The lack inventory of houses on the market in the Golden Isles has made real estate a hot commodity.
“Houses are staying on the market as short as two to three days,” said Realtor Angie Aimar, associate broker with Compass360 Realty.
There is no specific area of the Golden Isles where there isn’t a shortage of homes to meet the demands of everything from single-family homes to luxury homes, she said.
While the inventory for every type of housing is low everywhere in the Golden Isles, the demand remains high enough to keep everyone involved in the real estate market busy. It just means real estate brokers have to work harder to find sellers.
“We still have home buyers. We’re constantly looking,” she said.
Some of the buyers are purchasing homes as investments, rather than as a permanent residences.
“I’m seeing a lot of people coming for second homes,” she said. “They use them as short-term rentals when they are not staying in them.”
There could be some relief coming to add to the number of homes on the market in the foreseeable future, Aimar said. But it’s uncertain how long will it take developers to build new housing here because of a number of factors.
While St. Simons Island property is in high demand, Aimar said the planned developments in West and North Glynn County will also appeal to people looking to move to the Golden Isles when they are built.
One problem in meeting that demand has nothing to do with plans by developers currently in the works. The problem builders are having is finding building materials, and when they can get them they are paying top dollar.
Despite the higher cost to build a home, Aimar said people are willing to pay the price.
“It’s just right now coming from the COVID problems we had,” she said. “It’s driven the cost of building materials sky high.”
It’s uncertain how long it will be before builders will be able to get the materials needed to start work on the planned developments. But the lack of inventory won’t stop the demand for real estate in the Golden Isles from continuing. Forecasts predict real estate sales will be strong nationwide, at least through the end of the year.
“I think we will continue to have a good real estate market,” she said.
Realtor Renae Kirk, a broker with Sand Dollar Shores Properties, spends most of her time managing properties in the Golden Isles. But things have changed this year because of the strong demand for single-family homes. Kirk said she has sold 10 rental properties she has managed this year.
“It’s a great time to sell right now,” she said.
The bad news is renters living in those homes have to move before the new owners move in. Tenants in rental homes are given a minimum 60-day notice to find a new home. In some instances, they are given more time, she said. It underscores the need for more rental units in the Golden Isles, she said.
“People are wanting a full-time residence,” Kirk said. “Every one has been owner-occupied.”
The forecast for housing sales in the Golden Isles and nationwide to continues to be strong, with single-family homes in highest demand.
Low mortgage rates are also helping to drive home sales.