Charter One Realty Blog

Beaufort Area Real Estate Market Update - December 2021

With the U.S. economy booming and with inflation at its highest level in nearly 40 years, the Federal Reserve recently announced the accelerated tapering of their bond purchasing program, now set to end March 2022. A series of hikes in the federal funds rate will likely follow. Economists expect the cumulative effects of these efforts will move mortgage interest rates higher through the end of 2022. Although still low by historical standards, an increase in interest rates may serve to soften buyer demand somewhat as affordability becomes a more influential factor in home purchases.

For the 12-month period spanning January 2021 through December 2021, pending sales in the Beaufort region were up 5.7 percent overall. The price range with the most significant gain in sales was the $300,001 and above range, where they increased 41.2 percent.

The overall median sales price was up 17.4 percent to $311,000. The property type with the largest price gain was the condos segment, where prices increased 23.6 percent to $215,000. The price range that tended to sell the quickest was the $200,001 to $300,000 range at 33 days; the price range that tended to sell the slowest was the $300,001 and above range at 49 days.

Market-wide, inventory levels were down 49.9 percent. The property type that lost the least inventory was the single-family segment, decreasing 49.1 percent. That amounts to 0.9 months supply for SingleFamily homes and 0.8 months supply for condos.

View the full report here. 

A Review From Last Month: Beaufort Area Real Estate Market Update - November 2021

For the 12-month period spanning December 2020 through November 2021, Pending Sales in the Beaufort region were up 8.6 percent overall. Market-wide, inventory levels were down 53.3 percent, amounting to 0.9 months supply for single-family homes and 1.0 months supply for condos.

Read the full report here.