%. The average sales price decreased 4%, but the Days on Market (DOM) decreased 6%. The sold to list price ratio increased from 93% to 94%. These statistics cover all transactions on St. George Island including residential, lots & land and commercial. Information is from the Multiple Listing Service of the Realtor Association of Franklin & Gulf Counties.
Helen Spohrer, CCIM, Realtor
850-899-1262
hspohrer@stgeorgeisland.com
Amy Price, Realtor
850-866-4424
amyp@bpfla.com
Office 850-927-6000
Fax 888-287-5620
140 West 1st Street
Saint George Island, FL 32328
hspohrer@stgeorgeisland.com