PALMETTO BLUFF PROPERTY REPORT
2022 FIRST QUARTER AT A GLANCE*
– 2 02 2 F I R ST Q UA RT E R U P DAT E –
total homes closed & pending
113 for $199.5M total homesites closed & pending
74 for $58.8M total closed & pending
187 for $258.3M *Numbers reflect community wide closed and pending sales
Palmetto Bluff has seen a continuation of the fast-paced real estate market in the first quarter of 2022. As a result, several of our neighborhoods are nearing sellout, including River Road, which was relaunched in 2011 and has only six lots remaining for sale. All of the developerowned lots in Moreland Village and Moreland Point have been purchased. At the time of this writing, the Palmetto Bluff Real Estate Company has sourced buyers for 82% of all closed and pending transactions YTD. The next closest firm sourced just 5% of total buyers. If you are thinking about selling your Palmetto Bluff property, you want to work with the firm that sources the most buyers to ensure a faster sale and a higher sales price, and the Palmetto Bluff Real Estate Company is undoubtedly the market leader and the firm best equipped to serve you. As of today, we have 448 homes either under construction or in the Design Review Approval process. The unbounded momentum of this community continues to grow, and there has never been a better time to own in Palmetto Bluff. The Palmetto Bluff Real Estate Company is here to help if you ever have questions about the valuation of your property.
FIRST QUARTER COMPARISON Q1 2022
Q1 2021
Q1 2020
79
84
51
$100.7M
$70.6M
42.4M
Average Home Purchase Price (Resale and Developer)
$2.14M
1.98M
1.29M
Average Homesite Purchase Price (Resale and Developer)
$883K
$557K
$601K
Properties Closed Dollar Volume
DESIGN REVIEW BOARD: FIRST QUARTER RESULTS Homes in Review 173 0
50
100
Homes Under Construction 275
Total Completed Homes 822
150 200 250 300 350 400 450 500 550 600 650 700 750 800 850 900 1000 1050 1100 1150 1200 1250 1300
PALMETTO BLUFF PROPERTY REPORT MARKET TRENDS RESALE HOME CLOSINGS ($ PER SQ FT) 1,000
$899
900 800
$722
700 600 500 400
FIRST QUARTER RESALE MARKET
$541
$513
$751
$888
total closed
$746
$572
average purchase price
$691
$557
300 2021 Q1
2021 Q2
2021 Q3
Average Price
2021 Q4
2022 Q1
% of list
Median Price
RESALE HOMESITE CLOSINGS 1,200
average price per sq ft
$1,182,345
1,150 1,100
average days on market
active listings
950 $867,500
900 850 800
$751,444
750 700
$684,575
$647,500
550 2021 Q1
$562,500
$650,000
2021 Q2
2021 Q3
Average Price ($ in 000s)
2021 Q4
2022 Q1
Median Price ($ in 000s)
DEVELOPER HOMESITE CLOSINGS $788,486
800 750 700 650 600 550 500 450
$466,286 $421,666
$448,676
$441,559
$382,500
$392,495
$403,750
2021 Q1
2021 Q2
2021 Q3
$450,000
400 350
$622,500
300 Average Price ($ in 000s)
2021 Q4
2022 Q1
Median Price ($ in 000s)
* 79% increase in average price since acquisition by South Street Partners
11
$2,698,524
$1,182,345
$887.55 99.75%
99.06%
37
22
HOMES
HOMESITES
11
12
$3,524,909 $1,259,500
median list price
$3,495,000
average days on market
$602,875
16
average list price
average price per sq ft
$620,779
650 600
$828,004
HOMESITES
ACTIVE RESALE LISTINGS SNAPSHOT
1,050 1,000
HOMES
$932,500
$948 48
104
PALMETTO BLUFF PROPERTY REPORT BY THE NUMBERS PALMETTO BLUFF REAL ESTATE COMPANY VS. OUTSIDE FIRMS We were involved in 66 of 79 closed transactions We brought the buyer for 62 of 79 closed transactions
85 80 57
Year-to-date sales of homes and homesites closed by selling company.* Homes Closed Year-To-Date 2022 By Selling Company*
% %
The next closest firm had only 5 of 78 (6%)
Palmetto Bluff Real Estate Company tours converting to purchase
2022 REAL ESTATE SALES
%
Palmetto Bluff Real Estate Company Q1 closed resale home listings average price per square foot:
$967.77
Outside firms Q1 closed resale listings average price per square foot:
Homesites Closed Year-To-Date 2022 By Selling Company*
20
50
18
45
16
40
14
35
12
30
10
25 17
8
20
6
45
15
4
10 5
2
2
0
2
5 1
PBREC Company Company Private Company
Q
B-O
Sale
P
3
0
2
2
PBREC Company Company Private Company
P
B-O
Sale
Q
*SELLING COMPANY WAS PROCURING CAUSE FOR THE TRANSACTION. CLOSED TRANSACTIONS ONLY. ALL DEVELOPER LOTS AND BUILDER GUILD HOMES ARE INCLUDED IN THE PALMETTO BLUFF REAL ESTATE TRANSACTIONS.
$851.09
PROPERTY HIGHLIGHTS
126 AUGUST LANE Listed and sold by Palmetto Bluff Real Estate Company 753 OLD MORELAND ROAD Listed by Palmetto Bluff Real Estate Company Listed $1,795,000 Closed at
110% of asking price
$895 per square foot On the market for ONE
DAY
Listed $4,600,000 Closed at
100% of asking price
$1,467/SF Highest dollar per square foot in Palmetto Bluff history. The previous record was $1,156/SF, which was set by PBREC as well. Once under contract, it closed in TWO WEEKS
77 MOUNT PELIA ROAD Listed by Palmetto Bluff Real Estate Company Listed $2,950,000 Closed at
113% of asking price
On the market for FOUR
CLOSED PRICE:
CLOSED PRICE:
CLOSED PRICE:
$1,975,000
$4,600,000
$3,335,800
DAYS
THE PALMETTO BLUFF REAL ESTATE TEAM
W. BRYAN BYRNE 843.247.3374
AMANDA CUTRER 912.484.6782
JEFF QUINN 678.787.3164
bbyrne@palmettobluff.com
acutrer@palmettobluff.com
jquinn@palmettobluff.com
MARTIN ROACHE 854.202.4344
TRACY SCHYBERG 912.659.6206
JIM STATON 704.497.1441
mroache@palmettobluff.com tschyberg@palmettobluff.com
jstaton@palmettobluff.com
PALMETTO BLUFF REAL ESTATE COMPANY 800.501.7405 19 Village Park Square, Bluffton, South Carolina 29910
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. All plans have been prepared for graphic presentation only. Room dimensions, building elevations and narrative descriptions are approximate. This is a conceptual view; details and materials shown may differ from initial offering specifications. Palmetto Bluff Real Estate Company does not represent or warrant that the above design depicts the exact current dimensions of the structure or exact current placement of fixtures within the structure. The customer is responsible for confirming exact current measurements and the exact current placement of fixtures within the structure prior to purchase. © 2022 The Palmetto Bluff Company, L.L.C. All rights reserved.
PA L M E T TO B L U F F. CO M