May 2017 Newsletter

May 2017 Newsletter

FIRST QUARTER 2017 RESIDENTIAL SALES REVIEW

2016 was an excellent year for the real estate market in Northern Beaufort County. Will this healthy market continue into 2017? Looking only at the five main areas we normally review, one may say that at least for the first quarter of the year it did not. But if one looks at the graph we generate each month for all of Northern Beaufort County’s sales the numbers for the first quarter of this year, while not quiet as good as last year, are very strong. We do need to remember that for most companies, 2016 was the best year for real estate sales since before the real estate collapse of 2006. The following charts provide a comparison of the 2017 first quarter numbers for single family home sales as compared to the same period in 2016.

Single Family Homes Sold In First Quarter Of 2017.

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

January            11                        4                    9                  15                   17               56

February            8                        2                    6                  28                   21               65

March              14                        4                    5                  22                   26               71

 

Total                33                       10                  20                 65                   64              192

 

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           9                         3                    5                  23                   24               74

March               6                         9                  15                 20                   29               93

 

Total                22                       16                  25                 68                   69              225

 

First Quarter Summary

 

 1/01/16 – 3/31/16                                                                   1/01/17 – 3/31/17

Sold = 225                                                                          Sold = 192

 

Avg selling price $223,965                                                 Average selling price $257,695

Median selling price $209,900                                           Median selling price $211,000

List volume $46,399,358                                                    List volume $51,187,956

Sales volume $44,793,178                                                  Sales volume $49,477,361

List price difference (-3.6%)                                              List price difference (-3.5%)

 

I think we really need to sit up and take note of the selling price increase since last year. The average selling price rose 15%, but the median rose only 0.5%.  In our 5 key areas there were 33 less homes sold in the first quarter of 2017  than in the same period of 2016 but the listing volume for 2017 was up 3.5%. So one could surmise that there is a definite trend of upward pressure on single family home prices in Northern Beaufort County.

The City of Beaufort had an excellent first quarter which may explain the increase in higher listing and sales volume numbers. We are at a very early stage in this real estate year, and there is plenty of time for Lady’s Island and the other usual hotspots to catchup. I do feel the diminishing inventory pool will slow sales at some point down the road if it is not already doing so. How much this will affect home values – only time will tell.

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