PALMETTO BLUFF PROPERTY REPORT – 2 02 3 Y E A R - E N D U P DAT E –
G L A N C E
total homes closed
2 0 2 3
Y E A R - E N D
A T
151 for $300.5M
A
total closed
103 for $255.2M total homesites closed
48 for $45.3M
In 2023, Palmetto Bluff closed 151 community-wide transactions for $300.5 million. We attracted interest from a diverse range of new prospective buyers from as far away as South Dakota and Dubai and as close as neighboring Savannah. These numbers and interests speak to the Bluff’s thriving lifestyle, ever-evolving growth, and Palmetto Bluff Real Estate Company’s market reach. 2023 MARKET INSIGHTS:
• • • •
Palmetto Bluff saw a 13.5% increase in the average home purchase price in 2023 compared to the previous year and a slight rise of 2.5% in homesite purchase price. Historically, 70% of buyers at Palmetto Bluff purchase a homesite and build, which 30% chose to purchase an existing or new home. 2023 was the inverse with 70% of buyers selecting a new or existing home. Palmetto Bluff surpassed 1,000 completed homes in 2023. There are 37 pending transactions already in the pipeline to close in 2024.
In 2023, Palmetto Bluff Real Estate Company outperformed our closest competitor by three times in terms of bringing buyers, with our listings selling 5% closer to the asking price. Our dedicated onsite office in Wilson Village solely serves Palmetto Bluff, and over the past five years, we have represented over $1 billion in sales. Our team takes seriously our responsibility of educating prospective homeowners on evolving development, Club membership, and real estate opportunities and keeping our residents informed on current demand, property values, and sales transactions. We are the only real estate team with the necessary knowledge to do so. Please contact us or visit our office to learn more.
YEAR-TO-DATE COMPARISON PALMETTO BLUFF REAL ESTATE COMPANY was involved in
Properties Closed
2019
2020
2021
2022
2023
197
319
372
205
151
99 transactions for $ 170 M
Dollar Volume
$152M
$257M
$391M
$315M
$300.5M
Average Home Purchase Price (Resale and Developer)
$1.35M
$1.54M
$2.15M
$2.19M
$2.48M
in dollar volume.
Average Homesite Purchase Price (Resale and Developer)
$424K
$487K
$574K
$921K
$944K
* These numbers reflect 01/01/23 – 12/31/23.
PALMETTO BLUFF PROPERTY REPORT MARKET TRENDS RESALE HOME CLOSINGS 3,000
$2.801M
$2.557M
UPDATE
$2.331M
2,500
$2.500M
2,250 $1.674M
1,750 1,250 1,000 750
Homes in Review
$2.390M
2,000 1,500
DESIGN REVIEW BOARD
$1.505M $1.411M $1.228M
$1.025M
$1.590M $1.346M $1.315M
$1.014M $1.200M $1.200M $1.195M $900K
$990K
2013
2014
$1.453M
$1.893M
165
$1.375M $1.334M $1.390M
500 250 0 2012
2015
2016
2017
Average Price ($ in 000s)
2018
2019
2020
2021
2022
Homes Under Construction
2023
Median Price ($ in 000s)
210
Average resale home prices have increased by over $1.3M since 2019
RESALE HOMESITE CLOSINGS 1,200 1,100 1,000 900 800 700 600 500 400 300 200 100 0
$1.131M
$1.023M
$742K $920K
$818K
$528K $495K
$445K $306K
$180K
$185K
2012
2013
$399K
$362K $325K
$322K
$227K
2014
$273K
$278K
2015
2016
$460K
$350K
$311K
$388K
2017
2018
2019
Average Price ($ in 000s)
1,042
$635K $408K
2020
2021
Total Completed Homes
2022
2023
Median Price ($ in 000s)
Average resale homesite prices have increased by over $550k since 2019
CURRENT ACTIVE RESALE LISTINGS HOMES
HOMESITES
48
40
Average List Price
$3.371M
$1.132M
Median List Price
$3.075M
$880K
Active Listings
Average Price per sq ft
$852
Active resale market accounts for 6% of all property in private hands
ACTIVE L I STI N G S
Scan QR code to view available homes.
PALMETTO BLUFF PROPERTY REPORT BY THE NUMBERS 2023 YEAR-END REAL ESTATE SALES
PALMETTO BLUFF REAL ESTATE COMPANY VS. OUTSIDE FIRMS We brought the buyer for 28 of 37 current pending transactions
76
Year-to-date sales of homes and homesites closed by selling company* Homes Closed By Selling Company*
Homesites Closed By Selling Company*
%
70
35
The next closest firm has brought 4 of 37 (10%).
60
30
50
25
RESALE CLOSE TO LIST PRICE Homes
20
40 30
56
15 10
20 Palmetto Bluff Real Estate Company
98.6%
96.3%
10
( 5.1% higher )
( 5.1% higher )
0
19
13
93.5%
91.2%
13
5 2
9
6
0
2
PBREC Company Company Company Private
Sale
Sale
P
B-O
B-O
Q
P
*SELLING COMPANY WAS PROCURING CAUSE FOR THE TRANSACTION. Closed transactions only. All developer lots, developer homes, and builder guild homes are included in the Palmetto Bluff Real Estate transactions.
FEATURED LISTINGS
99 Game Land Road $1,849,000
213 Davies Road $5,395,000
55 Flicker Street $2,589,990
BEDS: 4 | BATHS: 4 | SQ FT: 3,003
BEDS: 5 | BATHS: 5 FULL, 2 HALF
BEDS: 5 | BATHS: 5 1/2 | SQ FT: 3,572
SQ FT: 6,432
11 Lyonia Street $5,145,000
102 Game Land Road $2,099,000
18 Flicker Street $4,495,000
BEDS: 4 | BATHS: 4 FULL, 3 HALF
BEDS: 4 | BATHS: 4 1/2 | SQ FT: 3,586
BEDS: 4 | BATHS: 4 1/2 | SQ FT: 4,237
SQ FT: 5,015
1
PBREC Company Company Company Private
Q
Outside Real Estate Firm
30
Homesites
E X C L U S I V E LY F O C U S E D O N PA L M E T T O B L U F F R E A L E S T AT E F O R O V E R 2 3 Y E A R S .
MORE THAN A
place
...IT’S A
calling
We take great pride in representing this magnificent community with our on-property sales office in the heart of Wilson Village and exclusive access to show the Palmetto Bluff Club.
W E W ELCOME YOUR V ISIT. OUR D O OR IS A LWAYS OPEN.
palmettobluff.com | 843.547.9954 19 Village Park Square | Bluffton, South Carolina
Obtain the Property Report required by federal law and read it before signing anything. No federal agency has judged the merits or value, if any, of this property. This does not constitute an offer to sell or a solicitation of any offer to buy where prohibited by law. The complete offering terms are in an offering plan available from sponsor. File no. H-110005