Beaufort SC Market Update
Just a quick update on what is going on right now in the Beaufort SC real estate market. Just to make sure everyone is on the same page, let me define my areas: The numbers are drawn from the Beaufort Multiple Listing Service, looking all types of residential units (single family detached, condos, mobile homes, etc.) in areas 1 through 5 (Beaufort, Mossy Oaks, Port Royal, Burton, and Lady's Island).
All in all, it's been a great summer! We are at 381 homes sold for the year, about 75 units ahead of last year. That's 9 houses per month, or 2 houses a week ahead of last years pace. Might not sound like a lot, but if it's your house, it's a big deal!
In terms of inventory, our active inventory is sitting at 663 units, down about 8% from our high of 723 in May. Again, that's a decrease of 60 units! Woohoo!
When you look at the foreclosure and short sale density in that inventory, the raw numbers haven't changed much, so the percentage is actually a little higher, harkening back to the beginning of the year. Right now, we are sitting at 5% foreclosures and almost 10% of the inventory is listed as short sales. However, in this last week, everything closed was a regular resale- no fore closures and no shortsales! That certainly makes for a less stressful closing!
As for the discount and Sale to List Ratios, they are amazingly consistant, holding right at about a 10% discount from initial list price to the price when it goes under contract and then another 5.5% discount from list to sales price.
Again, it's been a great summer, and while we seem to be in the "back to school" lull, we are gearing up for a great fall here in Beaufort Scouth Carolina!
As always, for a more complete explanation of what these numbers mean for you in your situation, or for help with any of your real estate needs, please don't hesitate to call or email. I look forward to calking to you soon!