June 2018 Newsletter

June 2018 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 lessoning of affordable single family homes in our area. One reasonable metric to measure real estate strength, is how long a property takes to sell, in other words the “Days On The Market” or as real estate call it – DOM.

Looking at the stats below, 2017 turned out to be another good year for the county. The “DOM” actually went down to an average of 114 days. A reduction of some 16%. As you would expect it is not until we get into the higher price ranges that we see any increases in DOM.

Comparison of Average Time on the Market (2016/2017)

Total 2016 Ave 136 Days Total 2017 Ave 114 Days
 
Days on Market Beaufort Mossy Oaks Port Royal Burton Lady's Island
$0 to $99,000 127/194 208/070 241/200 158/139 143/142
$100,000 to $199,999 139/098 135/092 124/089 112/106 115/101
$200,000 to $299,999 144/096 165/112 129/094 127/096 121/113
$300,000 to $399,999 102/102 121/132 150/138 239/143 178/118
$400,000 to $499,999 230/222 092/171 362/— 185/196 256/177
$500,000 to $599,999 247/249 278/001 —/— 115/180 243/230
$600,000 to $699,999 118/122 —/252 005/453 334/— 243/276
$700,000 to $799,999 186/233 —/— 005/372 276/182 236/230
$800,000 to $899,999 175/— 618/— —/— 149/061 173/169
$900,000 to $999,999 —/— —/— —/149 249/— — /161
$1,000,000 and up. 179/301 —/— 306/— 163/— 295/125
 
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, Owner/B.I.C. of Ballenger Realty, Former President of Beaufort County Association of Realtors.