May 2018 Newsletter

May 2018 Newsletter

FIRST QUARTER 2018 RESIDENTIAL SALES REVIEW


2017 was an excellent year for the real estate market in Northern Beaufort County. Would this healthy market continue into 2018? Looking only at the five main areas we normally review, one may say that at least for the first quarter of the year overall – it almost did. Total sales were down only -2.6%, please bear in mind, we are comparing the first quarter to a very strong 2017. I feel we can take comfort that we are only -2.6% behind at this time last year. We could say the city of Beaufort took the biggest hit, with a decline of around -36%. I suspect this decline is more a matter of lack of inventory, rather than buyers not wanting to invest in the city. Burton had an excellent first quarter being up a shade over + 10%. The other parts of our five main areas we normally cover were pretty much flat over 2017. The first three months of any year can be somewhat unpredictable – unlike the second quarter and even into July when real estate sales reach their peak. The median prices was up +15% and average prices +8.5%. This increase is a trend we have seen over the last year or so.

Single Family Homes Sold In First Quarter Of 2018.

Month

Beaufort

Mossy Oaks

Port Royal

Burton

Lady's Island

Total

January

7

6

7

20

18

58

February

5

2

7

16

15

45

March

10

5

6

36

27

84

Total

22

13

20

72

60

187

 
Single Family Homes Sold In First Quarter of 2017
 
Month

Beaufort

Mossy Oaks

Port Royal

Burton

Lady's Island

Total

January

11

4

9

15

17

56

February

8

2

6

28

21

65

March

14

4

5

22

26

71

Total

33

10

20

65

64

192

 
First Quarter Summary
 
1/01/17 – 3/31/17

1/01/18 – 3/31/18

Sold = 192

Sold = 187

Average selling price $257,695

Average Selling price $281,373

Median selling price $211,000

Median selling price $249,000

List volume $51,187,956

List volume $52,616,895

Sales volume $49,477,361

Sales price volume $51,013,701

List price difference (-3.5%)

List price difference (-3.1%)

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