Beaufort County Association of Realtors release October market reports

1 min read

If the last few months are an indication of the temperature of housing markets across the country, a period of relative calm can be expected in the coming months, according to the Beaufort County Association of Realtors’ latest market report. 

A trend of market balance is emerging as we approach the end of 2018. Prices are still rising in most areas, and the number of homes for sale is still low, but there is a general shrinking of year-over-year percentage change gaps in sales, inventory and prices.

New Listings were up 14.7 percent to 297. Pending Sales decreased 10.1 percent to 152. Inventory grew 24.6 percent to 1,156 units.

Prices moved higher as Median Sales Price was up 8.5 percent to $236,495. Days on Market decreased 3.7 percent to 79 days. Months Supply of Inventory was up 17.3 percent to 6.1 months, indicating that supply increased relative to demand.

Stock markets experienced an October setback, but that does not necessarily translate to a decline in the real estate market. The national unemployment rate has been below 4.0 percent for three straight months and during five of the last six months. This is exceptional news for industries related to real estate. Meanwhile, homebuilder confidence remains positive, homeownership rates have increased in the key under-35 buyer group and prices, though still rising, have widely reduced the march toward record highs.

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