April 2017 Newsletter
A Review of 2015 vs. 2016 Residential Real Estate Sales.
This month we take a look at residential sales in the five main areas we normally cover, and compare them to the market of the previous year. When we look at the numbers, there is somewhat of a mixed bag although mostly positive overall. And as quite often is the case…Ladys Island leads the pack again.
Beaufort City was flat for unit sales, although sales volume was up – as was the average price +9.6%. Median sales prices did improve though by +6%. It was good to see Beaufort City have a pretty good 2016. The population of the city has been somewhat stagnant in recent years, so hopefully these numbers reflect some new folks moving downtown.
2015/2016 Residential Real Estate Sales (Beaufort)
|Total (Asking Price)||$28,183,507||$33,987,490||+20.5%|
|Total ( Selling Price)||$26,841,436||$32,351,015||+20.5%|
Mossy Oaks had a so – so 2016. Sales almost flat, but some increase in all four price brackets. As Mossy Oaks is such a well-established older area of Beaufort, it is not surprising there was little sales volume movement.
2015/2016 Residential Real Estate Sales (Mossy Oaks)
|Total ( Asking Price)||$18,260,862||$18,973,084||+8.2%|
|Total (Selling Price)||$17,527,406||$18.211,821||+3.9%|
Port Royal Was probably the most surprising area out of the five we are looking at. Needles to say, Port Royal is a very established city, with not a huge amount of new construction in the original section – but with annexing, some of the more outlying areas have seen some significant new home construction. 2016 could have been a year of where some developments were close to being built out, and before others could come on line.
2015/2016 Residential Real Estate Sales (Port Royal)
|Total ( Asking Price)||$26,793,766||$26,762,035||0%|
|Total (Selling Price)||$25,735,001||$25,934,530||0%|
Burton is interesting – to see the ebbs and flows of each area, but Burton and Ladys Island are usually market leader in sales units and volume. Burton saw gains right across the board, (the only one to do so). Burton does cover quite a large geographical area, with huge difference in homes that are available at any given time.
2015/2016 Residential Real Estate (Burton)
Ladys Island was again the market leader in almost every column. Interestingly enough it was the only area not to see an increase in average prices. There was a huge increase in unit sale at +36.6%, the highest of all five area. As was the volume increase of over 13%. With all the new home construction on Ladys Island…I think it safe to say, 2017 should be an equally if not better year than 2016.
2015/2016 Total Real Estate Sales (Lady’s Island)
|Total (Asking Price)||$85,351,626||$115,804,292||+13.5%|
|Total (Selling Price)||$81,501,278||$112,063,118||+13.7%|
One possible fly in the ointment, is the lack of inventory we are experiencing at the moment. Some of our agents are having trouble finding suitable listings for some of their clients. This in turn could affect sales numbers to some degree.
By Everett Ballenger, Owner/B.I.C Ballenger Realty. Former President Beaufort County Association of Realtors.