September Newsletter 2018
REAL ESTATE INVENTORY AND SALES BY PRICE
Last month we looked at the various price brackets of which homes were selling for, in the 5 areas (Beaufort, Port Royal, Moss Oaks, Lady’s Island and Burton) which we monitor. It was interesting but not surprising to see the difference in sales numbers the further we went up the price scale. This month I thought it might be of interest to look by price bracket, at the number of homes sold in the last 12 months in the same 5 areas. Using a single date in September to compare single family home inventory on a year on year basis.
|12 Months of Sales
|Monthly Sales Rate|
|Sept 14/17||Sept 17/18||9/16/17-9/17/18|
|$0 to $99,999||4||3||21||1.75|
|$100,000 to $199,999||48||46||265||22.0|
|$200,000 to $299,999||87||104||399||33.25|
|$300,000 to $399,999||73||58||165||13.75|
|$400,000 to $499,999||45||40||68||5.6|
|$500,000 to $599,999||23||31||36||3.0|
|$600,000 to $699,999||20||22||15||1.25|
|$700,000 to $799,999||12||14||11||0.91|
|$800,000 to $899,999||9||6||8||.60|
|$900,000 to $999,999||7||2||3||.25|
|$1,000,000 and up.||23||24||15||1.25|
|Totals||351-3.9%||371+ 5.6%||( 929) 1006 +8.2%||82.79|
As to the question of inventory based on the data in the above chart, the overall number of houses available in the areas we monitor has increased by 5.6%. This increase is primarily occurring in homes priced under $300,000. Six of the eleven price brackets saw a decrease in the number of homes for sale.
The total number of units sold was up a healthy + 8.2% over 2017. One does not have to be a rocket scientist to see the best price range for selling a property is in the $200,000 to $299,000. But having said that, ranges from $300,000 to $599,999 all saw a healthy increase. Also of note – is the $1,000,000 and up range with 15 sales in 2017/18.
As we have mentioned before, the tight inventory situation in Northern Beaufort County has been alleviated to some extent by the influx of national building companies that can mass produce homes at reasonable cost to the home buyer. Despite the storms the east coast has suffered over the last three years, there still seems to be a very healthy demand by folks wanting to live on or near the coast.
By Everett Ballenger Owner/B.I.C Ballenger Realty. Former President of Beaufort County Association of Realtors.