Bluffton SC 3rd Quarter Update
It seems only fitting that on the anniversary of the discovery of King Tut's tomb in 1922, we also take a look at the discovery of numbers for our year thus far. No relation you say, well I beg to differ. Discoveries are all about serendipitous findings and how it applies to the future.
So the most important statement, iterated by the Hilton Head Area Association of Realtors, is that we're having the best sales outcomes in the last 15 years! That's just year over year - 2014-2015 and with sales UP 15.1% and inventory DOWN 16%, that trend looks like it will continue.
Specific to the 'Mainland'/Bluffton market, the sales numbers are UP 21.9% and inventory is DOWN about 8.9%, the days on the market are DOWN 3.9% to 78 with many selling much more quickly - so like the general numbers above, there are fewer and fewer homes on the market and when they do come on they sell!
TAKE A LOOK AT THE ACTUAL CHART
Obviously, it depends on the price point as to how things are progressing, and Bluffton is no different. In the Bluffton/Off Plantation market, the median sales price this year is $214,900 - UP from last year of $190,000. Likewise the number of closed sales in that segment are UP 38.8% - the lending freeze seems to be thawing a bit in our area and we are rapidly reaching a point where people who are or have been renting and realizing that the rent rates are outpacing the rise in home prices and the availability is limited. From a listing side, sellers are beginning to see their way to some gains and can afford to hop into another larger home with the proceeds.
In some of our more upscale communities, we are seeing a bit of a sticky trend; their average sale prices, particularly in Belfair Plantation, have retracted a bit to $530,000 from the previous $569,000. The exciting think about this is that you can buy into a very upper tier community for a great price.
Berkeley Hall, on the other end, an equally upscale community, has seen a rise in their median price to $648,450 from $600,000 AND their number of closed sales is UP 22%. WHY? you may ask? Loads of reasons, these prices are still terrific, they have options relative to membership, a superb golf course, more people in that income bracket are moving here and wanting a permanent residence, etc. etc.
Another bright star is Palmetto Bluff where sales and home starts are exploding! From the initial small Wilson Village, they have expanded the Village concept - actually more of a neighborhood redefinition, and all of their statistics are in the positive vein; new listings up 26%, closed sales UP 140%, (put it into perspective, they were 5 and now there are 12), the median price is UP 52.6% to $1.45 from $900,000. This also only takes into account those sales/construction, that are reported in the Hilton Head MLS; there are many other starts - close to 40 that aren't reflected in these numbers.
So, if you were thinking that the only place to live in this area is Hilton Head Island - think again! Here are some OPTIONS for you