What a Difference a Year Makes!
Real Estate Trends in Beaufort SC
Just some observations on the current market trends here in the Beaufort SC area:
Number of closed single family homes the first three quarters of:
Yay! We're all happy that the number of sales is up, but there is more to the story as you will see below. This is the "Headline" statistic, but why hasn't your house sold?
Percent of those sales that were foreclosures:
Percent of those sales that were short sales:
Short sales and foreclosures still make up 23% of the closed sales. That's a pretty good chunk, and until that number goes down, we aren't going to see an increase in sales prices except for the two areas noted below.
So two things here-
1) As we've already seen, there are across the board decreases except for Burton and Lady's Island, probably due to the foreclosure and short sales transactions, we really need to get these flushed out of the system as soon as possible.
2) What's going on in Burton and Lady's Island? That's two pretty different areas! Not a lot of golfing in Burton, except for Giffords (a really fun Par 3 course)! But what is going on in Burton is new construction in the Live Oaks, Shadow Moss, and a little activity in Habersham. On Lady's Island we have Sommerset Point and Spanish Moss that are new developments that are helping to boost the prices over last year.
So what does all this mean? Well, big picture, things are looking up. More homes are selling, the absorption rate is down to 8.6 months worth of inventory as opposed to over 3 years at some points in the recent reccession, and lenders seem to be coming around to a little saner outlook on borrowers. There are a lot of investors still in the market, and we are enjoying a golden time of low prices and low rates.
Your picture? Well, I don't know. What are trying to accomplish right now? What situation are you in? Give me a call and I can help figure out how these models apply to your situation and we can figure out a way forward for you. Make sense?
Give me a call at 843 252 2296 or reach out to me on the website or here through my blog.
Beaufort, South Carolina
843 321 9867