For those seeking to capitalize on a foreclosure home purchase in Beaufort, SC, the window of opportunity could be closing.
Current Beaufort real estate absorption rates indicate that the number ...of available foreclosures on the market could be significantly thinned by the time this summer rolls around. In other words, these foreclosures aren't going to be around forever.
According to Beaufort Multiple Listing Service stats, the current absorption rate for existing foreclosure homes on the market is only 2 months. The "absorption rate" is the amount of time it is estimated to take to sell all home currently on the market, based on recent sales.
For example, in the 12 months between 1/21/13 and 1/20/14, there were 373 residential foreclosure sales via the Beaufort MLS, or 31 per month. At that rate, the 60 foreclosures currently on the market should expect to sell in about two months.
By comparison, the absorption rate for all homes on the market via the Beaufort MLS is about 12 months.
As the spring market gathers steam in the weeks ahead, competition should get even fiercer for these foreclosures, which had a median sale price of $101,000, less than half the median sales price of $207,100 for non-foreclosure homes.
Buyers, keep your eyes open.