~ Michael Atwood
This is the year-to-date real estate report for 2023 which includes sales for all Barefoot Resort
properties. This includes both the Residential and the Non-Residential properties.
Barefoot Single Family Homes
|$633,958 (average sales price)
(*This includes all active, sold, pending, & expired properties)
As a comparison to the previous year, the number of sales was less than the same as the previous year. But the average sales price was 6% higher compared to the previous year as higher-priced homes sold during this year in Barefoot Resort. The number of available properties was down significantly as compared to the previous year and the properties are selling at a slower rate compared to 2022. During 2023 the sales rate per month was 4.0 which was almost the sales per month as compared to the previous year. We currently only have around 3 months inventory of homes available in the Barefoot Community based upon that sales rate per month. We have 6 homes pending now for this year and that is fewer than as the previous levels during the same time in 2022. The total dollar amount for homes sold in Barefoot Resort was $7,607,500 and that is compared to $13,567,900 sold total in 2022.
We remain optimistic for the rest of the year as interest rates have stabilized into the 6+% range, which has slowed down the payment buyers as their affordability has diminished. The average number of days on market was 94 compared to 43 the previous year. Now is a great time to place your property on the market if you are looking to sell your home here in Barefoot Resort. If you have friends or relatives looking to purchase here, then we can see that prices have increased, and the interest rates have increased which has in turn slowed down the buyers that are looking in the higher price ranges. The market overall has seemed to have cooled down in our area somewhat as it has in other areas in Horry County.
(*This includes all active, expired, pending, and sold properties)
Pricing has increased 15% in 2023 compared to 2022. That is a significant increase over the
previous year. The year-to-date average monthly sales rate for condominiums and townhomes is 19 sales per month compared to the average of 33 per month in 2022. We currently have around 1.0 months of condominiums available for sale in the Barefoot Resort Community based upon the amount of inventory and the current rate of sales per month. The average days on market were 108 days which is slightly higher compared to the results from 2022. The total dollar amount for condominiums and townhomes was $23,761,911!
We continue to remain optimistic about the market for the rest of the year. The current interest rates have increased as I mentioned in the above notes compared to this same time last year. If you are looking to sell now it is a great time for condominium sales as compared to the same time last year. So, if you are considering selling during this time of the year then it’s a good time to get your property on the market based upon current sales levels and pending transactions. The total sales are down just because of the market being very low and the interest rates are higher.
In Summary …
The Barefoot Market has continued to remain a highly desirable area in which to purchase all types of properties. We are also seeing that we are attracting more and more permanent homeowners each month as new sales take place. So, if you are considering making a purchase here then you must consider that the inventory is very low here and the prices have continued to climb in all areas of Barefoot Resort.
On the other hand, if you are considering selling, then I would strongly recommend having a pre-inspection of your property from a local home inspector and correcting anything that may reduce the price of your property. Another item to consider is to offer a home warranty with your property as we see those properties sell for slightly higher prices than other similar properties. Lastly, I would suggest considering some of the upgrades that the market is demanding to maximize the price point for your property which are newer flooring, upgraded appliances, granite countertops, and a fresh coat of paint. In looking closely at the condominiums and homes that sold recently in the higher price ranges all of them completed upgrades that the buyers have showed that they are willing to pay a higher price for those properties.
In addition, the new Beach Cabana and the Western boundary wall definitely has added value in the eyes of the buyers that are coming in record numbers to live here in the Horry County/North Myrtle Beach areas.