Photography: Cedric Smith
Residential sales in Savannah and surrounding markets have continued strong as we’ve moved out of the winter months and into spring, the selling season. The first quarter, typically the slowest for single-family homes, has seen a 4% increase from Q1 sales in 2015 with an 11% decrease in inventory. With the growth in the commercial market, as the supporting base of the residential, the residential market will maintain and can only improve from Q1 to Q2 this year.
Valuations sprung ahead of Q1 of 2015 by 6.7%, averaging $ 116/SF. In number of sales, Q1 of 2015 saw 1,555 as opposed to 1,629 of 2016. The neighborhoods we’ve seen the most growth in are The Historic Landmark District and The Islands. First time home buyers and investors are flocking to the area as prices become more competitive. We’ve seen a large influx of condo sales north of Anderson St. between Broad St. and MLK Jr. Blvd. as investors are looking for vacation rentals with the new city ordinance allowing the approved area of owner unoccupied rentals to expand past the Landmark Historic District.
We move forward, as always, happy that as our community continues to grow and prosper the real estate market will as well. Election years always prove difficult as the economic climate is more unpredictable; however, the current state of the market is stronger than it has been in the past and looks to be getting better each month with both deal volume and sale valuations. As artists, investors, and families continue to make Savannah home at an ever-increasing pace, we are overjoyed to see the success of our community looking brighter than ever.
*Data provided by the Savannah Area Board of Realtors.