St. James Monthly Market Updates

November 2023

St. James Monthly Market Update HOMES Our single-family home Inventory has shown a healthy increase in October 2023. There are now fifty-five homes for sale: ten more than in September. In the month of October, seventeen homes entered the market. In addition, there are eighteen homes under contract. Many homes have been placed under contract in October. October 2023 experienced a robust month of sales, with sixteen homes sold. Buyers paid an average of 97% of their list price. In October 2022, the sales volume was comparable to 2023, however, the price-per-square foot was $16 less per square foot than this year. Calculate that average $16/ square foot increase on the purchase price of a 2,000 square foot home. Measuring October’s impact on housing price trends: both the average listed price-per-square-foot and the inventory increased significantly. These factors contribute to the current healthy housing market… a win-win for buyers and sellers. CONDOMINIUMS + TOWNHOMES The market activity for condominiums is holding steady. Today there are sixteen condominiums for sale representing the St James’ communities of Marsh Winds, Club Villas, and Harbor Walk. Ten condominiums and one townhome are under contract. Prices remaining constant for Marsh Winds, Club Villas, and the new construction units of Harbor Walk. Ship Watch Villas, a rare commodity for sale, was under contract with only 3 days on the market. In review of the sales activity for October 2022 vs. October 2023, mirrored each other with only two units sold. All different communities, locations, and price points. For detailed information on any condominium or townhome community in St James, contact Allyn Heck, Broker, 910-367-3989 or AllynTracyHeck@Gmail.com LAND Prices remain competitive, the limited inventory continues to challenge buyers. There are only thirteen lots for sale with an additional three lots under contract. In October 2022, there were eight lots sold; the highest-priced property was $272,000. In October 2023, there were only two lots sold, the lowest-priced property was $335,000. Low existing inventory, a slow replenishment of new listings and rising land costs are directly impacting potential buyers and current property owners.
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October 2023

St James’ Monthly Market Update September 1 to 0ctober 2, 2023 Availability of single-family homes have jumped dramatically. Wide range of prices, location, and styles currently for sale. Condos prices are holding steady, Club Villas and Marsh Winds are showing diminishing inventory available. Harbor Walk’s new construction is leading the parade. Lots? 10 sold in the last month; 5 new properties joined this highly competitive market. HOMES More homes for sale this month than in recent memory. 45 single family homes for sale. Since September 1st, there were 20 homes added to the inventory. We are seeing a more equitable distribution of home prices with the lowest-priced home coming in at $375,000. In addition, there are 26 homes under contract waiting to close. Most of these homes were placed under contract within the last month. Median list price for these contracted homes is $293/per square foot. Tracking this years’ sales from September 1- October 2, 2023, there have been 11 homes sold; median sold price is $309/square foot. Buyers paid a median of 98% of their list price. In comparison to the same time frame in 2022, fifteen homes sold with a median square foot of $252. Buyers paid an average of 99% of their list price. CONDOMINIUMS The market activity for condominiums is holding steady. Today there are 14 condos for sale representing the St James’ communities of Marsh Winds, Club Villas, and Harbor Walk. Ten condos are under contract, Harbor Walk’s new construction leads the way with 9 condos under contract; Marsh Winds has one unit under contract. In both 2022 and 2023, there were only 3 condos sold in both years during the timeframe of September 1-October 2. Prices held steady. Club Villas dominated this field. LAND This remains a sellers’ market. Prices remain competitive however the limited inventory continues to challenge buyers. There are only 14 lots available to purchase with an additional 3 lots under contract [median price is $355,000 per lot]. Five lots have come on the market since September1, 2023. From September 1-October 2, 2023, there were 10 lots sold, median price was $220,000. Buyers paid a median of 97% of their list price. Same timeframe in 2022, there were 6 lots sold with a median price of $222,500. Buyers paid an average of 97% of their list price Want to build in St James? Consider buying your property now. Important Note: There is no time limit from your land purchase to construction in St James.
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September 2023

St. James Monthly Market Update The past month’s real estate market in St James Plantation was just as hot as our weather. Good news for buyers, there are more homes for sale now than in last month’s update. The inventory of lots available to purchase continues to decline. Want to build in St James? Consider buying your property now. Important Note: There is no time limit from your land purchase to construction in St James. HOMES Starting September off with 33 single family homes for sale with 18 homes priced under $1million, averaging $264/square foot. In addition, there are 23 homes under contract waiting to close. Most of these homes were placed under contract within the last month. Since June 1, 2023, there have been 50 homes sold [10 for over $1 million]. Buyers paid an average of 98% of the list price in this 91-day timeframe. 70% of the homes that sold were placed under contract in the first 30 days of the listing’s launch. CONDOMINIUMS The market activity for condominiums is holding steady. Today there are 15 condos for sale representing the St James’ communities of Marsh Winds, Club Villas and Harbor Walk. Ten condos are under contract, Harbor Walk’s new construction leads the way with 6 condos under contract. Marsh Winds [1] and Club Villas [3] trailing behind. Within the past 3 months, there have been 10 condos sold from the communities of Ship Watch [average price was $506,500], Marsh Winds [average price was $255,033] and Club Villas [average price was $314,600]. LAND The stats this month will speak volumes regarding the sales activity within the last month. This has become a sellers’ market. There are only 14 lots available to purchase with an additional 9 lots under contract. Since June 1, 2023, eleven lots sold. This depleted inventory will support rising purchase prices.
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August 2023

St James’ Monthly Market Update Today, there are 2 noteworthy developments in the St James Plantation Real Estate Market, the skyrocketing price platform of homes listed and the dramatically low lot inventory. This is a red alert for potential buyers and sellers. Homes priced over $1million now dominate the current market in St James Plantation. According to the MLS report of August 11, 2023, there are 25 single family homes currently for sale, 13 of the listed homes have a price tag of over $1,000,000. The lowest-priced home is listed for $574,900. As a barometer of the level of activity, there are 29 additional homes under contract list prices ranging from $425,000 – $1,750,000. Yes, the over $1million housing market remains strong with 7 contracted homes towering over $1million. Over the past year, there were 186 homes sold, 55 were sold within the last 3 months. In that 90-day timeframe, homes with a $1million+ price point represented 11 of the 55 sales, these luxury homes averaged $364/square foot with buyers paying an average of 96% of the asking price. Since May 11, 2023, there were 44 homes sold for $420,000 -$990,000; buyers paid an average of 99% of the listed price; averaging $259/square foot. Interested in turnkey ownership? There are 16 condominiums available to purchase. With a wide selection of locations, designs and price points. Interested in purchasing land to build your dream home? There are only 17 lots for sale. Look no further than the activity of the last three months to follow the sudden drop in inventory; 13 additional lots are now under contract and 28 lots have been sold. Important note: There are no restrictions on the length of time between your lot purchase and building your home. For additional details contact Allyn Heck, broker, Three Rivers Realty, 910-367-3989 or AllynTracyHeck@gmail.com
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