PALMETTO BLUFF PROPERTY REPORT
– 2023 FIRST QUARTER UPDATE –
total closed & pending 91 for $171.3M total homes closed & pending 73 for $153M total homesites closed & pending 18 for $18.3M
*Numbers reflect community wide closed and pending sales
For years, buyers have flocked to Charleston to experience the best of Lowcountry living, but the tides are turning, according to the Wall Street Journal, which recently named the Bluffton/ Hilton Head Island area the top US luxury home market. As a result, Palmetto Bluff Real Estate Company and our vibrant community are perfectly positioned to welcome those who want to live in this stunning coastal setting and embrace the exceptional lifestyle found here.
Due to this ongoing desire to move to the Lowcountry, we continue to see strong interest in new construction, with 266 homes under construction at Palmetto Bluff and 154 in the Design Review Board process, representing over $800 million in residential construction. In addition, we’re seeing a steady increase in average home prices, with resale homes at an all-time high of over $3 million and a 21% increase in average purchase price since the end of 2022.
In the first quarter of 2023, Palmetto Bluff had 91 closed and pending transactions communitywide for over $171 million. At Palmetto Bluff Real Estate Company, we brought the buyer for 64 transactions, compared to the next closest firm, which produced just 13 buyers.
At Palmetto Bluff Real Estate Company, we take great pride in leading the local market, introducing the most buyers to available properties, and selling them twice as fast as outside firms while closing on average at a 13% higher price on resale homes. Please let us know how we might best serve your Palmetto Bluff real estate goals.
Palmetto Bluff Real Estate Company was involved in 73% of all Closed & Pending Transactions
2023 FIRST QUARTER AT A GLANCE
FIRST
2019 2020 2021 2022 2023 Properties Closed 48 51 84 79 31 Dollar Volume $44.7M $42.4M $74.2M $100.7M $70.6M Average Home Purchase Price $1.46M $1.29M $1.82M $2.14M $2.55M (Resale and Developer) Average Homesite Purchase Price $360K $601K $557K $883K $1.14M (Resale and Developer)
QUARTER COMPARISON
PALMETTO BLUFF PROPERTY REPORT
DESIGN
CURRENT ACTIVE RESALE LISTINGS HOMES HOMESITES Active listings 43 33 Average list price $3.140M $1.180M Median list price $2.595M $845K Average price per sq ft $899.74 RESALE HOMESITE CLOSINGS 1,200 1,100 1,000 900 800 700 600 500 400 300 200 100 0 Average Price ($ 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 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 MARKET TRENDS UPDATE Homes in Review 154 Homes Under Construction 266 Total Completed Homes 947 ACTIVE RESALE MARKET ACCOUNTS FOR 5.3% OF ALL PROPERTY 21% increase in average purchase price since the end of Q4 2022 $2.557M $3.089M $2.390M $2.763M 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 $306K $322K $445K $362K $325K $495K $399K $460K $528K $742K $1.131M $1.131M $180K $185K $227K $273K $278K $350K $311K $388K $408K $635K $920K $825K
REVIEW BOARD
PALMETTO BLUFF PROPERTY REPORT
PALMETTO BLUFF REAL ESTATE COMPANY VS. OUTSIDE FIRMS
We were involved in 66 of 91 closed/ pending transactions
We brought the buyer for 64 of 91 closed/ pending transactions
73%
70% The next closest firm had only 13 of 91 (14%).
RESALE HOME LISTINGS
BY THE NUMBERS
2023 REAL ESTATE SALES
First quarter sales of homes and homesites closed and pending by selling company.*
*SELLING COMPANY WAS PROCURING CAUSE FOR THE TRANSACTION. CLOSED AND PENDING TRANSACTIONS. ALL DEVELOPER LOTS AND BUILDER GUILD HOMES ARE INCLUDED IN THE PALMETTO BLUFF REAL ESTATE TRANSACTIONS.
FEATURED LISTINGS
Palmetto Bluff Real Estate Company Outside Real Estate Firm
Homes Closed and Pending By Selling Company* 70 60 50 40 30 20 10 0 14 12 10 8 6 4 2 0 PBREC Company Q Company B-O Company P Private Sale 10 7 52 Homesites Closed and Pending By Selling Company* PBREC Company P Company B-O Private Sale Company Q 3 1 1 1 12
176 Vinson Road $3,300,000 BEDS: 5 | BATHS: 4 1/2 | SQ FT: 4,724 13 Skeet Road $2,550,000 BEDS: 4 | BATHS: 4 1/2 | SQ FT: 3,380 64 Marsh Rabbit Street $1,790,000 BEDS: 4 | BATHS: 4 1/2 | SQ FT: 2,421 58 Marsh Rabbit Street $2,165,000 BEDS: 4 | BATHS: 4 1/2 | SQ FT: 2,565 273 Davies Road $5,950,000 BEDS: 6 | BATHS: 6 1/2 | SQ FT: 6,850 53 Waterfowl Road $2,395,000 BEDS: 3 | BATHS: 3 1/2 | SQ FT: 3,170
$3.48M
$3.07M 53 2 2 Closing Price* Days on Market* *Numbers reflect average for Q1 2023
31
EXCLUSIVELY FOCUSED ON PALMETTO BLUFF REAL ESTATE FOR OVER 22 YEARS. We take great pride in representing this magnificent community with our on-property sales office in the heart of Wilson Village and exclusive access to show the Palmetto Bluff Club. MORE THAN A place WE WELCOME YOUR VISIT. OUR DOOR IS ALWAYS OPEN. palmettobluff.com | 843.547.9954 19 Village Park Square | Bluffton, South Carolina 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 ...IT’S A calling
