BRRA NEWS CENTER

Barefoot Real Estate Update

APRIL 1, 2019

- Michael Atwood

This is the first quarter 2019 report 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 (*This includes all active, sold, pending, withdrawn & expired properties)

Barefoot Single Family Homes

  YTD TOTALS CURRENT ACTIVE PENDING
LISTINGS 53* 20 13
SOLD 17    
PRICING $381,422 (average)    

As a comparison to the previous year the sales and sales price improved. The number of available properties was down as compared to the previous year and the properties are selling at a slightly faster rate compared to 2018. During 2019 the sales rate per month was 8.3 which are the same sales per month as compared to 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 13 pending sales now for this year and that is the same as the previous levels during the same time in 2018.

We remain optimistic for the upcoming year even though interest rates have remained level compared to the same time last year. 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 remained the same over the same period of the previous year. Now is a great time to place your property on the market if you are looking to sale your home here in Barefoot. The market overall remains strong in our area and especially in North Myrtle Beach. The information on the new community will become available in the upcoming months. There will be approximately 250 additional properties available in the section.

Barefoot Condo/Townhomes

  YTD CURRENT ACTIVE PENDING
LISTINGS 208* 100 38
SOLD 46    
PRICING $195,274 (average)    

(*This includes all sold, expired, withdrawn, pending and sold properties)

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 23 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 level as compared to this same time last year. If you are looking to sell now is a good time for condominium sales as compared to the same time last year. So if you are considering selling this year then it’s a good time to get your property on the market based upon current sales levels and pending transactions. The Dye Estates townhomes are now available and floor plans and pricing is available to anyone through D. R. Horton sales center.

Barefoot Land

  YTD CURRENT ACTIVE PENDING
LISTINGS 16 14 2
SOLD 9    
PRICING $200,235 (average)    

Most of the available buildable lots are in the Dye Estates. The lots that are available in the other areas of Barefoot continue to be reduced by single family home sales in The Retreat and Tuscan Sands. There will be an additional phase that will be coming available in The Retreat in the later part of this year. Right now the commercial aspect of the land in Barefoot is now ready for leases which have opened up that last phase of the final section of The “Retreat” which was approved by the City of North Myrtle Beach a month ago. We are expecting the infrastructure to begin soon as the permits are approved by the City of North Myrtle Beach.

According to this market, the absorption rate for the lots in The Dye Estates continue to show less than one year left based upon recent sales numbers

Michael Atwood

 

In summary...

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.