Archive for Ardsley Park

Market Update : Ardsley Park and Historic Savannah

Posted in For Buyers, For Professionals, For Sellers, Real Estate, Uncategorized with tags , , , , on May 13, 2008 by Peter Nelsen

I hope everyone had  a good Mother’s Day, I know we did.  I thought I would update my market report from two weeks ago.  As of April 25th their were 9 sales in Ardsley Park, today there are 14 sold.  Then there were 9 properties under contract, today there are 7.  While these numbers are encouraging, they do fall short of the normal average of 10 homes per month and closer to the numbers from last year of 7.5 per month with a total of 7 homes sold in April.  With the inventory steady at 85 properties it is interesting to note that Cora Bett Thomas Realty has represented 4 of the 13 sales or over 30% of Sellers in this challenging market chose our company to get their homes sold ( 2 of them chose me and I was happy to get the job done. )

Let’s take a look at the Landmark Historic District.  The boundaries of this area are from the Savannah River in the North to Gwinnett Street to the South, and from East Broad Street to Martin Luther King Boulevard (West Broad Street) in the west.  Last year there were 130 sales in this area or 10.8 per month.  The good news is that although there are 31 sales so far in 2008, 15 of them were last month.  As I said two weeks ago the great deals have been snapped up and May will be another great month.  We have bounced off bottom in Savannah, the only question left is when will you get into the market?

Under Contract in the Historic District

  506 Tattnall Street — Under Contract

How Bad Is It?

Posted in For Buyers, Real Estate with tags , , , on April 24, 2008 by Peter Nelsen

My family and I live in the Ardsley Park/Chatham Crescent Historic District and I spend a lot of time specializing in this area.  This morning I was thinking about how the market is really starting to pick up over the last two weeks and how it has been a long year.  I wondered just how bad has it been in Ardsley Park last year as compared to this year.

Last year by April 24th there were 24 sales in the Ardsley Park area as defined by the Neighborhood Association boundaries compared to just 9 this year.  It was 24 the year before if you were wondering.  Thankfully there are currently 9 properties under contract and 1 contingent so by the end of April we should see an uptick.

Two years ago there were 118 reported sales in the same area which was the the three year average and only 90 last year representing a drop of more than 23.0% of existing home sales.  Currently there are 84 homes on the market which represents nearly one year of inventory if the number of sales is similar to last year.  The magic number for inventory seems to be 6 months.  As the number falls below 6 months it is a Seller’s market and when it becomes more than six months, as is the case today, a Buyer’s market.  When this market equalizes we should have about 60 units on the market, but 84 properties is not totally unusual for a Spring market.

The statistics for Ardsley Park/Chatham Crescent is not unique to the Savannah marketplace, so if you have been thinking about Buying in Savannah, get out there and find your best deal, you’ll be glad you did!

Ardsley Park For Sale Sign