A Comparison of Beaufort SC Housing in the first 3 months of 2009 vs 2008

Posted by Todd Covington on Saturday, April 4th, 2009 at 1:52pm.

lowcountry_real_estate_564Now that the first three months of 2009 are in the books, I wanted to take a look back at 2008 and see just how that current 2009 market compares.  Lately I have heard colleagues and those in the news talk about how the housing market is getting back on track.  Some of the numbers I dug up seem to paint a good and bad picture on this year's current market.  Good for buyers and not so hot for sellers.

Let's start with the good news for buyers.  The 2009 average home price so far is down 12% from 2008 and a total of 20% from 2007.  Finally, the Beaufort SC real estate market is falling into a legitimate price range.  For the first time in three years, my wife and I have stopped window shopping on the internet, and are started going in person to see some of these houses.  I might be a Beaufort SC Realtor but I am also an everyday person like everyone else.  It's nice to see home prices finally come down to an affordable level.  

Now the bad news we have is for sellers.  Sales in the first three months of 2009 are down a whopping 22% from 2008.  January through March of 2008 saw 188 residential sales compared to only 147 sold in 2009.  To be honest, that's very surprising.  I tend to believe my co-workers who say the market is picking up but so far the numbers contradict that.  It must be noted that I have become much busier helping buyers in the past month.  While the numbers do not look very appealing, let me assure you that there are more active buyers out there than anytime in the past 8 months.  In February I received just a couple phone calls pertaining to listed properties in the area.  During March I've had 2-4 calls a week.  While the below numbers don't support an upturn in the market, I'm betting that as the homes prices continue to fall, buyers start to get off the sidelines. 

Beaufort Residential Sales:  January 1- March 31 2009

IST PRICE:
SOLD PRICE:
DOM:
HIGH LOW AVERAGE MEDIAN TOTAL PRICE LISTING COUNT
$4,650,000
$16,200
$269,634
$185,000
$39,636,277
147
$4,650,000
$15,000
$253,334
$179,000
$37,240,098
965
0
194
142
 

 

Beaufort Residential Sales:  January 1- March 31 2008

LIST PRICE:
SOLD PRICE:
DOM:
HIGH LOW AVERAGE MEDIAN TOTAL PRICE LISTING COUNT
$3,900,000
$39,900
$304,218
$189,450
$57,193,145
188
$3,650,000
$39,900
$287,072
$183,500
$53,969,558
992
0
195
156
 

 

Beaufort Residential Sales:  January 1- March 31 2007

LIST PRICE:
SOLD PRICE:
DOM:
HIGH LOW AVERAGE MEDIAN TOTAL PRICE LISTING COUNT
$2,500,000
$39,900
$333,386
$235,000
$81,346,191
244
$2,500,000
$34,000
$316,415
$228,000
$77,205,353
2502
0
171
138
 

 

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