QUARTERLY SALES UPDATE – 2 02 0 S ECO N D Q UA RT E R U P DAT E –
A global pandemic, travel restrictions, and lockdowns across the world would cause anyone to be concerned that buyers might be discouraged from considering a move to Palmetto Bluff. However, any early concern for the real estate market at Palmetto Bluff did not materialize. Year to date, Palmetto Bluff has seen $171M in sales volume and 196 total transactions, closed and pending. Total transactions are nearly equal to those for all of 2019, and we are already ahead by nearly $20M in sales volume – with nearly six months to go. In May and June alone, we have seen unprecedented interest in our community and a quick pace in decision making from buyers in all value ranges. PBREC transactions in May 2020 were up 123% from the previous May, and June 2020 transactions were up almost 380% from the previous June. As of July 9, 2020, July sales are up 71% when compared to the entire month of July 2019. We started the second quarter of 2020 with some great momentum. In our discussions with property owners, clients, and colleagues about this success, we have seen several trends that help explain this accelerated activity level. One of the biggest effects of COVID-19 was the beginning of a new work-from-home scenario – not only for our clients, but for most of the world. Many of the buyers that we had been working with in April, who were originally on a longer timeline for purchasing a home, expedited their purchase decision as they realized they can work from anywhere. This realization helped many people justify a second home purchase or, in many cases, a permanent move to Palmetto Bluff. We’ve also seen a large gain in sales from buyers in the suburbs of larger metropolitan areas, as Palmetto Bluff offers the large yards and wide, open spaces they desire. Finally, our Builder Guild Home Collection has allowed us to meet the increased demand for homes this spring. Unlike previous real estate markets with a very active pool of buyers and limited inventory, the current environment feels measured and sustainable. Buyers are still conservative post-downturn and pricing on most properties on the secondary market has remained attractive enough to keep the momentum going. We believe that the current real estate market here at Palmetto Bluff appears to be a long-term trend rather than a short-term spike and that the momentum we have experienced this spring – particularly for new and resale homes – will have long term benefits for our community and our club for years to come. As always, we are so thankful for your support and your referrals. Please reach out if we can ever be of service as you considering selling or buying real estate in Palmetto Bluff. Warm regards, The Palmetto Bluff Real Estate Company
W. BRYAN BYRNE
AMANDA CUTRER
JEFF QUINN
MARTIN ROACHE
TRACY SCHYBERG
JIM STATON