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