An update on Real Estate from Beaufort Association or Realtors for Dec 2016

According to the Beaufort Association of Realtors, the following is a highlight of the Real Estate market from December 2016:

Most of 2016 offered the same monthly housing market highlights. The number of homes for sale was drastically down in year-over-year comparisons, along with days on market and months of supply. Meanwhile, sales and prices were up in most markets. Unemployment rates were low, wages improved and, as the year waned, we completed a contentious presidential election and saw mortgage rates increase, neither of which are expected to have a negative impact on real estate in 2017. 

New Listings were down 3.7 percent to 158. Pending Sales decreased 1.5 percent to 132. Inventory shrank 12.5 percent to 872 units. 

Prices moved higher as Median Sales Price was up 29.7 percent to $214,000. Days on Market decreased 9.9 percent to 91 days. Months Supply of Inventory was down 21.7 percent to 4.7 months, indicating that demand increased relative to supply. 

The overwhelming feeling about prospects in residential real estate for the immediate future is optimism. Real estate professionals across the nation are expressing that they are as busy as ever. There are certainly challenges in this market, like continued low inventory and higher competition for those fewer properties, but opportunities abound for creative and diligent people prepared to put in the necessary amount of work.