PALMETTO BLUFF PROPERTY REPORT
– 2024 FIRST QUARTER UPDATE –
We are pleased to report the sales season at Palmetto Bluff began earlier this year than in previous years, including strong activity for both sales and visitors alike in January and February. In Q1, our Palmetto Bluff Real Estate Company team gave 25% more real estate tours than last year. Additionally, at our sales office in Wilson Village, we had a 71% increase in walk-in visitors who registered for more information.
FIRST QUARTER OBSERVATIONS
• Palmetto Bluff saw a sales volume of $167.8M with 85 closed and pending transactions.
• Average home prices rose slightly to $2.58M, while average homesite prices fell from $1.14M to $908k.
• Although the average price of homesites is down, interest has risen, with 28 homesites sold or under contract in 2024 Q1, a 55% increase from 2023 Q1.
• 2024 Q1 saw 10 more closings than the same period last year, including six more homesites and four more homes. Additionally, despite fewer transactions, the dollar volume recorded in 2024 Q1 doubled compared to 2019 (pre-pandemic).
We are deeply committed to sharing Palmetto Bluff’s story with visitors from around the globe and promoting our clients’ listings to the hundreds of individuals and families who visit the Bluff annually. Stop by our sales offices to learn more!
2024
total closed & pending 85 for $167.8M total homes closed & pending 57 for $141.2M total homesites closed & pending 28 for $26.6M
FIRST QUARTER AT A GLANCE
*Numbers reflect community wide closed and pending sales
REAL ESTATE COMPANY Homes closed 20 for $49M Homesites closed 8 for $7.5M FIRST QUARTER FIRST QUARTER COMPARISON 2019 2020 2021 2022 2023 2024 Properties Closed 48 51 84 79 31 41 Dollar Volume $44.7M $42.4M $74.4M $100.7M $70.6M $81.8M Average Home Purchase Price $1.46M $1.29M $1.82M $2.14M $2.55M $2.58M (Resale and Developer) Average Homesite Purchase Price $360K $601K $557K $883K $1.14M $908K (Resale and Developer)
PALMETTO BLUFF
RESALE HOMESITE CLOSINGS 1,200 1,100 1,000 900 800 700 600 500 400 300 200 100 0 Average Price ($ in 000s) Median Price ($ in 000s) RESALE HOME CLOSINGS 3,000 2,500 2,250 2,000 1,750 1,500 1,250 1,000 750 500 250 0 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Average Price ($ in 000s) Median Price ($ in 000s) $1.228M $1.014M $1.411M $1.505M $1.346M $1.315M $1.590M $1.453M $1.674M $2.331M $1.025M $900K $990K $1.200M $1.200M $1.195M $1.375M $1.334M $1.390M $1.893M
UPDATE Homes in Review 178 Homes Under Construction 198 Total Completed Homes 1,066 Average resale home prices have increased by over $1.119M since 2019 Average resale homesite prices have increased by over $398K since 2019 $2.557M $2.801M $2.572M $2.390M $2.500M $2.450M 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 $306K $322K $445K $362K $325K $495K $399K $460K $528K $742K $1.131M $1.023M $858K $180K $185K $227K $273K $278K $350K $311K $388K $408K $635K $920K $818K $823K
HOMES HOMESITES Active Listings 44 30 Average List Price $3.856M $1.122M Median List Price $3.148M $910K Average Price per sq ft $865 Average Days on Market 186 235 Active resale market accounts for 6% of all property in private hands Scan QR code to view available homes. ACTIVE LISTINGS
PALMETTO BLUFF PROPERTY REPORT DESIGN REVIEW BOARD
MARKET TRENDS
CURRENT ACTIVE RESALE LISTINGS
BY THE NUMBERS
PALMETTO BLUFF REAL ESTATE COMPANY VS. OUTSIDE FIRMS
closed/ pending transactions. 71% The next closest firm brought 10
We brought the buyer for 60 of 85
CLOSE TO LIST PRICE AVERAGE CLOSED PRICE PBREC Outside Firm PBREC Outside Firm 2024 REAL ESTATE SALES First quarter home and homesite sales by selling company.* *SELLING COMPANY WAS PROCURING CAUSE FOR THE TRANSACTION. CLOSED AND PENDING TRANSACTIONS. ALL DEVELOPER LOTS AND HOMES AND BUILDER GUILD HOMES ARE INCLUDED IN THE PALMETTO BLUFF REAL ESTATE TRANSACTIONS. Homes Closed and Pending By Selling Company* 45 40 35 30 25 20 15 10 5 0 25 20 15 10 5 0 PBREC Company Q Company P Company B-O Private Sales 6 6 39 Homesites Closed and Pending By Selling Company* PBREC Company Q Company P Company B-O Private Sales 4 1 1 1 21
55 Flicker Street $2,499,990 BEDS: 5 | BATHS: 5 1/2 | SQ FT: 3,572 91 Game Land Road $1,825,000 BEDS: 4 | BATHS: 4 | SQ FT: 2,942 151 Squash Blossom Lane $1,625,000 BEDS: 3 | BATHS: 2 1/2 | SQ FT: 2,226 460 Davies Road $3,495,000 BEDS: 4 | BATHS: 4 FULL, 2 HALF SQ FT: 4,060 9 Browning Road $4,695,000 BEDS: 4 | BATHS: 3 1/2 | SQ FT: 4,979 29 Wintercress Road $5,295,000 BEDS: 6 | BATHS: 6 FULL, 2 HALF SQ FT: 6,325 FEATURED LISTINGS 5 1 Homesites Homesites Homes Homes *Numbers reflect community-wide closed sales. *Numbers reflect community-wide closed sales. 98% $899K 97% $2.8M 89% $674K 93% $2.4M ( 17% higher ) ( 32% higher )
PALMETTO BLUFF PROPERTY REPORT
EXCLUSIVELY FOCUSED ON PALMETTO BLUFF
REAL ESTATE FOR OVER 23 YEARS.
We take great pride in representing this breathtaking community with our two on-site sales offices in Wilson Village and in the Discovery Center at the Montage Palmetto Bluff. As the official real estate company for Palmetto Bluff, we are privileged to have exclusive access to showcase the Palmetto Bluff Club and provide valuable insider information on the latest news and developments. Come see us soon.
WE
VISIT.
DOOR
Obtain the Property Report required by federal law and read it before signing anything. No federal agency has judged the merits or value, if any, of this property. This does not constitute an offer to sell or a solicitation of any offer to buy where prohibited by law. The complete offering terms are in an offering plan available from sponsor. File no. H-110005
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