May 2016 Newsletter

May 2016 Newsletter

FIRST QUARTER 2016 RESIDENTIAL SALES REVIEW


Last year’s first quarter numbers were mostly ahead of 2014, so would we continue to see the trend in 2016 – for the five main areas we normally cover? Looking at the stats below, overall it seems like the trend continues on the upward direction. There are some dips in actual unit sales in Mossy Oaks and Port Royal. Beaufort was same as 2015, but Burton and Ladys Island surged ahead some 40% over the year before. Total unit sales were up 24%, with the average price up just + 0.4% and the median selling price up + 8.4%. Total sales volume was up a healthy +11% from the previous year.

Single Family Homes Sold In First Quarter Of 2016.

Month

Beaufort

Mossy Oaks

Port Royal

Burton

Lady's Island

Total

January

7

4

5

25

16

58

February

10

3

5

23

24

74

March

5

9

15

20

29

93

Total

22

16

25

68

69

200



Single Family Homes Sold In First Quarter of 2015

Month

Beaufort

Mossy Oaks

Port Royal

Burton

Lady's Island

Total

January

5

9

6

17

15

52

February

6

5

12

11

18

52

March

11

9

15

13

17

65

Total

22

23

33

41

42

161



First Quarter Summary

1/01/15 – 3/31/15

1/01/16 – 3/31/16

Sold = 169

Sold = 200

Avg selling price $223,079

Average selling price $223,965

Median selling price $192,445

Median selling price $209,900

List volume $42,413,601

List volume $46,399,358

Sales volume $40,377,299

Sales volume $44,793,178

List price difference (- 4.9%)

List price difference (-3.5%)



The first quarter of 2016 seems to be following a pattern we have seen over the last 2-3 years. The Northern Beaufort County real estate market is in a “steady as she goes” mode. A mode I think we can all agree is a welcome sight and one we should all be comfortable with. To give some perspective of today’s market for 5 areas we monitor, it was 2007 the last time 200 units were sold in the first quarter. Even though the market has picked up significantly over the last three years, there are still some excellent real estate deals to be had, across the price spectrum but it should not be assumed they will remain available forever.

By Everett Ballenger. Owner B.I.C. Ballenger Realty. Former President Beaufort County Associations of Realtors.