Although at the time of
writing, we have about six weeks until the end of the year. I thought it might
be an idea to see how many single family houses sold in 2018 that were new in
the five main areas we normally cover. There are a number of interesting
variables to consider when looking at new home sales. The dates we are looking
at are houses closed between 01/01/18 – 11/15/18. We do have to consider in
these numbers, some houses would have been started in 2017, and completed and
sold in 2018 – but the same can be said for the 2017 numbers.
Another quite important anomaly we need to take into account is that an appreciable number of new homes do not get entered into our MLS. There are a various reasons for this. For example, a developer may sell a lot to a buyer or builder – then in turn someone will have a new home built on that lot. The property is never listed in the MLS, thus not showing up as a “new home sale”.
(2017 sales shown in parenthesis)
Mossy Oaks was no surprise with only one sale, this is a very established neighborhood, with very little new construction.
Ladys Island was the biggest surprise. I know the change was only - 0.9%, but it seems like there is a lot of new construction happening on the Island, but so far in 2018 is slightly down in last year. Although having said that, it seems like this last quarter has slowed a little. Whether it has to do with mortgage rates increasing a little, the past election or just a little steam escaping from the real estate market – I don’t think anyone knows for sure…maybe a little of all of them.
Burton has had an excellent year so far. The nearly 10% increase over 2017 in new home construction is a strong showing. The presence of national home builders in the Burton area has obviously attributed to this strong showing.
Port Royal was up a nice +5.5%, as was the overall sales volume. One has believe that it is just a matter of time before Port Royal new home building really takes off once the Port plans are put into action.
Beaufort City was down only -1.4%, but the total sales did increase by nineteen sales. The City of Beaufort is not unlike Mossy Oaks in that it is very established and there are not many buildable lots to be had.
Overall percentage of new home sales in the Northern Beaufort County Association of Realtors MLS is up 3.5% for the dates we are looking at in 2018. Three areas saw new home sales increase. Two were down and on pretty much flat. Summing up, I feel the numbers showed steady as she goes in new housing. This certainly helps to maintain inventory, which without this new building would be tight.
By Everett Ballenger. Owner B.I.C Ballenger Realty Former President Beaufort County Association of Realtors.