Beaufort's land market sent contradictory signals in the first quarter, as sales were up while values dipped.
Sales were up in the first quarter of 2016, year over year from 2015. However, values dipped about 8 percent during this same time period, according to statistics provided by the Beaufort Multiple Listing Service.
First quarter 2016 saw 84 sales, compared to 58 sales first quarter 2015, an increase of about 30 percent. However, concurrently, values dipped from $45,000 first quarter 2015 to $40,000 2016.
So what's going on? Shouldn't prices be going up as well?
Not necessarily. Beaufort's land sales are reflective of the fact that the land market has not yet recovered from the real estate recession. As a result, buyers are able to pick up less expensive (on average) land than in year's past.
It is a fantastic time to be a buyer in Beaufort's land market. And, believe me, Beaufort is in growth mode, which bodes well for potential appreciation.
For more information on Beaufort,SC housing trends, feel free to call me at 843.263.6886.