Jeremy Jenks: All right, guys. Part two of my Grand Strand market update. Jeremy Jenks here, Vice President of Sales with The Trembley Group. I appreciate several people reached out and emailed their agent this week, and they wanted to know what the 33% was, so I am just about to tell you. But first, I just want to go over – we always talk about in my market updates, you can see them on our Facebook, on our YouTube channel, and of course subscribe to our blog – but on our market update videos, when we’re doing the different little pockets up and down the Grand Strand, because of course, real estate is local, we will talk about your overall inventory numbers.
For example, if you have 100 homes on the market, and you sell 10 of them each month, it’s going to take you about 10 months to work through that overall inventory. Well, that’s exactly where were are in the Grand Strand single-family home market as a total. It is through October, basically, and our inventory is running at about 5,200 single family homes, and as of the middle of October, we have sold right around 5,200 single family homes. That makes for some real easy math. We’re right around in the 9-1/2 to 10 months cycle period for single-family homes. Condos, there’s 3.300, and it was very, very similar. It’s about a 10-month cycle if we are to move through that inventory.
The reason we look at that, and it’s kind of a funny little stat when you think about it, but National Association of Realtors says that anything … when there’s less than six months of inventory, that’s going to be a sellers market. Sellers can command a little bit more for their price. Buyers have less to choose from, so they’ve got to be ready, be pre-qualified, they’ve got to jump on something. There are pockets of our market that are absolutely like that. Anything under $300,000 that’s close to the beach, for example, that’s going to pop real fast.
Of those 5,200 homes, this is where the 33% comes in. In our marketplace, and I’ve looked all around, but in our marketplace, 33% of the homes sold are new construction. That’s going to leave you with, what’s that? 67% that are resale. I’ve looked in Wilmington, Atlanta, Charlotte, Charleston, every different … Greenville, all these different markets that were in the Southeast, and the highest percentage of new construction that I could find was about 17%. Most of those markets range between 14 and 17%, which of course, if you imagine, if you’re trying to sell a resale, and you’re competing with the builder, it’s much harder to compete against a builder model home. They have a warranty. You can get the colors the way you want it.
Our marketplace, being 33% new construction, is massively impacted by what the builders are doing in this area. It’ll actually be really interesting over the next few years to see kind of how this plays out when some of these new communities are up and live and competing with each other, and what happens. But there’s a lot of competition, so our sellers have to keep that in mind, and a lot of our buyers are looking for new construction.
So if you have any specific questions, if you’re looking for new construction, please reach out to one of your Trembley Group agents. We’re happy to answer any more specific questions for you, either on one of these videos, or one-on-one. Thanks so much.
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