The Barrier Islands Real Estate Market Report provides a quick, clear-eyed look at current market trends and patterns. Here’s what the latest data reveals, along with insights based on our frontline experience.
Inventory Trends: Plateauing and Thinning Supply
Starting in April 2024, the supply of properties on the Barrier Islands plateaued before beginning to thin. This shift is due to two main factors:
- Property Sales: The number of properties sold continues to impact inventory (yellow line in the graph).
- Off-Market Properties: Many owners are choosing to remove their homes from the market (blue line in the graph). Between August 2023 and August 2024, the number of off-market properties increased by 82.41%.
Overpricing: A Losing Strategy
Despite clear market evidence, we’re still seeing:
- Overpriced Listings: Some new listings hit the market with unrealistic pricing.
- Consequences: Overpriced homes often stay on the market longer and fail to attract offers.
Sellers, remember: pricing competitively while considering buyer priorities is the key to reducing days on market and securing offers.
Move-In Ready Homes Are in High Demand
Regardless of market conditions, one trend is clear:
- Buyers in all price ranges are willing to pay for updated or semi-updated, move-in-ready homes.
- According to Curbio, 77% of buyers say they won’t even consider homes that aren’t move-in ready.
A Word of Advice: Consult Before Making Repairs
Before starting repairs or improvements, talk to us first!
- Why? Unplanned or unnecessary updates could cost you more and hurt rather than help at closing.
- How We Help: We know buyer priorities and can recommend free or inexpensive ways to make your home move-in ready without overextending your budget.
We’re Here to Help
This report is designed to help you make informed decisions—whether you’re looking to buy, sell, rent, or hold. Let’s talk about how these trends affect your unique situation.
Call or text us anytime at (727) 496-6112. We’re here to guide you every step of the way.
