A YEAR IN REVIEW | 2016
MARKET REPORT
What an exciting time to work in real estate! There are so many fascinating factors driving the Lowcountry real estate market, making it one of the most rewarding times to work in this business.
Just to name a few, in 2016 we saw a heated election, a damaging storm, a blossoming Bluffton, an expanding beach, a healthy stock market, an impressive vacation season... all
Average Days on Market
138
Single-Family Homes ultimately yielding a helpful year in our market as we still work to recover from the 2008 market drop.
All in all, our local community continues to rally, build and grow! In short, 2016 was a great year for the market because it yielded:
• an increase in closed sales
• an increase in sales price compared to list price
• an increase in median sales price
• a decrease in overall inventory
• a decrease in days on market
• an almost-disappearance of distressed sales
Closed Sales( by volume)
Inventory of Homes for Sale at year end( by volume)
These are coupled nicely with:
• an increase in internet buyer traffic
• an increase in multiple-offer scenarios
• a more-favorable lending process These are the essential building blocks of a market heading in
Percentage of Sales that were " Distressed " the right direction, and we are seeing the positive impact in more and more sections of the marketplace.
Our outlook is that 2017 will be a very busy and productive year in Lowcountry real estate. The increasingly-distinct Island and Bluffton markets will appeal differently to a growing audience of buyer prospects, both local and inbound from other areas, and the momentum of our overall community and marketplace is expected to prosper and grow.
Days on Market Until Sale( by price range)
From baby-boomers to millenials, we look for this wide array of buyers to produce first-time homebuyers, investors, second-homers, and retirees throughout the area. The relationship between inventory and price will continue to be the # 1 buying factor, followed closely by amenities, convenience, cost of ownership, and a sense of neighborhood. These are truly interesting times to be involved in the Lowcountry market, and it ' s an honor to have opportunities every day in helping our community grow and prosper.
Here ' s to an outstanding 2017 in the market!- Chip Collins