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A Quick Beaufort, SC Real Estate Update

By
Real Estate Agent with MAS Real Estate Advisors SC44235

I make it a priority, as a Beaufort, SC real estate agent, to keep up with the market trends for my area of service on a regular basis. The more I know about the emerging patterns in the local housing market, the better I can advise my clients on their decision to buy or sell a home.

September’s numbers indicate that the market is following its usual, seasonal movements. In autumn, it is common for there to be a higher inventory of homes in the Beaufort, SC real estate market. It’s also not unusual to see listed homes sit on the market for a longer time during the season, because typically, there are fewer home sales during this time. The average market price also goes down during autumn. While the trends seem par for the course at this time of year, there has been some positive news in the local real estate market: overall, housing has seen year over year improvements across the board in the Beaufort, SC area, which suggests that the slow recovery ahead of us has, in fact, begun. Here are some of the facts and figures that support this:

-New listings in Beaufort, SC increased 19.3% from last year to 179.
-Pending sales were up 1.2% to 72.
-Inventory levels shrank 11.1% to 1,573 units, which suggests more housing activity than last year.
-Prices improved a great deal, with the median listing price rising 17.9% to $204,500.
-The average days on the market increased 4.7% to 191 days.
-The overall absorption rate showed improvement, as Months of Supply inventory was down 17.1% to 17.3 months.

While these statistics show positive growth in the Beaufort real estate market, it may be hard for these numbers to sustain themselves over the next few months. There are still several heavy economic issues that could be obstacles for the housing recovery, such as sluggish job growth and creation and rising gas prices. These factors hinder consumer confidence and make them less eager to enter into a housing transaction. However, right now consumer confidence is higher than it has been in the past couple of years, and that is indicated in the most recent sales activity:

-Over the past year, pending sales in the Beaufort, SC real estate market were up 7.2%. Listings priced at $75,000 or below saw the largest increase in sales activity throughout the region, with a 22.8% jump.
-The condo segment of the local housing market saw the biggest price increase in the area, with a 26.2% jump to $94,500.
-The single family home segment of the local housing market saw the biggest relief in inventory, with a 9.1% decrease.

What the numbers suggest is that now is the time to buy or sell your home in the Beaufort, SC real estate market. As the seasons change, only serious buyers and sellers are on the market, meaning that your transaction would move along quicker. There’s also the fact that median home prices are lower during this time of year, and there are also many indicators that suggest that consumer confidence is higher in the housing market in general. The upswing in activity has a positive impact on the market from a buyer and seller’s perspective.

If you have any questions about buying or selling a home in Beaufort, SC, don’t hesitate to contact me! I’d be happy to help in any way I can. I hope to hear from you soon.

Mike Sackman
Advanced Real Estate Company
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Comments (1)

Cherimie Crane
Cherimie Crane & Associates - Beaufort, SC

Great information Mike! This will certainly give people a great roadmap of the current market!

Oct 30, 2012 02:05 AM