July 2017 Newsletter
A REAL ESTATE SNAPSHOT OF ONE MONTH OVER THREE YEARS.
2016 was to some extent, a landmark year for real estate in Northern Beaufort County. It was a year that many agents and companies saw their sales volume equal to, if not surpass the hay days of 2005/6. So haven taken about eleven years to get back to where we were way back then. 2016 was obviously a year to beat, and even being close to those numbers means 2017 would again be a year we all could feel good about.
This month we take a snapshot view of one month’s figures…rather than a quarter, six months or a whole year. May is probably the best month to take this snapshot, as to close in May, the contracts would have been written in the preceding weeks and months. Thus a strong May means the first part of the year has gotten off to a good start (or not) as we have seen in the past.
Three Year Review of the Month of May
May May May
Area 2015 2016 Change % 2017 Change%
Units sold 65 82 +26% 82 0%
Ave List Price $242,383 $249,547 +7.0% $255,581 +2.4%
Ave Sold Price $233,147 $237,794 +2.0% $249,513 +4.9%
Median List Price $209,000 $215,000 +3.0% $232,500 +8.1%
Median Sold Price $205,000 $209,250 +2.0% $227,500 +8.7%
The actual unit sales at 82 were the same as 2016. Prices on the other hand certainly improved right across the board. Median prices tend to move more slowly than the “average”, but as we can see from May’s data, median prices saw the following increases -Listing Median +8.1% and Sold Median +8.7%. It certainly seems like the tighter inventory pool is having some effect and creating an upward pressure on prices. As with the actual sales volume of 2016, home selling prices seem to have caught up to those of the first decade of the 2000’s. At least in the most popular price ranges of $150,000’s to $300,000’s.
As of June 13th 2017 there were 421 single family homes on the market in our five main areas, an increase over last year of 5.8%. There were 174 under contract with a listing volume of $52,161,260 that is an increase of 2.1%. Again encouraging numbers, and bodes well for the second half of 2017.
By Everett Ballenger, Owner/BIC Ballenger Realty.
Past President of the Beaufort County Association Realtors.