May 2016 Newsletter

May 2016 Newsletter

FIRST QUARTER 2016 RESIDENTIAL SALES REVIEW

Last year’s first quarter numbers were mostly ahead of 2014, so would we continue to see the trend in 2016 – for the five main areas we normally cover? Looking at the stats below, overall it seems like the trend continues on the upward direction. There are some dips in actual unit sales in Mossy Oaks and Port Royal. Beaufort was same as 2015, but Burton and Ladys Island surged ahead some 40% over the year before. Total unit sales were up 24%, with the average price up just + 0.4% and the median selling price up + 8.4%. Total sales volume was up a healthy +11% from the previous year.

Single Family Homes Sold In First Quarter Of 2016.

Month          Beaufort        Mossy Oaks     Port Royal      Burton     Lady’s Island     Total

January             7                         4                    5                  25                   16               58

February         10                         3                    5                  23                   24               74

March               5                         9                  15                 20                   29               93

Total                22                       16                  25                 68                   69              200
Single Family Homes Sold In First Quarter of 2015

Month          Beaufort        Mossy Oaks     Port Royal      Burton     Lady’s Island     Total

January             5                         9                    6                  17                   15               52

February           6                         5                  12                 11                   18               52

March             11                         9                  15                 13                   17               65

Total                22                       23                 33                  41                   42              161

 

First Quarter Summary

 1/01/15 – 3/31/15                                                                   1/01/16 – 3/31/16

Sold = 169                                                                          Sold = 200

Avg selling price $223,079                                                 Average selling price $223,965

Median selling price $192,445                                           Median selling price $209,900

List volume $42,413,601                                                    List volume $46,399,358

Sales volume $40,377,299                                                  Sales volume $44,793,178

List price difference (- 4.9%)                                              List price difference (-3.5%)

 

The first quarter of 2016 seems to be following a pattern we have seen over the last 2-3 years. The Northern Beaufort County real estate market is in a “steady as she goes” mode. A mode I think we can all agree is a welcome sight and one we should all be comfortable with. To give some perspective of today’s market for 5 areas we monitor, it was 2007 the last time 200 units were sold in the first quarter.  Even though the market has picked up significantly over the last three years, there are still some excellent real estate deals to be had, across the price spectrum but it should not be assumed they will remain available forever.

By Everett Ballenger. Owner B.I.C. Ballenger Realty. Former President Beaufort County Associations of Realtors.