Sea Pines Plantation 2013 Year End State of the Market Report Jan. 2014 | Page 9
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BANK-INVOLVED SALES
HOME SALES BY PRICE RANGE
59
55
Homes
Villas
Lots
7%
3%
2%
8%
8%
7%
25
24
22
95%
86%
84%
Short Sale
Foreclosure
Conventional
$250,000-$500,000
$500,000-$750,000
$750,000-$1m
$1m-$1.5m
$1.5m+
As I mentioned above in the discussion of Average Selling Price, it
is all about the mix of sales…and this graph clearly shows that the
focus for Home sales in Sea Pines in 2013 was at a price-point of
$750,000 and under. In fact, the number of Home sales under
$750,000 was 2.5 times what we saw for all Home sales over
$1 Million. As the market continues to build momentum and the
economy recovers, I fully expect to see an increase in $1 Million
sales in 2014.
INVENTORY AT YEAR END
Steadily falling over the last 6 years, the supply of Homes and
Villas for sale in Sea Pines is back to an “interesting” level…
interesting because of the beneficial effect it has on the marketplace. As buyers are faced with fewer and fewer options,
their attention, eagerness and responsiveness have all been
on the rise. We’ve recently had offers come in very quickly on
certain new listings where there is limited supply, and I expect
this trend to continue into 2014, including an increase in
multiple offer scenarios. With low inventory, comes heightened
“interest”…and that is good news for the Sea Pines market.
In 2013, short-sales and foreclosures accounted for 14% of Home
sales, 5% of Villa sales, and 16% of Lot sales in Sea Pines. However, the worst of this chapter in the housing-crisis is behind us as
struggling owners regain footing in the economy and as banks do
what they can to minimize the number of incidents of distressed
sales in the marketplace. In effect, these distressed, bank-involved
transactions will soon become the outliers that they were at one
time. And, as these types of listings become fewer and fewer, the
market will have that much of a better chance at earning an opportunity for price appreciation once again.
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132
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2008
2009
2010
2011
Homes
2012
2013
Villas
ALL MLS, ALL THE TIME
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