Today we will take a comparative look at single family properties
sold in Beaufort for the month of October 2009 and 2008. This will be a
tough blog for me becuase, to be honest, there isn't a whole lot to
take from comparing the past two Octobers. Even so let's take a look.
I'm posting these numbers for those who don't have access. Total
completed sales are very close with 66 this year compared an almost
identical 64 closings last year. While these seem to represent parallel
conditions, there was something I noticed.
Looking a bit deeper
into the numbers, I did find a change that bodes well for buyers. Take
notice of the difference in average list price vs. sold price for the
two years. It seems that sellers are coming to grips with how bad the
real estate market really is. The below chart tells the story. Sellers
are taking an average of 3.3% less than their list price this year. Big
deal right? Actually, with the area price of home around $250k,
that equals an average of $8250. Combine that with the huge price
reductions in the past 18 months, plus the first time home buyers extension, and you see why more and more
potential buyers are at least looking.
| List Price | Sold Price
| List/Sold Difference
|
2008
| $273,927 | $262,448 | 4.2% |
| 2009 | $288,923 | $267,482 | 7.5%
|
Total % Change
| | | +3.3% (in 2009)
|
October 2009 Home Sales
| LIST PRICE: |
| SOLD PRICE: |
| DOM: | |
|
$1,200,000 |
$41,600 |
$288,923 |
$199,009 |
$19,068,978 |
66 |
|
$975,000 |
$38,000 |
$267,482 |
$194,700 |
$17,653,850 |
|
855 |
0 |
194 |
147 |
| |
October 2008 Home Sales
| LIST PRICE: |
| SOLD PRICE: |
| DOM: | |
|
$975,000 |
$17,900 |
$273,927 |
$207,000 |
$17,531,383 |
64 |
|
$975,000 |
$26,103 |
$262,448 |
$201,350 |
$16,796,709 |
|
902 |
0 |
199 |
123 |
| |
