January 2017 Newsletter

January 2017 Newsletter

FOURTH QUARTER 2015 VS 2016 RESIDENTIAL SALES

The first three quarters of 2016 have been especially strong this year, excepting September, which was below last year’s sales number. We saw a similar dip in October 2015. For us as a company, 2015 saw for the first time we equaled the sales volume we did way back in 2006! I suspect that many other companies and agents saw similar sales numbers as we did.

In 2016 unit and dollar sales volume have been well above 2015, and as can been seen by the excellent fourth quarter stats below, 2016 is ending the year on a high note. It is very encouraging to see numbers up all across the board – with the exception on the city of Beaufort and Port Royal but even then they saw decent price increases.

Fourth Quarter Residential Sales

(Fourth Quarter 2015 vs Fourth Quarter 2016)

Area Sales Volume

(Millions)

Units Avg Price Median Price
Beaufort

2015

2016

Change +/-

 

$6.3

$5.03

-20%

 

25

22

-12%

 

$253,416

$295,588

+16%

 

$149,520

$199,000

+33%

Mossy Oaks

2015

2016

Change +/-

 

$2.0

$3.6

+80%

 

14

18

+28%

 

$145,232

$259,575

+78%

 

$136,500

$191,250

+40%

Port Royal

2015

2016

Change +/-

 

$4.1

$3.6

-12%

 

21

20

-4%

 

$197.366

$214,135

+8%

 

$178,900

$196,000

+9%

Burton

2015

2016

Change +/-

 

$12.6

$17.4

+38%

 

66

69

+4.5%

 

$201.182

$252,653

+25%

 

$195,000

$221,000

+13.0%

Lady’s Island

2015

2016

Change +/-

 

$17.5

$26

+48%

 

64

83

+30%

 

$271.388

$313,094

+15%

 

$242,700

$265,000

+9%

Total

2015

2016

Change +/-

 

$42.5

$55.6

+30%

 

190

212

+11%

 

$227,200

$278,596

+22%

 

$205,700

$230,500

+12%

The City of Beaufort saw a drop in sale volume of about -20%, and actual unit sales were down -12%. But as mentioned above the city saw significant price appreciation, so one would assume some higher end homes sold in this last quarter.

Mossy Oaks had some excellent results this quarter. We do not normally see such powerful moves in the well-established Mossy Oaks area, but again there must have been some larger homes sold for there to be an average increase of +78%, and median increase of +40%. One caveat to consider, with only 18 unit sales, it does not take many high (or low) sales to swing the “average” and “median” prices one way or other.

Port Royal. Interesting that the two “cities” (Port Royal and Beaufort) were the only two areas that saw a decrease in volume and unit sales. Although again they saw a decent rise in property values, “average” up +8% and “median” up +9%.

Burton has been a real estate hot spot in Northern Beaufort County, usually only trailing Ladys Island in performance. They saw a very healthy +38% in sales volume, and + 4.5% increase in unit sales. The rise in Burton “average and “median” values was also of note, being +25% and +13% respectively.

Lady’s Island was again the area to beat. With only Mossy Oaks performing better, but with a lowly 18 unit sales, as opposed to Ladys Island’s 83! The increase of +48% in Sales volume, and +30% in Unit sales is quite impressive to say the least. Also of note is the “average” price of $313,094 +15% and the “median” price of $265,000 +9% over 2015. With all the new construction again on Ladys Island, I feel we will be seeing some strong real estate numbers for some time to come.

We will review the whole real estate year of 2016 in next month’s article, but if the total year is anything like the last quarter of 2016 we all should be comforted that Northern Beaufort County is indeed back on track, but with nothing like the “craziness” of the mid 2000’s. Land sales are still lagging way behind residential homes, and there still are some outstanding deals to be had. Whether land will ever catch up with home appreciations again – only time will tell.

By Everett Ballenger, Owner/B.I.C Ballenger Realty. Former President Beaufort County

Association of Realtors.