February 2017 Newsletter

February 2017 Newsletter

Review of the 2016 TOTAL REAL ESTATE MARKET

2015 was a landmark year for our company – and I suspect many other Beaufort real estate companies. We equaled the volume we did in 2005. So it has taken us ten years to get back to where we were in 2005 as regards to sales volume.

With 2015 being a strong year, would we see the progress continue into 2016? Looking at the data below, I think we could say a resounding yes. When we look at the quarterly reports, we quite often see some minuses in either sales volume or in prices. The columns below show only + positive numbers across the board.

2015/16 Total (All Types of Property) Real Estate Sales (Northern Beaufort County)

Category 2015 2016 Percentage Change
Units Sold 1471 1650 +12.1%
Total (Combined) Asking Price $350 Million $405 Million +15.7%
Total (Combined) Selling Price $326 Million $383 Million +17.4%
Median Price $182,000 $199,250 +9.4%
Average Price $221,679 $231,771 +4.5%

Residential sales. Saw a 11.8% uptick in units sold, and an excellent surge of 16.8% in sales volume. It has been some considerable time since we have seen anything like this strong growth across the board. Although having said that, the market seems very steady, evenly spread and sustainable. We are not seeing the “crazy” market of the early 2000’s. One only has to look at the appreciation of the median and average prices to see the “conservative” 5.6% rise should not concern anyone that the Beaufort real estate market might the overheating.

2015/16 Total Residential Sales Only (Northern Beaufort County)

Category 2015 2016 Percentage Change
Units Sold 1173 1312 +11.8%
Total (Combined) Asking Price $303 Million $354 Million +16.8%
Total (Combined) Selling Price $285 Million

 

$338 Million

 

+18.5%
Median Price $205,695 $217,330 +5.6%
Average Price $243,944 $257,786 +5.6%

The Total real estate in the whole of Northern Beaufort County was equally as spirited as was the “Residential” section. One thing to consider in looking at the “Total” market is that it includes land and commercial sales, both of which have been on the weak side for many years. Considering that, the “Total” market is even more impressive. At the time of writing we are only about a month and a half into 2017, but I will say that the January numbers for this year were again ahead of the year before. So will we see 2017 evolve into a better year than 2016?   Please watch this space to find out.

By Everett Ballenger. Owner/ B.I.C. Ballenger Realty. Past President Beaufort County Association of Realtors.