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Empty nesters, young professionals and SCAD parents are resurrecting Savannah’s battered condominium market, which has continued to hold its own over the last two years.
About 130 condos have sold in the first six months of this year, about 18 fewer than the same period in 2013 but still on par with pre-recession levels. The data comes from Savannah Multi-List Corp, which tracks real-estate figures for Bryan, Effingham and Chatham counties.
Single-family homes continue to dominate sales in the region, but condo sales have carved out a niche, owing in part to the condo boom of the mid-2000s and the larger historic homes that have been turned into condominiums.
In June, 30 condos sold in the metro area, the same as last year, but at a median price range of $181,250.
“Condo sales are strong this year,” said Elaine Seabolt, founder of Seabolt Brokers, who specializes in luxury real estate and upscale condominiums within Savannah’s Historic District.
She said condos with a price point between $180,000 and $300,000 are selling more quickly, while the condos she has listed in the upper $600,000 range tend to take longer.
“Back before the real estate market tanked, SCAD parents were buying condos for their students to live in. Then that stopped for many years after the downturn,” she said. “Now we’re finding that has begun again.”
The inventory is looking perilously low, though. There were just 36 active listings in June, 30 of which went into closing, meaning at that rate and supply, there would be barely one month’s worth of inventory if no new sellers came to market in July.
Compare that to last year, when there 140 active listings, equating to 4.6 months of inventory.
“To be honest, if we had more inventory, I think we could sell it,” said Seabolt. “I don’t think we have
a lot of new build, but I do see that coming back with the Broughton Street change.”
That change, passed by City Council two weeks ago, reduces the square footage minimum required for dwelling units in the upper floors of buildings along Broughton. Developer Ben Carter is proposing 100 or so smaller loft apartments above the retail spaces to cater to the young professional class.
Sometimes a condo is just the right fit for a buyer, Seabolt said. Recently she sold a $640,000 condo to a woman from Wisconsin who had only been in town for a day but wanted to establish a home in Savannah.
“That’s the mindset that has come back that we lost,” said Seabolt.
A look at local condominium sales since the recession, with a breakout of sales and median prices for the first six months of this year. Data includes all of Bryan, Effingham and Chatham counties, though the majority of condo sales take place within Chatham.
2007 272
2008 218
2009 212
2010 232
2011 197
2012 279
2013 271
Jan-June 2014 130
Jan. 2014 14 $145,000
Feb. 2014 17 $156,200
March 2014 19 $123,000
April 2014 21 $143,000
May 2014 29 $180,000
June 2014 30 $181,250
Source: Savannah Multi-List Corp.