June 2018 Newsletter

June 2018 Newsletter

DAYS ON THE MARKET FOR RESIDENTIAL PROPERTY.

We have seen a very steady and strong real estate market in Northern Beaufort County – for a least the last three years or so. It would not be unreasonable to expect this market to eventually slow down…if for no other reason, the lessoning of affordable single family homes in our area. One reasonable metric to measure real estate strength, is how long a property takes to sell, in other words the “Days On The Market” or as real estate call it – DOM.

Looking at the stats below, 2017 turned out to be another good year for the county. The “DOM” actually went down to an average of 114 days. A reduction of some 16%. As you would expect it is not until we get into the higher price ranges that we see any increases in DOM.

Days on the Market Beaufort Mossy Oaks Port Royal Burton Lady’s Island
   2016      2017 2016     2017 2016        2017 2016       2017 2016     2017
$0 to $99,000 127        194 208         070 241             200 158            139 143         142
$100,000 to $199,999 139        098 135         092 124             089 112            106 115         101
$200,000 to $299,999 144        096 165         112 129            094 127            096 121         113
$300,000 to $399,999 102        102 121          132 150            138 239            143 178         118
$400,000 to $499,999 230        222 092          171 362              — 185            196 256         177
$500,000 to $599,999 247        249 278          001 —                — 115            180 243          230
$600,000 to $699,999 118        122 —             252 005             453 334            — 243          276
$700,000 to $799,999 186        233  —              — 005             372 276            182 236          230
$800,000 to $899,999 175          — 618            — —                — 149            061 173         169
$900,000 to $999,999 —           —  —            — —                149 249              — —            161
$1,000,000 and up. 179      301  —            —  306            — 163             — 295         125

Comparison of Average Time on the Market (2016/2017)

Total 2016 Ave 136 Days                                                                            Total 2017 Ave 114 Days

One can decipher pretty much whatever one wants to when it comes to stats and numbers. But if two or more similar properties are on the market, and one goes under contract in a timely period and the others stays active for some considerable time over the average, it may tell us there is an issue or issues with that particular property. So having the above DOM information may well become useful to both listing agent and property owner alike.

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