New Home Market Report
Florence, South Carolina
YTD Statistics as of May 31, 2008
Prepared by Ron Moore
Founder of the Home Team Pros
RE/MAX Professionals
1000 to 1250 square feet
1. Inventory – There are currently 14 homes available, representing a 5.5 month inventory.
2. Days on Market – 243 DOM, a huge increase over the average 111.
3. Pricing – $91 per square foot, down from a three-year average of $92.
4. Sales – 7 sales YTD, which is 44.6% behind where sales should be.
5. Observation - Though declining inventory is positive, the DOM, flat pricing and highly sluggish sale's rate are all negative indicators.
1251 to 1500 square feet
1. Inventory – There are currently 68 homes available, representing a13.4 month inventory.
2. Days on Market – 156 DOM, a significant increase over the average 108.
3. Pricing – $99 per square foot, up from a three-year average of $96.
4. Sales – 20 sales YTD, which is 21.3% behind where sales should be.
5. Observation - The fact that current inventory is high, that the average DOM are significantly up and that sales are sluggish indicate an extended slowdown for this size home.
1501 to 1750 square feet
1. Inventory – There are currently 28 homes available, representing a 9.3 month inventory.
2. Days on Market – 120 DOM, a significant increase over the average 82.
3. Pricing – $107 per square foot, up from a three-year average of $101.
4. Sales – 7 sales YTD, which is 53.3% behind where sales should be.
5. Observation - Though increased pricing power is a positive, all other indicators are lagging and point toward continued pressures on this market.
1751 to 2000 square feet
1. Inventory – There are currently 21 homes available, representing a 6.9 month inventory.
2. Days on Market – 101 DOM, a moderate increase over the average 91.
3. Pricing – $108 per square foot, up from the three-year average of $100.
4. Sales – 14 sales YTD, which is only 8.4% behind where sales should be.
5. Observation - The declining inventory and increased pricing power are positive indicators. The DOM and YTD sales rate are neutral to slightly negative.
2001 to 2500 square feet
1. Inventory – There are currently 56 homes available, representing an 11.8 month inventory.
2. Days on Market – 152 DOM, a huge increase over the average 93.
3. Pricing – $107 per square foot, up from a three-year average of $103.
4. Sales – 12 sales YTD, which is 49.5% behind where sales should be.
5. Observation - Though pricing power is positive, all other indicators are negative.
2501 to 3000 square feet
1. Inventory – There are currently 33 homes available, representing an 15.8 month inventory.
2. Days on Market – 120 DOM, a slight increase over the average 113.
3. Pricing – $107 per square foot, up from a three-year average of $105.
4. Sales – 8 sales YTD, which is 23.2% behind where sales should be.
5. Observation - Overall, this would be a tough market for a builder but affords excellent opportunities for buyers..
3001 to 3500 square feet
1. Inventory – There are currently 14 homes available, representing an 10.3 month inventory.
2. Days on Market – 146 DOM, a huge increase over the average 73.
3. Pricing – $126 per square foot, significantly up from a three-year average of $116.
4. Sales – 7 sales YTD, which is .2.9% ahead of where sales should be.
5. Observation - The pricing power and strong sales rate make this size home attractive for builders but the DOM and current inventory are of concern.
3501+ square feet
1. Inventory – There are currently 11 homes available, representing a 15.8 month inventory.
2. Days on Market – 268 DOM, a huge increase over the average 63.
3. Pricing – $135 per square foot, up from a three-year average of $128.
4. Sales – 2 sales YTD, which is 42.4% behind where sales should be.
5. Observation - Buyers should be able to find some good values here.
