Community Marketing &
Real Estate Update
In 2023, national home sales in the U.S. were the lowest in 30 years, but not at The Landings. With 323 total Landings homes sold in 2019 and an average home sale of $502,350, who would have imagined we would see an average of $933,627 or +86% a short four years later? In fact, the The Landings Company’s own average Landings home listing sold was even higher at $975,228. Barring any unforeseen market changes, the Company’s average sale should push through the $1M mark very soon!
We continue to fulfill our marketing objective of attracting national buyers (those from outside the 3 county Savannah area) with another self-generated investment of $1.51M+ for 2023. As a result, we were able to attract and find homes for 141 buyers or 58% of all Landings home buyers during the year. National buyers accounted for 113 of our total or 80% and hailed from 25 states plus England! Our mission of driving national marketing paid off for our property values and community once again.
The low number of available homes for sale was a limiting factor for sales as was the increase in interest rates. And, although they have become much more discerning than at the peak of COVID, we still have a large number of buyers waiting – just looking for their Landings dream home to become available. As the chart below confirms, we remain a sellers’ market with well under the 4 months of inventory considered by our industry to be balanced between buyers and sellers, at just 1.50 months.
And although a still low, 31 homes were on the market on December 31st, with interest rates starting to inch back down and a number of sellers that have been waiting to sell, we expect to see some additional “loosening” of inventory and an active market in 2024.
You may be asking, “Why keep up this pace of national marketing?” Well, buyers from outside of Savannah spend an average of 1.6 years from initial inquiry to home purchase in 2023 – this is a record low. This market will balance at some point, and we will need the new buyers we’re engaging now to purchase homes in 2026 and beyond.
We are thankful that a majority of Landings sellers choose the Company to list their home and, when combined with our national buyer efforts, we continue to have the highest level of success in listings sold across all price ranges as you can see below.
And given our strong listing numbers and national buyer activity, our performance with listings over $1m is even stronger.
Should you having any questions about the Landings real estate market, the value of your home, how we market our listings so successfully or a property you are interested in buying, let’s have a conversation. We’re here to help!
The Landings Company is 100% self-funded from the sales commission revenue we generate. We continue to nationally market The Landings, which benefits all of our property values, with your support when selling your home, referring friends & family or renting your home. If you have questions please email Raoul or call us at 912-598-0500. Thank you in advance for your support in 2023 and in advance for 2024!