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Barefoot Real Estate Year End Report for 2022

~ Michael Atwood

This is the year-to-date real estate report for 2022 which includes sales for all Barefoot Resort properties. This includes both the Residential and the Non-Residential properties.

Barefoot Single Family Homes

YTD TOTALS CURRENT ACTIVE PENDING
LISTINGS 72* 12 3
SOLD 56
PRICING $589,590 (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 26% 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 2021. During 2022 the sales rate per month was 4.6 which was slightly less than half the sales per month as compared to the previous year. We currently only have around 4 months inventory of homes available in the Barefoot Community based upon that sales rate per month. We have 3 homes pending now for this year and that is the same as the previous levels during the same time in 2021.  The total dollar amount for homes sold in Barefoot Resort for 2022 was $30,657,074 and that is compared to $36,150,660 sold total for 2021. That is a reduction of 17.91% or 11 less home sold in Barefoot Resort.

We can see that the prices have increased which has slowed down the rate of homes being sold in the Barefoot Community.  The interest rates climbing up this year has cooled down the amount of buyer’s that can afford the higher priced homes in Barefoot Resort. The average number of days on market went up to 90 days compared to 61 the previous year. Now it is still 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. We expect that trend to continue into 2023.

Barefoot Condo/Townhomes

YTD CURRENT ACTIVE PENDING
LISTINGS 431* 51 36
SOLD 305
PRICING $329,751 (average)

(*This includes all active, expired, pending, and sold properties)

Pricing has increased 26% in 2022 compared to 2021.  That is a significant increase over the previous year. The year-to-date average monthly sales rate for condominiums and townhomes is 25.4 sales per month compared to the average of 35 per month in 2021.  We currently have around 2 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 85 days which was slightly higher as compared to the results from 2021.  The total dollar amount for condominiums and townhomes was $100,904,022 which was slightly higher than the total dollar amount for 2021!

We can see that the market has slowed down during the last half of the year. The current interest rates have increased as I mentioned in the above notes compared to this same time last year. This has slowed down the buyer who can afford the higher priced properties in our Multi-family communities. But if you are looking to sell now it is a great time for condominium sales as compared to the same time last year. We are going to experience a continued slow down due to the interest rates increasing. 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.  I strongly suggest to ensure that your property sells during the time allotted that you have the upgrades that this market is asking for in order to get your maximum sales price.

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 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 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. Even though the market has cooled down we still see many buyer’s continuing to look at moving into our area.