Beaufort SC MLS Reports 20 Residential Sold in Last 7 Days!!!

In checking with the Beaufort Country Association of Realtors MLS system, I was surprised to see 20 single family residential listings had closed last week.  Sure, 20 closings in a week doesn't seem like a lot but if you consider that last week accounted for almost 20% of this years sales, it's great news. 

So far this year only 103 homes have sold in 2 months plus.  As we said in previous blogs, there are definitely more buyers looking.  Now we can say there are more buyers buying too.  Because it takes an average of 30-45 days to close on a house, it tells us that buyers started pulling the trigger at a more rapid pace sometime in mid-January.  From increase website traffic to fellow realtors production, one can see buyers are still very active, which is great news for sellers. 

A couple factors brought upon the increase in closings.  Because November and December are generally so slow, the first of the year always seems to bring an accelerated pace to the market.  Next, home sellers are finally starting to drop the price of their home to a reasonable price point.  As a Realtor looking for a home, I can tell you that homes have LONG been overpriced.  Even I have started to take notice of a few of the price reductions and ponder buying a home.  Last, mortgage rates are really low.  Anything in the 4.75 to 5.25 range are lights out fantastic.  Combine lower homes prices with grat mortgage rates and you get more buyers jumping off the fence.

In no way am I saying that the Beaufort SC real estate market is about to explode.   All I am saying is that when certain factors become more favorable for buyers, they buy.

Last 7 Days on the Beaufort SC MLS - Residential Sales