October 2017 Newsletter

October 2017 Newsletter

Third Quarter 2016Vs 2017 Real Estate Sales.

The first half of 2017 real estate market for the five main areas we normally cover, has shown a continued resilience and an overall upward movement. I was particularly interested in seeing how we faired in the third quarter, as September was somewhat of a slow month for most companies. There were a number of areas where sales are down, but overall the unit sales and sales prices were up.

Somewhat surprising, the City of Beaufort had quite slow quarter. This may due to the lack of new building inventory as some developments begin to mature sell out. There certainly seems to be a strong demand for new housing in the City – but obviously there only so much buildable land available.

Area Sales Volume

(Millions)

Units Avg Price Median Price
Beaufort

2016

2017

Change +/-

 

$11.1

$  6.3

-43%

 

30

24

-20%

 

$371,011

$261,852

-30%

 

$275,000

$200,000

-23%

Mossy Oaks

2016

2017

Change +/-

 

$4.2

$4.0

-5%

 

26

20

-23%

 

$162,921

$201,632

+24%

 

$163,196

$184,500

+13%

Port Royal

2016

2017

Change +/-

 

$5.9

$4.6

-22%

 

26

16

-37%

 

$227,268

$290,540

+28%

 

$210,000

$184,500

-13%

Burton

2016

2017

Change +/-

 

$15.5

$24.4

+57%

 

68

93

+37%

 

$228,649

$262,482

+15%

 

$229,000

$232,000

+1.3%

Lady’s Island

2016

2017

Change +/-

 

$35.3

$36.4

+3%

 

122

98

-20%

 

$289,580

$371,631

+28%

 

$230,000

$305,755

+33%

Total Northern      Beaufort

2016

2017

Change +/-

 

 

$91.0

$95.7

+5%

 

 

 

326

302

-7%

 

 

$279,219

$316,791

+13%

 

 

$230,000

$255,295

+11%

Mossy Oaks saw a slow ’ish quarter as far as actual unit sales went, but sales prices certainly held their own with a +24% increase for average and +13% for median prices.

Port Royal was the other “city” that had a fairly quiet quarter, with the only bright spot being the average prices rising +28%. Please bear in mind, we are reviewing only single family homes at this time, so there could well have been a number of condos sold that would not show up in the sales numbers.

Now to Burton. One must say that the Burton area had an outstanding third quarter, there is no doubt about it. The only area that saw ALL segments in the plus column. Sales volume up a very impressive +57% and unit sales +37%.

Ladys Island was still the “top dog” in volume and unit sales – but only by five units. Which is surprising to see Ladys Island unit sales decrease that amount with all the new construction we see just driving around. One does need to be impressed with the property value increases of +28% and +33% respectively.

Total Northern Beaufort County was up across the board – except in unit sales with decline of – 7%. I feel the standout for 2017 third quarter’s numbers, is significant increase in real estate selling prices. We have seen some slow upward movement this past year or so, but in this quarter things seemed to really have taken off.

Lastly, a couple of interesting observations. September 2016 was down in unit sales compared to September 2015, and September 2017 was down on 2016. With such a week September in the mix, the overall figures really are quite good. The other observation.  I am writing this after tropical Irma has blown through. Sometimes when a major event like that happens, it can affect negatively our area for a year or so. People thinking of moving to the coast have second thoughts, or possibly put their relocation plans on hold for a while.

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