October a Spooky Month for Beaufort SC Home Sales

It's fitting that we take a moment to look back on this past month on Halloween, because it has been a creepy month for Realtors, with a mere 52 homes going under contract so far in October.

Before we go any further, this is not a gloom and doom post. All things considered, there are some encouraging signs to be found in Beaufort's real estate market.

There are several communities that have had real success in the area which ha e had great success selling new homes at the new price point. Liberty Point in Shell Point, which recently broke ground on its new homes, has placed five homes under contract in the past few months, in the $80 to $115 per square foot price point.

Somerset Point on Lady's Island has seen 17 homes go under contract this year, in the $98 to $134 per square foot price range. More than half of those have closed.

Through the first ten months of the year, there were 828 sales notched via the Beaufort  Multiple Listing  Service. So far this year, there have been 806 sales through Oct. 30. By the time the month is out, and all agent records have been brought up to to date, this year will be on pace with 2010 for sales. And, more encouraging, the median sales price for the same time period in 2010 and 2011 is $175,000, a hopeful signal that prices are stabilizing.

All of this said, October 2011 was a forgettable sales month in Beaufort, with only 52 contracts written so far, compared to 73 homes placed under contract in September. October 2010 saw 77 homes go under contract.  

There have been no vacant land contracts written in October 2011.