January Newsletter 2019

January Newsletter 2019

January Newsletter 2019


                        FOURTH QUARTER 2017 VS 2018 RESIDENTIAL SALES

 

The last quarter of 2019 was definitely a strange one. The market usually picks up around October, but in 2019 this did not seem to happen. It is not totally unheard of that a usually busy month may be slow, but the following months quite often make up for the anomaly. Looking at the numbers below, we can see there are some quirky figures in usually busy areas.

                                            Fourth Quarter Residential Sales

(Fourth Quarter 2018 vs Fourth Quarter 2019)

Area

Sales Volume

(Millions)

Units

Avg Price

Median Price

Beaufort

2018

2019

Change +/-

 

$7.3

$10.7

+46.5%

 

 

22

32

+45%

 

$329,098

$336,001

+2.0%

 

$259,450

$280,500

+8.1%

Mossy Oaks

2018

2019

Change +/-

 

$4.3

$5.5

+28%

 

23

20

-13%

 

$185,962

$260,445

      +40%

 

$189,500

$235,250

        +24%

Port Royal

2018

2019

       Change +/-       

 

$5.8

$12.1

+108%

 

20

43

+115%

 

$288,874

$281,360

-2.8%

 

$238,500

$259,000

        +8.5%

Burton

2018

2019

Change +/-

 

$17.6

$20.0

+13.6%

 

73

69

-6.5%

 

$240,998

$290,073

+20%

 

$224,990

$252,000

+12%

Lady’s Island

2018

2019

Change +/-

 

$33.3

$22.5

-32.5%

 

92

68

-36%

 

$362,194

$330,918

-8.7%

 

$304,595

$277,000

-10%

Total

2018

2019

Change +/-

 

$68.2

$70.6

+3.5%

 

230

244

+6%

 

$296,563

$304,211

+2.5%

 

$241,000

$257,450

+6.8%

 

Beaufort had a superb quarter with sales volume up +46.5% and unit sales up + 45%. I was very interested to look into the Beaufort’s numbers. The lowest sale was $126,500 and highest was $995,000. But what was surprising is that eight of the sales were under $200K.

 

Mossy Oaks is usually a very stable established area. They saw a dip in actual sales of -13%, but the homes that did sell were substantially up on value compared to 2018, +40% average and +24% median.

 

Port Royal did very well also. Sales volume was up a very impressive +108%! Unit sales up even more at +115%. The only fly in ointment was average sales prices down – 2.8%, but median up +8.5%.

 

Burton is usually up there in sales numbers, and although they did dip in actual unit sales, they still were ahead of all the other area (just). Volume up +13.6%. Sales price increases were strong at +20% average and +12% median.

 

Last but not least, Ladys Island had what you could describe a disappointing quarter. The usually real estate powerhouse was down across the board. Volume down -32.5%, unit sales down – 36%, average selling price – 8.7% median -10%. As I mentioned above, the last quarter did have some anomalies in it.

 

Overall even with some areas on the negative side, the fourth quarter of 2019 was up across the board-for the five main areas we normally cover. Looking into my crystal ball, I don’t see any storm clouds on the horizon that could affect Northern Beaufort County’s real estate market. With possibly one exception. The market is tight for lower priced properties that would attract first time buyers. This in turn could have a knock on effect of slowing down people’s ability to move up to their next home…only time will tell!

Next month we will review the whole year of 2019.

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

Association of Realtors.