Except for a weird two week period in early July, the Seabrook Island Real Estate market continued to be quite active over the summer. Right now there are 101 properties either closed or waiting to close in 2014, with almost four full selling months remaining in the year.
The most improved portion of the market is single family homes. In 2013, a total of 46 single family homes were sold, while in 2014 that number is already 44 and is on a track to be about 60 by year end. Villas are on track with 2013’s numbers, when 61 were sold. So far there are 46 villas either closed or waiting to close, again with four sales months remaining. Continuing on this track would mean an increase in residential sales of about 10% by year end. At the writing of this article, there were 91 single family homes on the market and 96 villas. This translates to about a year and a half supply, well down from the highs.
Sales of homesites are lower than last year with 13 sites closed or waiting to close. There were 30 closed homesite sales in 2013 and now 105 homesites on the market.
In the meantime, our marketing efforts and those of our Sales Executives continue to bear fruit, and your real estate company has generated the highest market share of sold properties in the history of the company. Real Estate produced a healthy profit for the first half of the year and helped to generate a significant increase in Club membership. We expect that to continue in the 2nd half based on the number of sales already waiting to close at this time.
A detailed comparison of the first half of the year shows that the Seabrook Island Real Estate market was in line with or better than our main competitor communities in the Charleston area and significantly better than competitors South of us in the Hilton Head/Bluffton markets. Inventory backlogs are also in line or better than in those markets.
As an added service to our current and future clients, Seabrook Island Real Estate is looking into programs to help owners of older properties, those built in the 1980s and 90s, to find ways to efficiently upgrade features of their homes in order to generate a higher return when they are ready to sell and to get their homes sold quicker. You will hear more about this in the near future!
Hope y’all had a great summer and as always, please feel free to call me to talk about the Seabrook Real Estate market.