Sea Pines Plantation 2013 Year End State of the Market Report Jan. 2014 | Page 8
STATE OF THE SEA
PINES MARKET
HOME + VILLA SALES
LOT SALES
15
179
177
161
138
13
135
134
121
121
82
61
60
7
7
57
4
1
2008
2009
2010
2011
Homes
2012
2013
2008
Villas
2009
2010
2011
2012
2013
Total closed sales for both Homes and Villas increased in 2013
over the prior year, continuing a trend-line that began back in
2009. At a pace of about 1 Home sale every other day in Sea
Pines, the months of May, June and August were far-and-away
the strongest closing months with 23, 24, and 22 closed Home
sale respectively. Villas followed suit with May and June posting
the strongest closing months. Of note, in the Home sales, roughly
30% of the closed sales in 2013 took place in the Club Course
section of Sea Pines, while the “beach-block” sales represented
13% of the transactions. The balance of sales were nicely spread
out among the remaining sections of the Plantation.
While Lot sales took a slight drop in 2013 from 2012, the pace of
Lot sales is still 2-3 times that of just a few years ago. With the
inventory of resale Home listings down sharply in Sea Pines, the
option of buying a Lot and building is back in-play in the market.
This includes the return of a small number of spec-home builders
who are seeing success in developing/selling new Home inventory,
something that the marketplace lacks greatly due to the significant
drop-off of building over the past 5-6 years. The Sea Pines ARB is
nicely busy with building permits, and it is great to have the smell
of turned-dirt and cut-lumber in the neighborhood once again.
AVERAGE SALES PRICE
AVERAGE DAYS ON MARKET
225
187
159
$1,000,000
159
202
198
198
$1,200,000
186
172
164
152
150
$800,000
$600,000
$400,000
$200,000
$0
2008
2009
2010
Homes
2011
2012
2013
Villas
The saying goes: We won’t know we have hit bottom until we’ve
passed it! As the graph shows, we are clearly bouncing around
the bottom of the market in terms of average sales prices in Sea
Pines. The biggest drop is behind us, but we still need the benefit
of a little more time to put the bottom of the market completely
in the past. As this statistic reflects the average of the mix of
sales that took place across the year, the drop in 2013 for average
Home prices is a function of fewer high-end sales in Sea Pines in
2013. Meanwhile, a nice handful of high-end Villa sales in 2013
had the opposite effect. The sharp decline in distressed sales was
helpful in both categories, and should enable the market to s