This month we will take snapshot of May 2016 real estate market. We would not normally just look at one month for a year on year review, but May is normally a good indicator of how the market will perform through the busy spring selling season. One should take into account that for homes to close in May, the contracts were very likely written in March and April. So again decent real estate sales in May really indicates how the first 40% of the year has performed. Over the last two years the housing market has been up on the year before…(other than October 2015), which was down a little on 2014. Here we are only looking at the five areas we normally cover, Beaufort, Mossy Oaks, Port Royal, Burton and Lady’s Island.
Three Year Review of the Month of May
Ave List Price
Ave Sold Price
Median List Price
Median Sold Price
Certainly May 2016 showed some healthy gains across the board. Actual units’ sales were up close to an impressive 14%. Prices did show some increase over 2015. This is encouraging to see, as some “hot” metropolitan areas have seen some significant rises in home values, Northern Beaufort has lagged behind this appreciation trend. Land values are still down, especially in some gated communities – but if the single family home market remains strong, it can only be a matter of time before buildable lots start to attract attention once more.
As of May 15th there were 397 active single family homes for sale in our five main areas, and 192 pending sales with a listing volume of $51,087,473. One would have to say that May 2016 was a pretty good month overall, and bodes well that the real estate market remain strong throughout the rest of the year.
By Everett Ballenger, Owner/BIC Ballenger Realty. Past President of the Beaufort County Association Realtors.