Jeremy Jenks: Hey guys. Jeremy Jenks here with another market update on the Prince Creek area. One of the interesting things that we often look at is, not to only … We’ve covered a little bit on price per square footage. We’ve covered a little bit on month’s supply of inventory. But then also, if you have two different areas that you’re trying to sell a home in, and I’m evaluating what kind of price we can get, literally just the number, or velocity, or speed of sales in a certain area can really, really help. If you figure, if there’s 10 homes in the market, and you know they’re all going to sell in a month, you can generally get away with a little bit higher pricing, than if those 10 homes are gonna take a year to sell.
So let’s take a look at that real quick in the Prince Creek area. So I’ve got two little statistics here for you to see at the same time; closed sales, previously owned homes, and homes for sale on previously owned. So in 2015, your homes for sale on previously owned, 75 houses were for sale in July of 2015. 2016, 65 houses were for sale, and in 2017, 54 houses were for sale. Now let’s contrast that with the numbers that are closing. So in 2015, about 14 houses sold. 2016, 19 sold, and 2017 6 sold, all in the month of July. So you can see, out of 75 homes, for example in 2015, out of 75 homes in the market, 14 of them sold in that given month.
So that’s another commonly held belief is that, if I just put my house on the market, it’s always going to sell. Well, if you look, realistically it’s more like 1/5 of the houses will sell. Now those statistics are getting better, as we keep moving forward, and our market gets hotter and hotter. So let’s look at the same time here. Let’s see if I can get this where y’all can see. Closed sales new, and homes for sale new. So remember, the new construction market is different than the resale market. So 50 homes for sale new in 2015 in July, 46 in 2016, and 30 in 2017. Contrast that with 2015, about 10 sold, 2016, 11 sold, and 2017, 5 sold.
So those numbers are dropping, and as we talked about last week, we’ve got some factors that go on with different neighborhoods opening and closing. Or different neighborhoods that are closing out. But if you look at that market, about 1/6 of the homes on the market sell in any given month. Those are typically, the ones that are one the market are the spec homes. Most homes that are constructed, that are new builds for somebody, they’re not gonna hit the market as an active for sale home. So those are just the builder spec homes. So stay tuned for a little bit of more information. If you have any questions that you’d like answered in our next video, feel free to reach out to me, (843) 638-3002. Or you can email me, Jeremy@thetrembleygroup.com. Make it a great day.
For more information: Jeremy Jenks, Vice President of Sales, TheTrembleyGroup.com, 843.638.3002
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