July 2019 Newsletter

July 2019 Newsletter


 

A REAL ESTATE SNAPSHOT OF ONE MONTH OVER THREE YEARS.

This month we take a snapshot view of one month’s single family homes sales figures…rather than a quarter, six months or a whole year. May is probably the best month to take this snapshot, as to close in May, the contracts would have been written in the preceding weeks and months. Thus a strong May means the first part of the year has gotten off to a good start (or not) as we have seen in the past. The numbers below are for the five main areas we normally cover, those being, Beaufort, Burton, Mossy Oaks, Ladys Island and Port Royal.

2018 was an outstanding year for real estate in Northern Beaufort County, as can be seen by the numbers below. It is thus understandable if this year’s sales are not quite so impressive. Never the less, there is nothing to be concerned about. A +8% increase in unit sales is very respectable, and an increase in average selling price, up +1.3%. The decrease in median prices could be attributed to less inventory being on the market. One number not indicated in our stats – but never the less, an important one to notice, is the rise in average listing and average selling prices, +22% and +21% respectively. A not too insignificant jump in only three years. Although selling prices increased on average +7% per year over the last three years, sales in May 2019 still managed a respectable +8.6% increase.

                                                   Three Year Review of the Month of May

                                     May                 May                                  May

Area                             2017                2018           Change%        2019    Change%

Units sold                       87                   115              +32%            125        +8.6%                      

Ave List Price          $255,581          $307,834          +20%        $311,051   +1.1%

Ave Sold Price         $249,513          $299,217          +20%        $303,003   +1.3%

Median List Price    $232,500          $269,000          +16%         $268,000   -0.4%

Median Sold Price   $227,500          $269,000          +18%         $265,000   -1.5%

 

The real estate market is still healthy in the five main areas we are covering here, but I feel a similar picture will evolve when we look at the “whole” of Northern Beaufort County in other articles to follow. But in the meantime, our graph below is for all residential property in all areas of Northern Beaufort County.

In the next issue we will analyze the real estate market for the first six months of 2019. 

By Everett Ballenger, BIC Ballenger Realty.

Past President of the Beaufort County Association Realtors.