June 2019 Newsletter

June 2019 Newsletter


DAYS ON THE MARKET FOR RESIDENTIAL PROPERTY.

We have seen a very steady and strong real estate market in Northern Beaufort County - for a least the last three years or so. It would not be unreasonable to expect this market to eventually slow down…if for no other reason, the reduced availability of affordable single family homes in our area. One reasonable tool to measure real estate strength, is how long a property takes to sell, in other words the “Days On The Market” or as Realtors call it – DOM.

Looking at the stats below, 2018 turned out to be another good year for the county. The “DOM” average was almost identical to 2017. I believe if it was not for the anomaly of a $700,000 -$799,999 listing being on the market for 1106 days, the average DOM would be appreciably down.  

Comparison of Average Time on the Market (2017/2018)
 

Days on the Market

Beaufort

Mossy Oaks

Port Royal

Burton

Lady’s Island

 

  2017     2018

2017     2018

2017       2018

2017      2018

2017     2018

$0 to $99,000

194         39

070          104

200             78

139           81

142           37

$100,000 to $199,999

098         88

 092           89

 089           144

106          109

101         123

$200,000 to $299,999

 096      114

112           98

094            114

096            87

113         108

$300,000 to $399,999

 102      131

132         135

138            133

143          126

118         176

$400,000 to $499,999

222       150

171           64

---               105

196          137

177         181

$500,000 to $599,999

249       110

001           69

---                83

180          171

230         171

$600,000 to $699,999

122       115

252            ---    

453              ---

---             165

276          231

$700,000 to $799,999

233      1106

 ---              ---

372               ---

182           378

230          205

$800,000 to $899,999

---           ---

---

---                ---

061             44

169         111

$900,000 to $999,999

---          300

 ---            ---

149               ---

---              344

161          141

$1,000,000 and up.

301       251

 ---            66

---             101

---              248

125          138


 

 
 
 
 
 
 
 
 
 
 
 
 
Total 2017 Ave 114 Days                                                                            Total 2018 Ave 115 Days


In the too distant past, the average time to sell a residential property in the Beaufort are was around five months. As can be seen by looking at the 115 average days to sell, we are now closer to 3.8 months.

 One can decipher pretty much whatever one wants to when it comes to stats and numbers. But if two or more similar properties are on the market, and one goes under contract in a timely period and the others stays active for some considerable time over the average, it may tell us there is an issue or issues with that particular property. So having the above DOM information may well become useful to both listing agent and property owner alike

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