DECEMBER 1, 2018
- Michael Atwood
This is the 2018 year-end report for all of sales for all Barefoot Resort properties which includes the Non-Residential properties and the Barefoot Resort Residential Properties. (*This includes all active, sold, pending, withdrawn & expired properties)
|YTD TOTALS||CURRENT ACTIVE||PENDING|
As a comparison to the previous year the sales, available listings and sales price improved. The number of available properties was down as compared to the previous year and the properties are selling at a faster rate compared to 2017. During 2018 the sales rate per month was 8.3 sales per month over this past year as compared to 6 per month in the previous year. We currently have around 2.5 months of homes available in the Barefoot Community based upon that sales rate. We also have 22 pending sales now for this year and that is above the previous levels during the same time in 2017.
We remain optimistic for the upcoming year even though interests rates have raised slightly compared to the same time last year. Home sales improved significantly in Barefoot during the summer and fall. What we are seeing is an increase in the total market with new home sales being 35% of the total area market. The existing home sales have increased over the same period of the previous year. Now is a great time to place your property on the market if you are looking for a quick sale even though we do expect fewer buyers coming here to look for homes but they tend to be ready to purchase during this time of the year.
Pricing is up around 5% from the previous year because there were more resort villas sales during the same time this year versus the golf villa units in the Barefoot community. Year to date the average rate for condominium is 20 sales per month. We currently have around 5 months of condominiums available for sale in the Barefoot Community based on the amount of inventory and the rate of sales.
We are optimistic about the market for this upcoming year. As we know that interest rates are up slightly and have only had a small effect on the local condominium/townhome market. If you are looking to sell now it is a slower time for condominium sales but the buyers are here for a reason. So consider selling during this time of the year when we have an influx of potential homeowners from other areas of the country.
Most of these available lots are in the Dye Estates. The lots that are available in the others areas of Barefoot continue to be reduced by single family home sales in The Retreat and Tuscan Sands. There are buildable lots available in The Retreat, The Dye Estates, and Tuscan Sands but they are selling faster than other areas of North Myrtle Beach. There will be fewer lots that are customizable as The Dye Estates lots sell thus reducing the sellable lots within the Barefoot Community. There will be additional phases coming available in The Retreat in the coming year only when the commercial aspect of The Retreat has begun. Right now the commercial aspect of the land in Barefoot is now under construction and leases are available. The latest section of The “Retreat” which will be named later upon final approvals from the City of North Myrtle Beach.
According to this market, the absorption rate for the lots in The Dye Estates is showing less than one year left based upon recent sales numbers.
The Barefoot Market has continued to remain a highly desired area in which to purchase all types of properties. We are seeing that we are attracting more and more permanent homeowners each month as new sales takes place. So if you are considering making a purchase here then you must consider that the inventory is getting lower each month and the prices have begun to climb in all areas of Barefoot Resort. Again the sales prices have increased in all types of properties and the inventory remains lower as well.
On the other hand if you are considering selling, then I would strongly recommend having a pre-inspection of your property from a local home inspector and correcting anything that may reduce the price of your property. Another item to consider is to offer a home warranty with your property as we see those properties sell for higher prices than other similar properties. Last I would suggest considering upgrades that the market is demanding in order to maximize your price point for your property.