Belfair Market Report - Collins Group Realty

Belfair Market Report
Mid-Year / 2013
Welcome!
In presenting this detailed report on the state of the real estate market in Belfair, our goal is to
provide you with rich, current, accurate information that is both interesting and useful.
As the same time, we are hoping to demonstrate our commitment to unmatched quality – both
in marketing as well as in service – so that we may perhaps earn the opportunity to discuss your
real estate needs – whatever they may be.
While our name may be new to you, Collins Group Realty just celebrated our 11th year in business this Spring 2013! In 2012 we won the HH/Bluffton Chamber of Commerce Small Business
of the Year Award, marking the first time the award has been presented to a real estate firm ever
in its history. We have repeatedly won reader’s choice awards from the Island Packet and HH
Monthly. And, most recently, we just topped the production list for the market as the highestperforming Group, generating over $50 Million worth of sales in the first half of 2013 alone. In
short, we’ve been busy..and we are proud of what we have been able to accomplish.
We’ve taken the opportunity in this report to share some insights into how the Group has grown
over the past 11 years, how we have capitalized on Internet-based marketing, and how we have
managed to significantly outpace the market in real estate sales despite the down market over
these past several years.
21 years ago this past April, I hopped off the corporate ladder in Washington, DC and since that
time in ’92, I’ve been blessed to build my career in real estate, creating a powerful team of the
hardest-working and most professional Realtors this market has ever known. And each of us truly
believes that selling real estate in this amazing,
expanding community is both a privilege as well as
a dream come true.
To that end, given our commitment to providing
excellent service AND the highest-quality information
about the real estate market, I hope you enjoy this
edition of the Belfair market report. I welcome
your questions, comments and opportunities to
learn how we might be of further assistance to
you – now and into the future!
From my family to yours, all our best –
Chip Collins
Owner & Broker-in-Charge
843.384.0671
[email protected]
Results.
SM
For some, it’s a
word.
For us, it’s a
promise.
“Thank you Chip to you and your wonderfully
professional team. Smoothest engagement I have
ever experienced in buying or selling a home.
Everyone we engaged with at Collins Group Realty
were A+ professionals.
Your firm is all it was advertised to be and I feel
terrific about our choice of Collins Group Realty...
thank you for such a Ritz-Carlton like experience.”
-
Rod & Caroline Ford,
sellers of 21 Green Heron Road
843.341.6300 | 843.837.6700 | 800.823.7516
P2
www.CollinsGroupRealty.com
www.CollinsGroupRealty.com
State of theare hhi-bluffton
Market
we approaching a sellers market?
From 20,000 Feet: A wise agent once said “It’s only a Buyer’s Market until two buyers want the
same house...then, it’s a Seller’s Market!”
It’s hard to say what the absolutely-perfect recipe for a Seller’s Market is in real estate, but it seems pretty
clear that it would include these essential ingredients:
* Increasing Transactions and Average Selling Prices
* Increasing Sales Price/List Price Ratio
* Declining Inventory and Time Required on the Market to Sell
And, it seems reasonable to assume that the following additional ingredients would yield an even“tastier”
marketplace from a Seller’s perspective:
* Multiple-Bid Scenarios
* Back-Up Offer Scenarios
* Rising Interest Rates
* Declining Short-Sales and Foreclosures
* Increasing High-End Sales
The EXCITING NEWS about the greater Hilton Head/Bluffton marketplace is that 2013 has delivered
ALL of these - some in pretty impressive quantities! And, with all the key ingredients present, the last
necessary component to produce a Seller’s Market is TIME. In fact, in some specific pockets of the local marketplace, time has already produced a clear and present Seller’s Market with low inventory, high
demand, escalating prices, and so many of the other savory conditions that were prevalent in our market
many years ago. Meanwhile, other segments of the marketplace don’t quite have the full, necessary mix
of ingredients yet...but just as a rising tide floats all boats, we equally expect current market trends to
yield vastly improved conditions throughout the entire local marketplace - it’s only a matter of TIME.
The Specifics: Consider the following statistics for the greater Hilton Head/Bluffton marketplace
through 6/30/13:
* The number of Homes sold in 2013 (annualized) is UP 10% over 2012! (See Graph A)
* The number of Lots sold in 2013 (annualized) is UP a whopping 22% over 2012! (See Graph B)
* The market-area average Sales Price/List Price ratio is 96%!
* Bank-Involved transactions (Short Sales and Foreclosures) have DROPPED ONE-THIRD since 2011,
now only accounting for 24% of Home sales, 23% of Villa sales, and 28% of lot sales! (See Graph D)
* The average selling price of sold Homes, Villas and Lots all INCREASED in 2013 over 2012! (See Graph C)
04 | collinsgrouprealty.com
* The average time for property to sell has
DECREASED nearly across the board, with
homes selling in 122 days and villas selling in
164 days. (See Graph E)
A
From the Front-Line: 2013 has been
a record-year for us at Collins Group Realty,
resulting in our earning the #1 production spot
in our marketplace. Through the end of June
2013, we had the honor of assisting 153 clients
sell and/or purchase over $51 million in real
estate across the market area. Further, as the
market continues to shift, we have honed our
negotiating skills to navigate multiple-bid scenarios, back-up offers, above-list-price transactions and many more tactics/situations that had
up until this year more or less been “things of
the past.” It has been exciting, challenging, and
rewarding to help so many during these exciting
times, all the while continuing to earn “Excellent” ratings from our client-family.
B
Balance-of-the-Year Outlook
: Given
that our predictions for 2013 as a whole have
already “come true,” we are feeling confident
that the balance of the year should continue
to yield more of the same positive trends.
We expect short-sale and foreclosure sales to
continue to decline, perhaps at an even sharper
rate. We expect to see increasing signs of priceappreciation in a more wide-spread area of the
market. And we anticipate an acceleration in
the number of transactions as the year goes on.
In short, we expect more good things to come,
and we will certainly be doing our part to help
make that a reality.
E
C
D
Properties Sold as Foreclosures or Short Sales
in the Greater Hilton Head MLS Area
30%
25%
20%
5%
8%
15%
10%
5%
10%
23%
16%
13%
Short Sales
Foreclosure
0%
Homes
Villas
Lots
belfair mid-year market report ‘13 | 05
State of the
Belfair Market
Closed Sales: Belfair is certainly leading the way in terms of building up market
momentum for increased closed sales. In
fact, just in the first half of 2013, there were
15 closed Home sales in Belfair, establishing
a projected annualized sales pace that is set to
best the annual closed-sale totals for the past
6 years (See Graph A)! On pace to nearly
better than double the 2012 performance,
there are another 9 Homes under contract
as of this writing, pushing Belfair to its best
sales performance in many, many years.
Lot sales have followed suit, with 10 closed
Lot sales in Belfair in the first half of this
year. At this annualized projected-pace of
20+ Lot sales for all of 2013, this is going
to be a great year for helping to clear out a
still-heavy inventory of Lots for sale in the
plantation – a much needed development to
help stabilize pricing once again.
Days on Market: While this statistic on
face-value doesn’t seem to be all that encouraging, it’s actually GREAT news! Given that
this statistic is an average of all the individual
Days-on-Market for the 15 homes that
06 | collinsgrouprealty.com
sold in the first half of 2013, this means it
includes some homes that have been on the
market for a very long time (ie., 1,155, 497,
492 days, etc.) (See Graph B). These Homes
that otherwise have remained unsold over the
past several years are finally SOLD, which
is great for those sellers and great for reducing the overall inventory, as well as great for
demonstrating to buyers that they can no
longer count on properties to be available for
them indefinitely.
Average Pricing: As with Days-on-
Market, this statistic is a function of MIX…
so with a small sampling of data-points in a
given year (15 home sales so far in 2013), the
average can vary dramatically if a particularly
high or low data-point gets into the mix. As
such, trending in average sales prices is not
always reliable in reflecting trends on actual
market values. That said, the average selling price of Homes sold in Belfair inceased
roughly 7% to $583,449 in the first half of
this year, furthering the roller-coaster-style
UP-DOWN-UP-DOWN trend that we have
seen for Average Selling Prices in Belfair over
the past handful of years (See Graph C).
Meanwhile, the Average Selling Price of Lots
sold in Belfair has dropped nearly 10% with
a year-to-date average of only
$28,520. Clearly we are all ready
for the bottom-market sell-out to
finish so that the Average Selling
Prices can get back more in-line
with real property values.
Price Discount: The average
ratio of Selling Price to List Price
is always a great indicator of
market conditions – in a couple
of ways: 1) It demonstrates that
Sellers (and their agents) are pricing their properties more in-line
with market conditions; and, 2)
It demonstrates that Buyers are
more confident that values may
be stabilizing in the marketplace.
In Belfair Plantation, the average Sell Price/List Price ratio for
Homes bottomed in 2010 at
93%. Since that time, it spiked
to 96% in 2012, and settled back
down to 94% in the first half of
this year.
Looking Forward: We expect
good things out of the Belfair
Plantation market through the
second half of 2013! The pace
of sales should continue to build
momentum, yielding an impressive overall year (certainly compared to the past 5-6 years), and
we expect that overall inventory
will begin to taper off even more.
This helps build buyer-urgency, a
key ingredient in helping prices
stabilize in the overall marketplace. Belfair is a wonderful
community with a wonderful
“product,” and we are proud to
do OUR part at Collins Group
Realty to boost awareness and
sales in this spectacular location
of the Lowcountry!
A
Number of Belfair Homes
and Lots Sold
30
25
26
24
22
19
20
15
13 12
12
16 16
15
10
8
10
Homes
5
Lots
0
2008
2009
B
400
350
300
250
200
150
100
50
0
2010
2011
2012
Thru
6/30/13
Average Days Required to
Sell Belfair Homes
360
323
302
267
212
153
2008
C
2009
2010
2011
2012
Thru
6/30/13
Average Selling Price
of Belfair Homes and Lots
$1,000,000
$800,000
$600,000
$769,594
$624,798
$628,173
$535,348
$543,825
$583,449
Homes
Lots
$400,000
$200,000
$0
2008 2009 2010 2011 2012
Thru
6/30/13
belfair mid-year market report ‘13 | 07
Sold in 2013
(as of 06/30/13)
homes
home address
17
Abbeville Court
br
fba
sold date
4
4
5/15/13
list
$
sales
$
$629,900
$620,000
318
Bamberg Drive
4
5
4/12/13
$795,000
$740,000
159
Belfair Oaks Boulevard
5
4
5/30/13
$399,000
$340,000
17
Belmeade Drive
3
3
5/13/13
$474,900
$420,000
33
Belmeade Drive
4
4
5/3/13
$599,900
$575,000
41
Belmont Drive
4
4
2/27/13
$789,000
$755,000
56
Cumberland Drive
4
4
3/11/13
$599,950
$564,275
91
Cumberland Drive
4
4
5/1/13
$749,000
$635,000
6
Lady Slipper Court
3
3
4/29/13
$699,000
$732,460
20
Lexington Drive
4
4
1/30/13
$649,500
$600,000
27
Lexington Drive
4
5
5/6/13
$699,000
$690,000
33
Lexington Drive
4
4
3/12/13
$526,700
$515,000
59
Lexington Drive
4
4
1/10/13
$529,900
$500,000
61
Lexington Drive
4
4
4/30/13
$535,000
$490,000
221
Summerton Drive
5
5
4/4/13
$599,950
$575,000
lots
lot address
view
sold date
list
$
sales
$
251
Bamberg Drive
Golf
6/4/13
$29,900
$27,000
255
Bamberg Drive
Golf
2/26/13
$19,900
$5,000
345
Bamberg Drive
Golf
6/13/13
$24,900
$18,900
349
Bamberg Drive
Golf
3/22/13
$49,500
$24,900
133
Belfair Oaks Boulevard
Golf
6/17/13
$19,900
$15,000
21
Belmont Drive
Golf
5/1/13
$19,900
$19,900
8
Berkeley Court
Golf
6/28/13
$80,000
$60,000
46
Lady Slipper Drive
Marsh
6/3/13
$99,499
$99,499
15
Summerton Drive
Golf
4/12/13
$1
$1
167
Summerton Drive
Lagoon
5/10/13
$19,500
$15,000
The information contained herein is based on data provided by
Multiple Listing Service of Hilton Head Island, Inc. (“HHIMLS”) for the period 01/01/2013 through 07/15/2013.
HHIMLS does not guarantee and is not in any way responsible for its accuracy.
Data provided by HHIMLS may not reflect all real estate activity in the market.
If your property is currently listed for sale, please pardon our proactive marketing approach.
This is not a solicitation of your listing. We gladly work in full cooperation with all Hilton Head Island area Realtors.
08 | collinsgrouprealty.com
On the
home address
236
243
272
282
292
304
71
81
161
270
273
1
6
86
92
14
21
12
18
32
11
31
31
61
30
89
142
158
162
168
8
223
240
271
274
289
315
323
325
142
146
148
5
28
14
42
44
59
29
36
14
29
52
58
82
29
39
16
24
39
40
53
54
5
6
9
46
12
18
Bamberg Drive
Bamberg Drive
Bamberg Drive
Bamberg Drive
Bamberg Drive
Bamberg Drive
Belfair Oaks Boulevard
Belfair Oaks Boulevard
Belfair Oaks Boulevard
Belfair Oaks Boulevard
Belfair Oaks Boulevard
Belmont Drive
Chattooga Court
Cumberland Drive
Cumberland Drive
E Cottage Circle
E Summerton Court
Hunting Court
Hunting Court
Hunting Court
Kershaw Drive
Lexington Drive
Manchester Court
Manchester Court
Summerton Drive
Summerton Drive
Summerton Drive
Summerton Drive
Summerton Drive
Summerton Drive
W Cottage Circle
lot address
Bamberg Drive
Bamberg Drive
Bamberg Drive
Bamberg Drive
Bamberg Drive
Bamberg Drive
Bamberg Drive
Bamberg Drive
Belfair Oaks Boulevard
Belfair Oaks Boulevard
Belfair Oaks Boulevard
Belmeade Drive
Belmeade Drive
Belmont Drive
Belmont Drive
Cumberland Drive
Cumberland Drive
E Summerton Drive
Edisto Drive
Hunting Court
Hunting Court
Kershaw Drive
Kershaw Drive
Lexington Drive
Manchester Court
Manchester Court
Newberry Court
Newberry Court
Newberry Court
Newberry Court
Newberry Court
Newberry Court
Oconee Court
Oconee Court
Oconee Court
Richland Drive
Summerton Drive
Summerton Drive
br
4
5
4
3
4
3
4
4
4
4
4
4
5
5
5
5
3
4
4
4
5
3
4
3
4
4
4
3
3
4
5
fba
4
7
3
4
4
3
4
4
4
4
4
4
4
5
5
4
3
4
3
4
5
3
3
3
4
4
4
3
3
4
4
view
Golf
Wooded
Golf
Golf
Golf
Golf
Golf
Golf
Golf
Golf
Lagoon
Wooded
Wooded
Marsh
Creek
Golf
Lake
Golf
Golf
Lake
Wooded
Lake
Lagoon
Golf
Golf
Golf
Wooded
Wooded
Landscape
Wooded
Wooded
Wooded
Golf
Wooded
Golf
Golf
Golf
Golf
Market
(as of 07/15/13)
list
$
$622,000
$1,525,000
$549,000
$699,000
$729,000
$450,000
$579,000
$529,000
$540,000
$1,095,000
$999,999
$699,950
$1,999,999
$898,000
$989,000
$779,000
$439,000
$589,900
$495,000
$448,900
$495,000
$550,000
$565,000
$529,900
$850,000
$449,000
$549,000
$429,000
$550,000
$869,000
$599,000
list
$
$19,995
$16,000
$9,900
$49,000
$197,500
$57,000
$29,900
$19,900
$5,900
$15,000
$19,900
$19,500
$19,900
$199,000
$395,000
$29,000
$150,000
$5,000
$38,500
$20,000
$7,500
$18,000
$24,900
$79,900
$1
$1
$19,900
$25
$5,000
$1
$4,000
$1
$34,990
$29,000
$59,500
$199,000
$325,000
$14,999
lot address
121
129
130
187
4
Summerton Drive
Summerton Drive
Summerton Drive
Summerton Drive
Tidelands Court
view
list
Landscape
Wooded
Golf
Lake
Marsh
$
$1
$1
$19,900
$900
$78,900
under contract
138
105
13
52
80
19
41
29
170
home address
Belfair Oaks Boulevard
Cumberland Drive
Kershaw Drive
Lexington Drive
Lexington Drive
Manchester Court
Newberry Court
Newberry Court
Summerton Drive
lot address
7
73
19
37
197
Abbeville Court
Cumberland Drive
E Summerton Drive
Lexington Drive
Summerton Drive
list
$
view
list
Lake
Creek
Wooded
Golf
Lagoon
$14,900
$30,000
$1
$49,000
$2,000
$
br fba
4
5
5
3
4
3
4
3
4
4
5
4
3
4
3
4
4
4
$579,000
$900,000
$569,000
$799,950
$659,000
$535,000
$281,000
$399,000
$895,000
ALL MLS
All the Time
To view properties for sale
in Belfair (as well as our
entire market area) visit:
www.CollinsGroupRealty.com
for photos, virtual tours, mapping,
Google street view, market statistics
and much more!
belfair mid-year market report ‘13 | 09
Results.
SM
More than an advertising slogan or servicemark, Results.SM
are what we aim to achieve with each and every property we list...
With an unmatched online presence, proven, innovative marketing
techniques, dedicated staff and specialized agents, we are dedicated
to providing the finest real estate service through...
Unparalleled Online Presence
According to The National Association of Realtors, nearly ninety percent of buyers use the internet in their
search for their first or next home and a full third found the property they
purchased online. With over 45,000 visits per month (that’s 1,500 visits per
day!), www.CollinsGroupRealty.com puts your property in front of a global
audience.
Innovative Marketing There is no “magic button” for one-to-one re-
sults in marketing; your property is unique and the marketing of it should be
distinctive. A formulaic approach to presenting your property to the buying
public is outdated and ineffective. We tailor our marketing to fit each property we list.
Unmatched Communication Do you know what the number one
complaint about realtors is? It’s a lack of communication once the listing has
been taken. At Collins Group Realty we pride ourselves on the relationships
we develop with our clients and the foundation of those relationships is outstanding communication.
Why do more property owners trust
Collins Group Realty to sell their home, villa or lot?
Results.
SM
you’re #1
we’ve always said
and now...we are, too!
Collins Group Realty is proud to share that we are the
#1 producing team in the Hilton Head Island-Bluffton
marketplace through June 30, 2013 with 153 closed
transactions and over $51 million in sales volume.
Thank you for your continued support
Collins
Structured to Serve
Group
Realty
www.CollinsGroupRealty.com
On Hilton Head Island - 843.341.6300 | On the Mainland - 843.837.6700
Chip Collins
Meet
,
owner and broker-in-charge of
Collins Group Realty...
In 1992, just a year out of Denison
University, Chip followed the popular
Ohio-to-Hilton Head Island route and
jumped off the corporate ladder taking a
chance at something more entrepreneurial
in one of the most special places in the
United States - South Carolina’s beautiful
Lowcountry.
After 4 years in villa/association property
management Chip got his bearings in the
real estate market and secured his Broker’s
license in 1996, spending the next 6 years
as a top producing agent in the market
with Sea Pines Real Estate Co. In 2002 he
launched his own independent real estate
brokerage firm - Collins Group Realty.
Celebrating 11 successful years in business in 2013, CGR continues to be a top
producing firm in the Hilton Head Island
and Mainland marketplace.
Along with his wife Carrie and daughters
Martha Preston and Sallie, Chip lives in
Sea Pines Plantation and enjoys boating,
woodworking, and time with his girls.
Over the past few years Chip has earned
his stripes as an amateur triathlete,
competing in local and regional events
around the Southeast, including recent
participation in the Ironman Florida
140.6 mile event, back-to-back Boston
Marathons and plans to compete in
Ironman Louisville in August.
As the owner, broker-in-charge and
Hilton Head Island listing specialist of
Collins Group Realty, Chip maintains a
commitment to excellence throughout the
Group and ensures the best experience we
can offer our valued real estate clients.
Andrea
Gail
Howard
Kent
Ann
Velinda
Kathy
John
p
u
o
Gr
e
h
t
eet
m
Collins Group Realty was developed to establish an
unprecedented collaboration of professional expertise
and know-how in order to provide an all new level of
outstanding customer and client service.
In today’s world of easy-access information and overall
market savvy, we recognize that buyers and sellers are
equipped with a great wealth of knowledge about the
local market. No longer are the times in which the role
of the real estate agent was to keep tight control over
market-sensitive information. By sharp contrast, real
estate agents are no longer situated in an informationbased posture, but rather they are squarely positioned in
a service-based posture.
A lot of real estate agents are generalists - they try to
do it all themselves, from listing homes to showing
properties to taking photos and scheduling inspections.
Then there’s the marketing campaign, troubleshooting
and your need for personalized attention. Needless to
say, no one agent can effectively and proactively handle
all the tasks that are presented in any given day if that
agent is truly attending the needs of ALL of their clients
(buyers and sellers). And why should you settle for
anything but the best?
Our unique Group concept to selling real estate
ensures that not only is your agent actively involved
in each step of the selling or buying process, but that
our Listings, Closings, Client Care, Administrative and
Marketing Managers each provide support. The benefit
to you? A guarantee that your property transaction is
always someone’s top priority.
When you work with any member of our team, you
will quickly recognize the commitment that they have
to helping you meet your real estate interests and goals.
You will benefit greatly from their creativity, their energetic drive, their positive attitude and their general love
for the real estate business.
Carl
Karen
Kimberly
Ryan
Joan
Bill
Anne
Ollie
bluffton’s
Ultimate
seller resource
www.CollinsGroupRealty.com
Exceptional placement on the First Page of Google outranking Trulia, Zillow & Realtor.com
Engaging buyers from 52
Yielding 45,000+
countries and all 50 United States
visits per month (more than 1 every minute of every day of the year)
with visits lasting over 7 minutes on average
175 hours every day of active buyer viewing traffic
Generating over 300
new buyers a month that engage with our Buyer Specialist Team
A database of 22,000 (and growing) active buyers who have set up their own custom
search-accounts to view properties, receive E-alerts, read blog updates, and subscribe to the
monthly Collins Group Realty E-news and Market Pulse Report
Interview Us!
When you need to sell your Belfair
property, the choice of a Realtor® is clear:
Collins Group Realty consistently
outperforms our competitors in the Hilton
Head Island and Bluffton marketplace.
Interview us to find out why the average
seller who lists their home or lot with
Collins Group Realty achieves Results.
faster than sellers who choose another firm.
SM
Why would you list with anyone else?
Results.
SM
[email protected]
843-341-6300 | 843-837-6700 | 800-823-7516
www.CollinsGroupRealty.com/Sell
PO Box 5220
Hilton Head Island SC 29938