QUARTERLY SALES UPDATE – 2 01 9 F I R ST Q UA RT E R U P DAT E –
As a community, the start to 2019 has brought us plenty to smile about. We kicked off the year with a great Field + Fire weekend in February and the third year of our Artist in Residence programming began just a couple weeks later. The real estate team has connected with over 1,300 new prospective buyers and year-to-date, the Palmetto Bluff Real Estate Company (PBREC) has seen a 100% increase in new transactions versus this time last year. This measure of new sales versus actual closings is the best indicator for our team as to how the real estate market in Palmetto Bluff is growing. After all, closing timeframes range widely from several days to several months and the mix of homes versus homesites can sometimes obscure how things are actually trending, but the number of new sales year-to-date never fails to be a predictor of future success. PBREC’s mix of new sales is also following historic norms with 71% of our purchasers selecting homesites and 29% homes. Also encouraging is our continued success marketing and selling the community, with an impressive 22% of our customers who tour making a purchase decision this year. With an industry standard of 1 out of 10 customers making a purchasing decision, our continued success of 1 out of 5 customers making a decision is a highlight. PBREC continues to be the market leader in Palmetto Bluff generating 71% of the new buyers for closed and pending transactions year-to-date. Community wide we have seen 79 properties closed and pending for $62.4 million in 2019 versus 41 properties for $40.6 million this time last year, an increase of 93% and 54% respectively. The Design Review Board has been as busy as ever with 164 homes either under construction or in the architectural review process. We are excited to add these homes to the 625 completed today. New construction generates significant excitement and helps accelerate sales of properties throughout the community. If you haven’t been on a property tour, we encourage you to explore the progress made in River Road and Moreland Village. The level of custom home construction and quality of design is truly impressive. Thank you all for your support. Best regards, The Palmetto Bluff Real Estate Company