May 1, 2020
~ Michael Atwood
This is the first quarter real estate report for 2020 which includes sales for all Barefoot Resort properties. This includes both the Residential and the Non-Residential properties.
|YTD TOTALS||CURRENT ACTIVE||PENDING|
|PRICING||$384,592 (average sales price)|
(*This includes all active, sold, pending, & expired properties)
As a comparison to the previous year the number of sales and average sales price was the same as the previous year. The number of available properties was down slightly as compared to the previous year and the properties are selling at a slower rate compared to 2019. During 2020 the sales rate per month was 5.6 which are lower than the same sales per month as compared to the previous year. We currently have around 4.3 months inventory of homes available in the Barefoot Community based upon that sales rate per month. We have 8 homes pending now for this year and that is less than the same as the previous levels during the same time in 2019.
We remain optimistic for the upcoming year as interests rates are lower compared to the same time last year. We are seeing a flattening in the total market due to the overall results of the pandemic. Now is a great time to place your property on the market if you are looking to sale your home here in Barefoot Resort. If you have friends or relatives looking to purchase here then it’s time to get them here in order to get the best price for homes that are currently on the market. The market overall remains strong in our area and especially in North Myrtle Beach. The new community infrastructure has begun and we will see new homes soon in that area near the North Tower.
(*This includes all active, expired, pending, and sold properties)
Pricing is up significantly to 20% 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 Resort communities. The year to date average monthly sales rate for condominium and townhomes is 19 sales per month. We currently have around 5 months of condominiums available for sale in the Barefoot Resort Community based upon the amount of inventory and the current rate of sales per month.
We remain optimistic about the market for this year. The current interest rates are slightly lower as compared to this same time last year. We are seeing a flattening in the total market due to the overall results of the pandemic. 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 during this time of the 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 available and the floor plans and their pricing are available to anyone through the onsite D. R. Horton sales center.
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 Tuscan Sands. Right now the commercial aspect of the land in Barefoot is now ready for leases.
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
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 the price point for your property.