Encouragement from BeaufortHomeTeam!

By
Real Estate Agent with BeaufortHomeTeam / Ballenger Realty

 

Just a note of encouragement from BeaufortHomeTeam! 
BeaufortHomeTeam.com
There is one stat I want to point out as we wrap up this third quarter in BeaufortAbsorption Rate BeaufortHomeTeam.com South Carolina.
  The stat is called the Absorption Rate.  With regard to inventory, if there were no new listings, how long would it take at the current pace of sales to clear the existing inventory?  We have gone from a high this year of over 42 months (3 1/2 years!!) to right at 12 months and still trending downward.



This is the strongest year for real estate sales in Beaufort South Carolina since 2009, and we are headed in the right direction.  With the short term outlook for interest rates still good, we might be back to a balanced real estate market in Beaufort SC by the second quarter of 2013.  Who knows what November will bring- either "mo better or mo badder"!  Your guess is as good as mine.

Beaufort SC ForeclosuresOn another note, for the first time in several months, I noticed that half of the closings in the last week of August were foreclosures.  This is a good news / bad news condition.  On one hand, we need to let these foreclosures and short sales work through the system, and in my opinion as quickly as possible, so we can get to a place where the lions' share of sales are normal resales and there is market appreciation.  On the other hand, especially if you are selling now, the number of foreclosures and short sales certainly depresses values, which can prompt more short sales and later, foreclosures, feeding a devaluing cycle like we've had for the last 4 or 5 years. 

I hope you all have a great weekend, and if you have any questions, need any help with real estate matters, please don't hesitate to call or email!  Thanks!

Posted by

Scott Bingham

BeaufortHomeTeam.com

Ballenger Realty

Beaufort, South Carolina

843 321 9867

Follow me on Facebook          Follow me on Twitter          My YouTube channel          RSS Feed

close

This entry hasn't been re-blogged:

Re-Blogged By Re-Blogged At
Topic:
Real Estate Market Trends
Location:
South Carolina Beaufort County Beaufort
Tags:
beaufort sc
beaufort real estate
beaufort real estate agent
beauforthometeam
scott bingham
beaufort foreclsoures

Spam prevention

What's the reason you're reporting this blog entry?

Are you sure you want to report this blog entry as spam?

Rainmaker
43,834

Scott Bingham

www.BeaufortHomeNews.com
Ask me a question
*
*
*
*

Additional Information