2015 Bluffton, SC Home Sales Wrap-Up
Before 2016 gets any busier than it has already started, I'm going to give a bit of a wrap-up. Some of these charts may look like spaghetti they are a pretty good visual illustrating a bit of what our market did in 2015.
HOW ACTIVE WAS THE MARKET
So, the most active market was what we call Bluffton/Off Plantation; this encompasses all the communities that are not behind gates (in general, though there are a couple that do have some sort of security). There were 918 homes that closed ranging from $83,000 to $1,270,000. That high priced home was indeed in a secured community - actually an equestrian community but still qualifies for this analysis.
|Historic Sale Comparisons|
The median sale price was $223,283 or $113.96/square foot. The sale price ratio to the original list price was at 96.84% and the sale price ratio to final list price was 97.55% so basically the same - sellers are willing to price properties more accurately, and because the inventory is shrinking, buyers are offering closer to list. We also have very few distressed properties on the market (as well as VERY few at the foreclosure sale available), which means that the type of buyers in the market is also different. The cumulative days on the market ended up at 40 - well below the 'usual' days on the market here of 120.
|Sale Price to List Price Ratios|
Another interesting statistic is that the average number of days from pending date to closing date is 43 business days; a bit of a caveat due to the nuances of our MLS, an office may not have updated the status on the exact day of closing but also these closings were in general relative to contracts that were already prepared to close and prior to the new TRID guidelines. It will be interesting to look at these days to close after the first quarter when all contracts would have been written with the new rules.
If you're a seller, it may just be the time to sell. Reach out to me and I'll be happy to do a Market Analysis.