2018 a good year for real estate in Beaufort County
Published 8:02 pm Thursday, December 13, 2018
It’s been a good year — just ask any realtor in Beaufort County.
Since bottoming out after the economy’s crash in 2008, the real estate market has slowly, but surely, rebounded. That it continues do so in the wake of Hurricane Florence means good things for the industry.
“Last year was huge, and that we’re up by about 2 percent this year is great,” said The Rich Company owner/president Tom Atkins. “Because of the hurricane, that was very impactful on our fall numbers. The hurricane definitely impacted it. We were up by 20 percent mid-year, this year.”
Atkins said the average selling price per square foot for residential homes is up to $98, compared to $94 last year, and the average number of days a home is on the market is down from 156 to 132. The number of houses currently for sale is also another indicator.
“Inventory numbers are down. We’ve had huge inventories over the last four years, but that’s slowly coming down,” Atkins said. “It shows there’s a transition happening from a buyer’s market to a seller’s market.”
With 250 miles of waterfront in the county, waterfront homes remain the biggest draw.
“In 2006 — that was the glory days — we sold about 75 waterfront homes. This year, so far, we’ve sold 93,” Atkins said. “That’s our selling point. How we all survive is mostly waterfront, because it pulls everything else around: as waterfront goes, so does the rest of the market.”
What Jerry Evans, owner of CENTURY 21, The Realty Group in Washington, has seen this year is that buyers are looking for a better way of life.
“When people are moving into the area, they’re mentioning the quality of life,” Evans said. “We’re getting some buyers that are coming in from the metro areas; people moving in from outlying areas. They’re moving back into town.”
It’s simplicity they’re seeking, Evans said, which refers to the simple ability to walk places rather than drive, as well as a strong downsizing trend.
“There’s a movement toward smaller homes. You can see that in some of the 1,000-square-foot, 1,200-square-foot, homes being built. Before they can get them in the ground, they’re being sold,” Evans said.
Gerri McKinley, owner/broker of Coldwell Banker Coastal Rivers Realty, agrees it’s been both a good year for the real estate market and that there’s a growing trend toward simplification.
“I feel like people are looking more for comfort now. They’re not looking for the huge houses with the prestige. They’re looking at smaller houses, smaller yards, lower maintenance,” McKinley said. “I think people are looking for a lifestyle now. Folks that were, before, looking at a 3,000-square-foot home, they’re looking at 2,000 square feet.”
She mentioned Cypress Landing, where she’s seen homeowners sell larger homes in favor of patio homes—all in the same neighborhood.
“People are looking to enjoy themselves more, not have a bunch of empty rooms,” McKinley said. “They’re looking laterally or smaller.”
She pointed out that older neighborhoods, such as Smallwood and Macswoods, are rebounding, while Evans spoke about how the residential historic district homes are being snatched up so quickly, there’s very little inventory in that area.
McKinley summed up the year in real estate as good, and especially so, considering the resilience of the market after the hurricane.
“The market is recovering, but from the bottom up. Our lower priced houses are selling quickly.
I’m pleased with our $100,000-$200,000 market. By the time you get to threes, it’s slow. It goes to sleep at 4, and is silent at 5,” McKinley.