Jeremy Jenks: Hey guys, Jeremy Jenks, Vice President of Sales here with the Trembley Group, and we’re gonna talk a little bit about the month’s supply of inventory in the Barefoot Resort market. Barefoot Resort is an awesome place with a lot of amenities. You’re very close to the beach, you’ve got the House of Blues, lots of restaurants and things that are right there, Alligator Adventure, and then you go over – there’s kind of a swing bridge that’ll turn allows boats to come underneath, and when you go over the bridge, you’re in what is kind of commonly called as the Barefoot Resort area.
There’s different builders, there’s most of it was developed about 10 to 15 years ago by Centex Homes. Actually fun fact, my esteemed colleague here and business partner, Scott Trembley, worked there and sold in the Barefoot Resort market a couple of times during his career. Let’s take a look at some of the market stats. We’re gonna cover the usual figures. We’re gonna start off with the month’s supply of inventory.
Again, if you haven’t been paying attention to the previous videos, month’s supply of inventory is if we had 10 homes on the market and we sold one a month, we’d have 10 months supply. Anything over six months, six months is healthy, anything over six months just means the buyers have a lot to choose from, it’s a buyers market. Anything under six months the sellers have a lot to choose from, it’s a sellers market.
We can see in Barefoot, the new construction in 2015 was running about eight months. 2016 was 7.1 months, and 2017 is 5.2, so if you see this, what you’re looking is kind of a downward trend. If you actually look at the rolling total, it kind of does a little bit of a bell curve and it was just there was a lot of inventory that hit the market around the summer of 2015 and early 2016, and then the new construction worked though that. There was very little new construction going on in Barefoot prior, so it kind of stalled out for a while.
Previously owned homes, again there was a little bit of a bell curve going on when I took a look at these stats. 2015 was 11, 2016 it dropped all the way down to 5.5 months, and then 2017 we’re back at a healthy medium at 6.5 months. I think again, what happened there, a lot of folks that maybe couldn’t sell because of the drastic drop in prices in result of the 2008 crash are now things are getting healthier and they’ve decided they’ve waited long enough. There was maybe a glutton of homes that came on the market.
When we see the price per square foot next week, what you’ll probably notice is during those times of high inventory, that price per square foot drops just a hair. Stay tuned next week and we’ll check that out.
For more information: Jeremy Jenks, Vice President of Sales, TheTrembleyGroup.com, 843.638.3002
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