March 2018 Newsletter

March 2018 Newsletter

REVIEW OF THE 2017 TOTAL REAL ESTATE MARKET
By Everett Ballenger. Owner/ B.I.C. Ballenger Realty. Past President Beaufort County Association of Realtors.

2016 was a year the real estate market in Northern Beaufort County really seemed to get back on track. We saw some ups and downs last year – especially the last quarter which was a little on the negative side. So the question is whether 2017 would be equally as strong, or would we finally see the “cooling off” of real estate sales in Northern Beaufort County?

Looking at the columns below, I think we can say 2017 was indeed a very good year for the real estate market north of the Broad River. Although the actual unit sales was up only 2.5% for ALL types of real estate in the Northern Beaufort County, actual sales volume was up an impressive 7.5%, and the average price appreciated  healthy 10.%.

2016/17 Total (All Types of Property) Real Estate Sales (Northern Beaufort County)

Category 2016 2017 Percentage Change
Units Sold 1650 1692 +2.5%
Total (Combined) Asking Price $405 Million $432 Million +6.6%
Total (Combined) Selling Price $383 Million $412 Million +7.5%
Median Price $199,250 $200,000 +0.0%
Average Price $231,771 $255,467 +10.2%

Residential sales. Single family homes saw a 1.7% uptick in units sold and an excellent surge of 9.4% in sales volume. With average prices up a very impressive 12%, and even the slower to move “median” prices was up 5.3%. Looking at both the “Total” and “Residential” numbers, one can see a definite trend upwards as regards to real estate prices. In Northern Beaufort County.

2016/17 Total Residential Sales Only (Northern Beaufort County)

Category 2016 2017 Percentage Change
Units Sold 1312 1335 +1.7%
Total (Combined) Asking Price $354 Million $385 Million +8.7%
Total (Combined) Selling Price $338 Million

 

$370 Million

 

+9.4%
Median Price $217,330 $229,000 +5.3%
Average Price $257,786 $288,786 +12%

I feel we can all take some comfort in last year’s real estate market, and can be mostly positive at the above stats. One possible fly in the ointment is the shrinking inventory of single family homes. Certainly the lower priced ones that would attract first time buyers, are becoming a harder to find commodity – and can go under contract in a matter of days sometimes. Having said that, the continuing construction of new homes by national builders, will ensure homes are actually available, but possibly at a higher price than some folks are expecting. Mortgage rates have crept upwards a little over the past year, but are still at historically low rates, and should not be a hindrance to today’s home buyers.