Limited listings impact real estate market

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By Janet Gresham

Every market is unique, yet the national sentiment has given rise to the notion that housing markets are stalling. 

Although desirous buyers are out on an increasing number of showings, there is a limited number of desirable listings in Beaufort County. 

And although mortgage rates have remained enticingly low, home prices have reached unaffordable levels for many new entrants into the housing pool at exactly the same time that established owners are proving to be less interested in moving.

For September, New Listings were down 24.9 percent to 145. Pending Sales decreased 27.3 percent to 112. Inventory grew 5.2 percent to 972 units.

Prices moved higher as Median Sales Price was up 4.6 percent to $215,000. Days on Market increased 13.8 percent to 91 days. 

Months Supply of Inventory was up 10 percent to 5.5 months, indicating that supply increased relative to demand.

Last year at this time, the national storyline was about how high demand was propping up sales and prices despite low inventory and months of supply. 

That has actually continued to be a familiar refrain for many months in 2017 and now for the past couple of years. 

But with the likes of Hurricanes Harvey and Irma, different employment outlooks, disparate incomes, varying new construction expectations and potential housing policy shifts, regional differences are becoming more prevalent and pronounced.

Janet Gresham is the CEO of the Beaufort County Association of Realtors and the Beaufort Multiple Listing Service Inc.