January 2018 Newsletter

January 2018 Newsletter

FOURTH QUARTER 2016 VS 2017 RESIDENTIAL SALES

The first three quarters of 2017 were especially strong this year, so would this momentum carry into the last quarter of 2017 for residential property? Looking at the overall numbers below, the answer has to a resounding yes. As usual there are exceptions, and some areas did not fare as well. One thought to keep in mind, the fourth quarter of 2017started just a couple of weeks after tropical storm Irma blow through, causing extensive and in some areas record breaking flooding.

Fourth Quarter Residential Sales

(Fourth Quarter 2016 vs Fourth Quarter 2017)

Area Sales Volume

(Millions)

Units Avg Price Median Price
Beaufort

2016

2017

Change +/-

 

$5.03

$4.6

-8.5%

 

 

22

19

-14%

 

$295,588

$242,664

-18%

 

$199,000

$170,000

-15%

Mossy Oaks

2016

2017

Change +/-

 

$3.6

$3.4

-6%

 

18

20

+11%

 

$259,575

$170,000

-35%

 

$191,250

$172,333

-10%

Port Royal

2016

2017

Change +/-

 

$3.6

$5.3

+47%

 

20

25

+25%

 

$214,135

$214,380

+0%

 

$196,000

$204,000

+4%

Burton

2016

2017

Change +/-

 

$17.4

$20.2

+16%

 

69

89

+29%

 

$252,653

$227,336

-10%

 

$221,000

$205,000

-7%

Lady’s Island

2016

2017

Change +/-

 

$26.0

$30.5

+17%

 

83

91

+9.6%

 

$313,094

$335,407

+7%

 

$265,000

$280,000

+5.4%

Total

2016

2017

Change +/-

 

$55.6

$64.1

+15%

 

212

244

+15%

 

$278,596

$262,865

-6%

 

$230,500

$228,500

-1.0%

The City of Beaufort saw a drop in sales volume of about -8.5%, and actual unit sales

was down -14%. The City’s numbers closed down across the board, which is quite unusual to see for any of the five areas we normally review. There are probably a number of reasons for this decline, but one must assume the low numbers of new construction could explain some of this decline. For sure a good number of potential buyers would like to live in around Beaufort City.

Mossy Oaks saw some similar declines with the exception of unit’s sales up +11%. As we have mentioned before…Mossy Oaks is a very established neighborhood, with little new construction to stimulate additional sales activity.

Port Royal. Had an excellent last three months of 2017. Sales volume was up a very impressive +47%. Unit sales up +25%, and medium prices up +4%. Only their average prices saw virtually no change.

Burton has been a real estate hot spot in Northern Beaufort County for some time now, usually only trailing Ladys Island in performance. We little to change that trend, and hey saw a healthy increase in both sale volume (+16%) and in unit sales +29%. Median and average prices saw a dip of -10% and -7% respectively.

Lady’s Island was again the area to beat, being the only other area with Port Royal to see + signs across the board. With +17% in sales volume and +9.6% increase to 91 unit sales (2 ahead of Burton). Certainly with all the new construction on the island, there should be a continued strong showing for the foreseeable future.

We will review the whole real estate year of 2017 in next month’s article, but if the total year is anything like the last quarter of 2017, we all should be comforted that Northern Beaufort County is indeed back on track. With total sales volume +15%, unit sales +15%, and even the medium sales price up +1%.

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