April 2016 Newsletter
A Review of 2014 vs. 2015 Residential Real Estate Sales.
This month we take a look at all the residential sales in the five main areas we normally cover and compare them to the market for the previous year. When we look at the numbers, there is somewhat of a mixed bag although mostly positive overall.
Beaufort City did well for unit sales. But sales volume was down, as was the average price. Median sales prices did improve though by 2.5%.
2014/2015 Residential Real Estate Sales (Beaufort)
|Total (Asking Price)||$30,623,948||$28,646,058||-6.5%|
|Total ( Selling Price)||$27,947,244||$26,841,436||-4.0%|
Mossy Oaks had a very good year, for this very established subdivision, with an outstanding +34% in unit sales, and volume up +26%. There does seem to be pockets of new construction in this area, and this may have helped Mossy Oaks have such a good year. The only fly in the ointment is that median and average sales prices are down for the year.
2014/2015 Residential Real Estate Sales (Mossy Oaks)
|Total ( Asking Price)||$13,535,567||$18,260,862||+26%|
|Total (Selling Price)||$13,052,638||$17,527,406||+26%|
Port Royal with an excellent rise of +38% in unit sales volume continues to be a major player in residential home sales. Port Royal did however see slightly lower median and average sales prices. If and when the port finally gets sold and development starts, Port Royal could really see some excellent sales numbers in the future.
2014/2015 Residential Real Estate Sales (Port Royal)
|Total ( Asking Price)||$26,424,833||$26,793,766||+1.4%|
|Total (Selling Price)||$25,517,538||$25,735,001||+1.0%|
Burton did not quite matchup to the gains enjoyed by Port Royal or Mossy Oaks, but a few years ago a 8.3% increase in sale volume would certainly have been cause for celebration, and is the steady progress we like to see in real estate. The price decreases from the previous year probably reflects the national builder influence by their building homes at very competitive pricing. It should be noted that Burton does offer a very wide range (price wise) of properties for sale.
2014/2015 Residential Real Estate (Burton)
Ladys Island enjoyed a healthy 10.7% rise in unit sales and 12% in sales volume. The only negative side was the median selling price down -11%. As most of us know there is a lot of new construction going on throughout the island. This should bode well for 2016, and we should see a respectable uptick in the Lady’s Island real estate market.
2014/2015 Total Real Estate Sales (Lady’s Island)
|Total (Asking Price)||$74,384,819||$85,351,626||+13%|
|Total (Selling Price)||$71,667,019||$81,501,278||+12.1%|
As can be seen in the 5 areas of northern Beaufort County that we use as a barometer to gage the local real estate more (+12%) houses were sold in 2016 than the previous year which indicates an increasing demand. However, the average price of the homes sold decreased about 10% when compared to the previous year. It is tempting to say that the reason for this decrease in average price is due to national builders dominating the local markets with lower priced homes but that would probably be an over simplification of a very complicated market. What is not complicated is the fact that if you are considering putting you home on the market this is not the time to attempt to do so without a Realtor. Having the right price in the beginning, with the best market visibility possible are areas which your Realtor can help you with and thus reduce the amount of time your home will stay on the market. Please remember that although the real estate market is improving it is still a “buyers” market.
By Everett Ballenger, Owner/B.I.C Ballenger Realty. Former President Beaufort County Association of Realtors.