May 2018 Newsletter

May 2018 Newsletter

FIRST QUARTER 2018 RESIDENTIAL SALES REVIEW

2017 was an excellent year for the real estate market in Northern Beaufort County. Would this healthy market continue into 2018? Looking only at the five main areas we normally review, one may say that at least for the first quarter of the year overall – it almost did. Total sales were down only -2.6%, please bear in mind, we are comparing the first quarter to a very strong 2017. I feel we can take comfort that we are only -2.6% behind at this time last year. We could say the city of Beaufort took the biggest hit, with a decline of around -36%. I suspect this decline is more a matter of lack of inventory, rather than buyers not wanting to invest in the city. Burton had an excellent first quarter being up a shade over + 10%. The other parts of our five main areas we normally cover were pretty much flat over 2017. The first three months of any year can be somewhat unpredictable – unlike the second quarter and even into July when real estate sales reach their peak. The median prices was up +15% and average prices +8.5%. This increase is a trend we have seen over the last year or so.

 

Single Family Homes Sold In First Quarter Of 2018

 

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

January              7                        6                      7                20                   18               58

February            5                        2                      7                16                   15               45

March              10                        5                      6                36                   27               84

 

Total                22                       13                   20                72                   60              187

 

 

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

 

First Quarter Summary

 

 1/01/17 – 3/31/17                                                                   1/01/18 – 3/31/18

So Sold = 192                                                                                Sold = 187

Average selling price $257,695                                          Average Selling price $281,373

Median selling price $211,000                                           Median selling price $249,000

List volume $51,187,956                                                    List volume $52,616,895

Sales volume $49,477,361                                                  Sales price volume $51,013,701

List price difference (-3.5%)                                               List price difference (-3.1%)

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