Lee Gray October 24, 2024
Recently, there have been several published reports regarding marketing of Dataw Island real estate. I would like to take a deeper dive into the data, and why it deserves more than just a cursory glance at numbers. Hopefully, you’ll agree. Let’s discuss which metrics really matter to a seller.
The Dataw Island Sales and Marketing 2Q 2024 report mentioned “sides” by company/agent. There is a listing side (listing agent) and a selling side (buyer’s agent) in every transaction. Almost always, if an agent represents both sides, the agent is a disclosed dual agent, and South Carolina Real Estate License Law requires a disclosed dual agency agreement signed by both seller and buyer. An email was routed on Dataw.net discussing a former Dataw Island property owner’s dissatisfaction while being represented by “dual agency”. While there is nothing illegal about an agent representing both sides of a transaction, it may not be in the best interest of the seller. “...In acting as a dual agent, a licensee represents clients whose interests may be adverse and that agency duties are limited.”; and, unless the agent working in dual capacity agrees to reduce the commission, then typically, they receive the entire commission.
Let’s look at some Dataw Island specific data from 2023-2024:
Number of transactions with agents receiving both sides:
Company |
2023 |
2024 |
ERA Evergreen |
3 |
7 |
Berkshire Hathaway |
2 |
6 |
Lowcountry Real Estate |
3 |
2 |
Beaufort Properties |
n/a |
0 |
The concerning trend here is of those 15 transactions in 2024 YTD, the average price per square foot sold was $298 with a dismal 90% list-to-sale ratio. This is 5.7% less than Dataw Island’s 2024 YTD average per square foot sold. In 2023, it was 14% less than the 2023 average per square foot sold.
Now let’s discuss the metric of average price per square foot sold. In the last Sales and Marketing report for 2Q 2024, “our top performing sales teams continue to be our 2 partner agencies (ERA and Berkshire Hathaway), with our former partner Lowcountry, continuing to be a strong third.” In this report, “top performing” is referring to the total sales. Sales volume and sides of a transaction are metrics to measure sales performance within a brokerage. It’s not necessarily the best factor to determine an agent to list your property. Sales performance indicators like sold price per square foot average and, maybe most importantly, list price to sale price ratio are what sellers should consider when selecting an agent to market their property. These indicators positively affect the seller’s bottom line by delivering the most money in the shortest amount of time.
When I analyze the sales based on average per square foot sold, the agencies are performing as follows:
Company* |
Avg. Price/SF Sold |
Beaufort Properties |
$345 |
ERA Evergreen |
$319 |
Lowcountry Real Estate |
$301 |
Berkshire Hathaway |
$299 |
*Companies with 3 or more residential resale listings sold, 2024 YTD. (new construction not included)
Dataw Island’s average per square foot sold is $315, as of 10/15/24, 2024 YTD we are 9.5% higher than Dataw Island average.
Beaufort Properties also leads Dataw Island with the highest (not by much) average List-to-Sale Ratio.
Company |
Avg. List-to-Sale Ratio |
Beaufort Properties |
97.1% |
ERA Evergreen |
97% |
Lowcountry Real Estate |
95.9% |
Berkshire Hathaway |
91.1% |
Sales performance indicators like sold price per square foot average and list-to-sale ratio are measurements that have the most positive affect to the seller, financially.
SUMMARY
Beaufort Properties is #1 highest price per square foot average of any agent/company on Dataw Island, AND #1 List- to- Sale Ratio average on Dataw Island.
Choosing an agent with a strong track record of achieving high sale-to-list ratios and high sold price per square foot average can mean securing the best possible sale price for your home, which translates to higher proceeds.
References:
Q1 & Q2 2024 Dataw Island Sales and Marketing reports
Team North newsletters
South Tide Properties newsletter, October 2024
South Carolina real estate law
LRMLS
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