Jeremy Jenks: Good morning. It’s time for a market update, and we are continuing along the series on Barefoot Resort, just a gorgeous place up in North Myrtle Beach. Got some interesting stats to go over today. We’re going to cover the price per square foot. Again, the reason I always talk about price per square foot is … well, two things. You can’t compare a 4,000 square foot house and a 2,000 square foot house based solely on the price, but also, when someone’s building a house or renovating a house, the way a square foot is done … you can have moldings and fancy accoutrements and different things going on, so not every square foot is the same. There’s two different reasons.
If we drive things to price per square foot, it’s going to be more accurate than just looking at the sales price. For previous owned homes in Barefoot – and Barefoot’s an area that we do do a lot of business in and several of our agents are very familiar with – in July of 2015, it was $144 a square foot. July of 2016, 152 a square foot and July of 2017, 153 a square foot. You can see, we’ve got a nice little trend that things are creeping up and up and up.
This is based on a rolling three month total for both the new construction and the previously owned, because the data points just jump up and down and up and down if you just look at one month. For example, a couple of very well appointed 5,000 square foot homes sell and it jumps up for a single month.
Now let’s look at the new construction numbers. New construction July of 2015 was 177, July of 2016 was 156, and July of 2017 was 186. As neighborhoods ebb and flow, and maybe there was a group of homes that closed, that’s why there’s a little bit of a jump up and then down. The new construction numbers, we’re seeing a little more movement up and down ends and it’s just a … there’s a lower level of consistency and a smaller number of homes that are closing.
Thanks for tuning in. Stay tuned next week. We will be finishing up our series on Barefoot.
For more information: Jeremy Jenks, Vice President of Sales, TheTrembleyGroup.com, 843.638.3002
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