THE STATE
N M E A W R T K O E T
Our Portfolio of Fine Properties in Belfair
of the Belfair Real Estate Market May 2017
KEY METRICS
24 Belmeade Drive, Belfair
27 E Summerton Drive, Belfair
298 Bamberg Drive, Belfair
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4 Bedrooms | 4.5 Bathrooms | 3,423 Htd. SqFt | $775,000 4 Bedrooms | 4.5 Bathrooms | 3,888 Htd. SqFt | $739,000 4 Bedrooms | 4.5 Bathrooms | 3,847 Htd. SqFt | $639,000
April 2017 in Review
In Belfair, seven homes closed in the first four months of 2017, compared to thirteen last year. January through April’s total dollar volume was $4.114M, down compared to $8.880M in 2016. Supply and demand: as of May 17, 2017, there are 51 Belfair homes listed for sale with an average of 2.33 homes selling per month over the last six months. That translates into a 21.89-month supply, considered by industry experts to be a strong buyer’s market. There are ten homes under contract in Belfair. In the lot realm, three lots closed in the first four months of 2017, the same amount as in 2016. There are currently three lots under contract. How’s the Hilton Head Island - Bluffton Real Estate Market Doing? The Hilton Head Island-Bluffton housing market continues to be on fire, setting the all-time record for the first four months of any year in the history of our area according to statistics from the Hilton Head Island-Bluffton Area Multiple Listing Service. In the boom years prior to The Great Recession, home sales in 2005 set a new first four months’ record of 795 homes sold. In the first four months of 2017 though, 937 homes were sold. In other positive news, home values in just the first four months of 2017 were up 3.4% over 2016 prices, but still 23% below the peak set in 2005. If the record-setting pace of sales continues, we could see an annual appreciation rate in the neighborhood of 10%, meaning that a $500,000 home a year from now could sell for $550,000. With today’s historically low interest rates and prices still way below the peak, it is an extraordinary time to purchase real estate in our area.
12 Richland Drive, Belfair
18 W Cottage Circle, Belfair
64 Lexington Drive, Belfair (Land/Lot) 0.59 Acres | Lake View | $79,000
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3 Bedrooms | 3.5 Bathrooms | 3,277 Htd. SqFt | $519,000 5 Bedrooms | 5 Bathrooms | 2,511 Htd. SqFt | $510,000
All MLS Belfair
Historical Median Sales Price Rolling 12-Month Calculation
33 Manchester Court, Belfair (Land/Lot) 0.30 Acres | Golf View | $2,000
225 Summerton Drive, Belfair
42 Lexington Drive, Belfair
4 Bedrooms | 4.5 Bathrooms | 4,089 Htd. SqFt | $799,900 4 Bedrooms | 4 Bathrooms | 4,152 Htd. SqFt | $789,000
COMMUNITY SPECIALIST The Linda Rudd Team is your Belfair Specialist. We’ve brought
buyers to, and sold, over 150 properties in the community. Please contact us if you’d like a no-obligation home valuation.
PRSRT STD US POSTAGE PAID Permit 73
Linda Rudd, Real Estate Advisor, Team Leader
Telephone: 843-816-0796 • rick.turner@evusa.com
Website: www.hiltonheadislandbluffton.evusa.com ©2017 Engel & Völkers. All rights reserved. Each brokerage is independently owned and operated. All information provided is deemed reliable but is not guaranteed and should be independently verified. If your property is currently represented by a real estate broker, this is not an attempt to solicit your listing. Engel & Völkers and its independent License Partners are Equal Opportunity Employers and fully support the principles of the Fair Housing Act.
Local Postal Customer
Total Value of Homes Closed
40
$10,000,000
80
32
$8,000,000
60
24
$6,000,000
40
16
$4,000,000
20
8
$2,000,000
56
0
Rick Turner
Number of Closed Home Sales
100
Hilton Head Is., SC
Telephone: 843-816-5522 • linda.rudd@evusa.com
Main Shop | 800 Main Street, Hilton Head Island South Island Lounge | 7 New Orleans Road, Hilton Head Island Historic Bluffton Lounge | 6 Promenade Street, Suite 1001, Bluffton
Inventory of Homes For Sale
On 04/30/16
50
On 04/30/17
0
13
7
1st Four Months of 2016
1st Four Months of 2017
0
$8,880,000
$4,114,000
1st Four Months of 2016
1st Four Months of 2017
This information is based on data provided by Multiple Listing Service of Hilton Head Island, Inc. (“HHIMLS”) for the period January 2017 through May 10, 2017. HHIMLS does not guarantee and is not in any way responsible for its accuracy. Data provided by HHIMLS may not reflect all real estate activity in the market.
Belfair Home Listings TOTAL YEAR APPROX. FULL BATHS HALF BATHS BEDROOMS BUILT SQ. FOOTAGE Active 62 Lady Slipper Island Drive Deep Water, River 4 5 0 2004 4,864 Active 68 Lexington Drive Lake 5 5 1 2009 6,131 Active 312 Bamberg Drive Golf, Marsh 4 4 2 2004 6,061 Active 47 Richland Drive Marsh, River 5 5 1 1998 5,500 Active 52 Richland Drive Marsh, River 5 6 1 2002 7,558 Active 6 Chattooga Court Golf, Lake 5 4 1 1999 4,148 Active 18 Lady Slipper Island Court Marsh, River 4 4 1 2006 3,428 Active 47 Cumberland Drive Lake, Wooded 4 4 1 1999 5,023 Active 161 Summerton Drive Lagoon 6 5 2 2012 5,500 Active 89 Cumberland Drive Marsh 5 5 0 1999 4,186 Active 276 Belfair Oaks Boulevard Golf, River 4 3 1 2001 4,599 Active 277 Belfair Oaks Boulevard Lake 4 4 1 2006 3,850 Active 24 Belmeade Drive Landscape, Pool 4 4 1 2008 3,423 Active 50 Lady Slipper Island Drive Marsh, River 5 5 1 2007 4,279 Active 92 Cumberland Drive Golf, Marsh 5 5 1 1999 5,300 Active 211 Summerton Drive Lake 4 4 1 2017 3,510 Active 27 E Summerton Drive Golf 4 4 1 2007 3,888 Active 81 Lexington Drive Golf 4 4 0 2011 3,797 Active 127 Belfair Oaks Boulevard Golf, Wooded 4 4 1 2001 4,150 Active 295 Bamberg Drive Golf, Lagoon 4 4 1 2002 5,058 Active 54 Lexington Drive Lake 4 5 1 2004 5,102 Active 292 Bamberg Drive Golf 4 4 1 1999 4,195 Active 158 Summerton Drive Wooded 4 4 1 2016 3,000 Active 5 Hunting Court Landscape 4 4 1 2017 2,866 Active 298 Bamberg Drive Golf, Lagoon 4 4 1 2005 3,847 Active 261 Bamberg Drive Golf 4 4 1 2000 4,714 Active 276 Bamberg Drive Golf 4 5 1 2000 4,015 Active 287 Bamberg Drive Golf, Lagoon 4 4 1 1999 4,487 Active 73 Belfair Oaks Boulevard Golf 3 5 0 2000 3,803 Active 150 Belfair Oaks Boulevard Golf 5 5 0 2001 4,510 Active 21 Lexington Drive Golf, Lagoon 4 4 1 2000 3,679 Active 144 Belfair Oaks Boulevard Golf 3 3 0 2004 3,019 Active 124 Belfair Oaks Boulevard Golf 4 4 1 1997 3,620 Active 223 Summerton Drive Lake 4 5 1 2001 4,333 Active 48 Newberry Court Wooded 4 3 0 2007 2,531 Active 12 Richland Drive Golf, Marsh 3 3 1 2002 3,277 Active 18 W Cottage Circle Golf, Marsh 5 5 0 1996 2,511 Active 45 Manchester Court Golf 4 4 1 2001 3,728 Active 272 Bamberg Drive Golf 4 3 0 1999 3,751 Active 14 E Cottage Circle Deep Water, Marsh 5 4 0 1997 2,552 Active 145 Summerton Drive Landscape 3 3 1 2000 3,013 Active 11 E Summerton Court Lagoon, Wooded 4 4 1 2001 3,512 Active 281 Belfair Oaks Boulevard Lagoon 4 3 1 1997 2,825 Active 2 Cumberland Drive Golf 4 4 0 1998 2,894 Active 102 Summerton Drive Golf 4 4 0 2004 2,974 Active 11 Kershaw Drive Lagoon 5 5 0 2004 3,604 Active 12 E Cottage Circle Golf, River 5 5 0 1997 2,552 Active 122 Summerton Drive Golf 3 3 0 1998 2,532 Active 4 E Cottage Circle Golf, Marsh 5 5 0 1998 2,552 Active 157 Belfair Oaks Boulevard Golf, Landscape 5 4 0 1999 2,511 Active 35 Newberry Court Landscape, Wooded 4 4 0 2001 2,466 Pending 51 Richland Drive Marsh, River 4 4 2 2008 5,014 Pending 225 Summerton Drive Lake 4 4 1 2007 4,089 Pending 66 Lexington Drive Lake 4 4 1 2010 3,618 Pending 40 Kershaw Drive Golf, Marsh 5 5 2 2001 5,908 Pending 93 Cumberland Drive Marsh 5 4 2 2001 4,725 Pending 9 Cooper Court Landscape, Pool 4 3 1 1999 3,654 Pending 17 E Summerton Drive Golf, Lagoon 3 3 1 2006 3,298 Pending 31 Lexington Drive Golf 3 3 0 2007 2,560 Pending 60 Cumberland Drive Golf, Lagoon 3 3 1 1999 3,176 Pending 291 Belfair Oaks Boulevard Lake 3 3 0 1998 3,546 Sold 325 Bamberg Drive Golf, Marsh 4 4 1 2016 3,452 Sold 258 Bamberg Drive Golf 4 4 0 2016 3,833 Sold 269 Bamberg Drive Golf 4 4 1 2000 3,023 Sold 101 Summerton Drive Landscape, Pool 4 4 1 1999 3,195 Sold 11 W Kershaw Drive Lagoon, Marsh 4 4 0 1999 2,712
STATUS
ADDRESS
VIEW
Belfair Lot Listings LIST PRICE CLOSE PRICE $1,995,000 $1,595,000 $1,475,000 $1,295,000 $1,150,000 $950,000 $949,000 $949,000 $934,900 $795,000 $795,000 $790,000 $775,000 $769,900 $759,000 $749,000 $739,000 $725,000 $699,500 $694,900 $679,000 $675,900 $650,000 $650,000 $639,000 $629,000 $599,999 $599,000 $599,000 $595,000 $575,000 $569,000 $565,000 $549,000 $534,900 $519,000 $510,000 $499,900 $499,000 $479,000 $475,000 $449,999 $449,000 $439,900 $439,000 $428,900 $399,000 $399,000 $398,000 $395,000 $349,000 $1,595,000 $799,900 $799,000 $799,000 $775,000 $739,000 $535,400 $499,999 $455,000 $349,000 $720,000 $719,000 $520,000 $510,000 $400,000
--------------------------------------------------------------------------------------------------------------------------$720,000 $719,000 $520,000 $510,000 $400,000
STATUS Active Active Active Active Active Active Active Active Active Active Active Active Active Active Active Active Active Active Active Active Active Active Active
ADDRESS 4 Tidelands Court 38 Lady Slipper Island Drive 100 Cumberland Drive 182 Summerton Drive 280 Belfair Oaks Boulevard 72 Lexington Drive 139 Belfair Oaks Boulevard 355 Bamberg Drive 23 Oconee Court 67 Lexington Drive 122 Belfair Oaks Boulevard 64 Lexington Drive 36 Edisto Drive 266 Bamberg Drive 8 Abbeville Court 289 Bamberg Drive 301 Bamberg Drive 44 Edisto Drive 253 Bamberg Drive 18 Summerton Drive 323 Bamberg Drive 50 Newberry Court 63 Manchester Court
VIEW Marsh Marsh, River Golf, Marsh Golf, Lake Golf, River Lake Golf, Lake Golf, Marsh Golf Golf, Wooded Golf, Lagoon Lake Golf, River Golf Golf, Lagoon Golf Golf Golf, Marsh Golf, Lagoon Golf Golf, Landscape Wooded Golf, Wooded
LIST PRICE CLOSE PRICE $360,000 --$349,000 --$295,000 --$220,000 --$189,000 --$115,000 --$99,500 --$89,900 --$79,900 --$79,900 --$79,900 --$79,000 --$75,000 --$58,900 --$49,500 --$49,000 --$39,900 --$39,000 --$29,000 --$25,000 --$21,500 --$20,000 --$19,900 ---
STATUS Active Active Active Active Active Active Active Active Active Active Active Active Active Active Active Active Active Pending Pending Pending Sold Sold Sold
ADDRESS 251 Bamberg Drive 1 Oconee Court 22 Hunting Court 105 Summerton Drive 3 E Summerton Drive 238 Bamberg Drive 33 Manchester Court 37 Manchester Court 52 Kershaw Drive 29 Manchester Court 10 Hunting Court 17 Manchester Court 19 Hunting Court 3 W Kershaw Drive 39 Newberry Court 93 Summerton Drive 37 Newberry Court 285 Belfair Oaks Boulevard 287 Belfair Oaks Boulevard 299 Bamberg Drive 7 Lexington Drive 351 Bamberg Drive 28 Belmeade Drive
VIEW LIST PRICE CLOSE PRICE Golf, Lagoon $19,000 --Golf $15,000 --Lake $7,900 --Wooded $6,000 --Golf $5,000 --Landscape $5,000 --Golf $2,000 --Golf $10 --Lake $1 --Golf $1 --Lake $1 --Golf, Lagoon $1 --Marsh, Wooded $1 --Lagoon $1 --Landscape, Wooded $1 --Landscape, Wooded $1 --Wooded $1 --Lake $79,900 --Lake $79,000 --Golf, Lagoon $49,900 --Golf, Lagoon $140,000 $140,000 Golf $72,000 $72,000 Wooded $1 $1
Definitions for Listings Active - On the Market Pending - Under Contract Sold - Closed Between February 1, 2017 and April 30, 2017
Urgency! Home Buyers and Sellers, Now’s The Perfect Time to Get Low Interest Rates
KEY TRENDS
Source: Freddie Mac, May 2017
30 YEAR FIXED RATE MORTGAGES FROM FREDDIE MAC As you can see from the 30 Year Fixed Rate Mortgages graph, mortgage rates have taken a dip here recently. Wow, what a privilege to get a 30 year fixed rate mortgage at 4.02%! However, it’s the second graphic, the Mortgage Rate Projections chart, which puts the “fear of throwing money away” into our hearts. Waiting a year to buy a $500,000 house could, according to this chart, cost a home buyer about $2000 extra interest per year on an 80% mortgage. That feels like “throwing money away” to us. At Engel & Völkers these two charts say to us that with these historic interest rates so low, now is an excellent time to either sell or buy whether that’s here in the Hilton Head Island-Bluffton area or in another part of the country. If you as a seller or buyer do want to take advantage of these interest rates, please call your Engel & Völkers Advisor today and they will provide you with expert advice on the wisest course of action for you.
Freddie Mac, 05/2017
MORTGAGE RATE PROJECTIONS QUARTER
FANNIE MAE
MORTGAGE BANKERS ASSOCIATION
NATIONAL ASSOCIATION OF REALTORS
AVERAGE OF ALL THREE
2017 3Q
4.2%
4.4%
4.3%
4.30%
2017 4Q
4.3%
4.6%
4.5%
4.47%
2018 1Q
4.3%
4.7%
4.7%
4.57%
2018 2Q
4.3%
4.9%
4.9%
4.70%
Belfair Home Listings TOTAL YEAR APPROX. FULL BATHS HALF BATHS BEDROOMS BUILT SQ. FOOTAGE Active 62 Lady Slipper Island Drive Deep Water, River 4 5 0 2004 4,864 Active 68 Lexington Drive Lake 5 5 1 2009 6,131 Active 312 Bamberg Drive Golf, Marsh 4 4 2 2004 6,061 Active 47 Richland Drive Marsh, River 5 5 1 1998 5,500 Active 52 Richland Drive Marsh, River 5 6 1 2002 7,558 Active 6 Chattooga Court Golf, Lake 5 4 1 1999 4,148 Active 18 Lady Slipper Island Court Marsh, River 4 4 1 2006 3,428 Active 47 Cumberland Drive Lake, Wooded 4 4 1 1999 5,023 Active 161 Summerton Drive Lagoon 6 5 2 2012 5,500 Active 89 Cumberland Drive Marsh 5 5 0 1999 4,186 Active 276 Belfair Oaks Boulevard Golf, River 4 3 1 2001 4,599 Active 277 Belfair Oaks Boulevard Lake 4 4 1 2006 3,850 Active 24 Belmeade Drive Landscape, Pool 4 4 1 2008 3,423 Active 50 Lady Slipper Island Drive Marsh, River 5 5 1 2007 4,279 Active 92 Cumberland Drive Golf, Marsh 5 5 1 1999 5,300 Active 211 Summerton Drive Lake 4 4 1 2017 3,510 Active 27 E Summerton Drive Golf 4 4 1 2007 3,888 Active 81 Lexington Drive Golf 4 4 0 2011 3,797 Active 127 Belfair Oaks Boulevard Golf, Wooded 4 4 1 2001 4,150 Active 295 Bamberg Drive Golf, Lagoon 4 4 1 2002 5,058 Active 54 Lexington Drive Lake 4 5 1 2004 5,102 Active 292 Bamberg Drive Golf 4 4 1 1999 4,195 Active 158 Summerton Drive Wooded 4 4 1 2016 3,000 Active 5 Hunting Court Landscape 4 4 1 2017 2,866 Active 298 Bamberg Drive Golf, Lagoon 4 4 1 2005 3,847 Active 261 Bamberg Drive Golf 4 4 1 2000 4,714 Active 276 Bamberg Drive Golf 4 5 1 2000 4,015 Active 287 Bamberg Drive Golf, Lagoon 4 4 1 1999 4,487 Active 73 Belfair Oaks Boulevard Golf 3 5 0 2000 3,803 Active 150 Belfair Oaks Boulevard Golf 5 5 0 2001 4,510 Active 21 Lexington Drive Golf, Lagoon 4 4 1 2000 3,679 Active 144 Belfair Oaks Boulevard Golf 3 3 0 2004 3,019 Active 124 Belfair Oaks Boulevard Golf 4 4 1 1997 3,620 Active 223 Summerton Drive Lake 4 5 1 2001 4,333 Active 48 Newberry Court Wooded 4 3 0 2007 2,531 Active 12 Richland Drive Golf, Marsh 3 3 1 2002 3,277 Active 18 W Cottage Circle Golf, Marsh 5 5 0 1996 2,511 Active 45 Manchester Court Golf 4 4 1 2001 3,728 Active 272 Bamberg Drive Golf 4 3 0 1999 3,751 Active 14 E Cottage Circle Deep Water, Marsh 5 4 0 1997 2,552 Active 145 Summerton Drive Landscape 3 3 1 2000 3,013 Active 11 E Summerton Court Lagoon, Wooded 4 4 1 2001 3,512 Active 281 Belfair Oaks Boulevard Lagoon 4 3 1 1997 2,825 Active 2 Cumberland Drive Golf 4 4 0 1998 2,894 Active 102 Summerton Drive Golf 4 4 0 2004 2,974 Active 11 Kershaw Drive Lagoon 5 5 0 2004 3,604 Active 12 E Cottage Circle Golf, River 5 5 0 1997 2,552 Active 122 Summerton Drive Golf 3 3 0 1998 2,532 Active 4 E Cottage Circle Golf, Marsh 5 5 0 1998 2,552 Active 157 Belfair Oaks Boulevard Golf, Landscape 5 4 0 1999 2,511 Active 35 Newberry Court Landscape, Wooded 4 4 0 2001 2,466 Pending 51 Richland Drive Marsh, River 4 4 2 2008 5,014 Pending 225 Summerton Drive Lake 4 4 1 2007 4,089 Pending 66 Lexington Drive Lake 4 4 1 2010 3,618 Pending 40 Kershaw Drive Golf, Marsh 5 5 2 2001 5,908 Pending 93 Cumberland Drive Marsh 5 4 2 2001 4,725 Pending 9 Cooper Court Landscape, Pool 4 3 1 1999 3,654 Pending 17 E Summerton Drive Golf, Lagoon 3 3 1 2006 3,298 Pending 31 Lexington Drive Golf 3 3 0 2007 2,560 Pending 60 Cumberland Drive Golf, Lagoon 3 3 1 1999 3,176 Pending 291 Belfair Oaks Boulevard Lake 3 3 0 1998 3,546 Sold 325 Bamberg Drive Golf, Marsh 4 4 1 2016 3,452 Sold 258 Bamberg Drive Golf 4 4 0 2016 3,833 Sold 269 Bamberg Drive Golf 4 4 1 2000 3,023 Sold 101 Summerton Drive Landscape, Pool 4 4 1 1999 3,195 Sold 11 W Kershaw Drive Lagoon, Marsh 4 4 0 1999 2,712
STATUS
ADDRESS
VIEW
Belfair Lot Listings LIST PRICE CLOSE PRICE $1,995,000 $1,595,000 $1,475,000 $1,295,000 $1,150,000 $950,000 $949,000 $949,000 $934,900 $795,000 $795,000 $790,000 $775,000 $769,900 $759,000 $749,000 $739,000 $725,000 $699,500 $694,900 $679,000 $675,900 $650,000 $650,000 $639,000 $629,000 $599,999 $599,000 $599,000 $595,000 $575,000 $569,000 $565,000 $549,000 $534,900 $519,000 $510,000 $499,900 $499,000 $479,000 $475,000 $449,999 $449,000 $439,900 $439,000 $428,900 $399,000 $399,000 $398,000 $395,000 $349,000 $1,595,000 $799,900 $799,000 $799,000 $775,000 $739,000 $535,400 $499,999 $455,000 $349,000 $720,000 $719,000 $520,000 $510,000 $400,000
--------------------------------------------------------------------------------------------------------------------------$720,000 $719,000 $520,000 $510,000 $400,000
STATUS Active Active Active Active Active Active Active Active Active Active Active Active Active Active Active Active Active Active Active Active Active Active Active
ADDRESS 4 Tidelands Court 38 Lady Slipper Island Drive 100 Cumberland Drive 182 Summerton Drive 280 Belfair Oaks Boulevard 72 Lexington Drive 139 Belfair Oaks Boulevard 355 Bamberg Drive 23 Oconee Court 67 Lexington Drive 122 Belfair Oaks Boulevard 64 Lexington Drive 36 Edisto Drive 266 Bamberg Drive 8 Abbeville Court 289 Bamberg Drive 301 Bamberg Drive 44 Edisto Drive 253 Bamberg Drive 18 Summerton Drive 323 Bamberg Drive 50 Newberry Court 63 Manchester Court
VIEW Marsh Marsh, River Golf, Marsh Golf, Lake Golf, River Lake Golf, Lake Golf, Marsh Golf Golf, Wooded Golf, Lagoon Lake Golf, River Golf Golf, Lagoon Golf Golf Golf, Marsh Golf, Lagoon Golf Golf, Landscape Wooded Golf, Wooded
LIST PRICE CLOSE PRICE $360,000 --$349,000 --$295,000 --$220,000 --$189,000 --$115,000 --$99,500 --$89,900 --$79,900 --$79,900 --$79,900 --$79,000 --$75,000 --$58,900 --$49,500 --$49,000 --$39,900 --$39,000 --$29,000 --$25,000 --$21,500 --$20,000 --$19,900 ---
STATUS Active Active Active Active Active Active Active Active Active Active Active Active Active Active Active Active Active Pending Pending Pending Sold Sold Sold
ADDRESS 251 Bamberg Drive 1 Oconee Court 22 Hunting Court 105 Summerton Drive 3 E Summerton Drive 238 Bamberg Drive 33 Manchester Court 37 Manchester Court 52 Kershaw Drive 29 Manchester Court 10 Hunting Court 17 Manchester Court 19 Hunting Court 3 W Kershaw Drive 39 Newberry Court 93 Summerton Drive 37 Newberry Court 285 Belfair Oaks Boulevard 287 Belfair Oaks Boulevard 299 Bamberg Drive 7 Lexington Drive 351 Bamberg Drive 28 Belmeade Drive
VIEW LIST PRICE CLOSE PRICE Golf, Lagoon $19,000 --Golf $15,000 --Lake $7,900 --Wooded $6,000 --Golf $5,000 --Landscape $5,000 --Golf $2,000 --Golf $10 --Lake $1 --Golf $1 --Lake $1 --Golf, Lagoon $1 --Marsh, Wooded $1 --Lagoon $1 --Landscape, Wooded $1 --Landscape, Wooded $1 --Wooded $1 --Lake $79,900 --Lake $79,000 --Golf, Lagoon $49,900 --Golf, Lagoon $140,000 $140,000 Golf $72,000 $72,000 Wooded $1 $1
Definitions for Listings Active - On the Market Pending - Under Contract Sold - Closed Between February 1, 2017 and April 30, 2017
Urgency! Home Buyers and Sellers, Now’s The Perfect Time to Get Low Interest Rates
KEY TRENDS
Source: Freddie Mac, May 2017
30 YEAR FIXED RATE MORTGAGES FROM FREDDIE MAC As you can see from the 30 Year Fixed Rate Mortgages graph, mortgage rates have taken a dip here recently. Wow, what a privilege to get a 30 year fixed rate mortgage at 4.02%! However, it’s the second graphic, the Mortgage Rate Projections chart, which puts the “fear of throwing money away” into our hearts. Waiting a year to buy a $500,000 house could, according to this chart, cost a home buyer about $2000 extra interest per year on an 80% mortgage. That feels like “throwing money away” to us. At Engel & Völkers these two charts say to us that with these historic interest rates so low, now is an excellent time to either sell or buy whether that’s here in the Hilton Head Island-Bluffton area or in another part of the country. If you as a seller or buyer do want to take advantage of these interest rates, please call your Engel & Völkers Advisor today and they will provide you with expert advice on the wisest course of action for you.
Freddie Mac, 05/2017
MORTGAGE RATE PROJECTIONS QUARTER
FANNIE MAE
MORTGAGE BANKERS ASSOCIATION
NATIONAL ASSOCIATION OF REALTORS
AVERAGE OF ALL THREE
2017 3Q
4.2%
4.4%
4.3%
4.30%
2017 4Q
4.3%
4.6%
4.5%
4.47%
2018 1Q
4.3%
4.7%
4.7%
4.57%
2018 2Q
4.3%
4.9%
4.9%
4.70%
THE STATE
N M E A W R T K O E T
Our Portfolio of Fine Properties in Belfair
of the Belfair Real Estate Market May 2017
KEY METRICS
24 Belmeade Drive, Belfair
27 E Summerton Drive, Belfair
298 Bamberg Drive, Belfair
IM
P
R PR O I V C E E M E
N M E A W R T K O E T
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4 Bedrooms | 4.5 Bathrooms | 3,423 Htd. SqFt | $775,000 4 Bedrooms | 4.5 Bathrooms | 3,888 Htd. SqFt | $739,000 4 Bedrooms | 4.5 Bathrooms | 3,847 Htd. SqFt | $639,000
April 2017 in Review
In Belfair, seven homes closed in the first four months of 2017, compared to thirteen last year. January through April’s total dollar volume was $4.114M, down compared to $8.880M in 2016. Supply and demand: as of May 17, 2017, there are 51 Belfair homes listed for sale with an average of 2.33 homes selling per month over the last six months. That translates into a 21.89-month supply, considered by industry experts to be a strong buyer’s market. There are ten homes under contract in Belfair. In the lot realm, three lots closed in the first four months of 2017, the same amount as in 2016. There are currently three lots under contract. How’s the Hilton Head Island - Bluffton Real Estate Market Doing? The Hilton Head Island-Bluffton housing market continues to be on fire, setting the all-time record for the first four months of any year in the history of our area according to statistics from the Hilton Head Island-Bluffton Area Multiple Listing Service. In the boom years prior to The Great Recession, home sales in 2005 set a new first four months’ record of 795 homes sold. In the first four months of 2017 though, 937 homes were sold. In other positive news, home values in just the first four months of 2017 were up 3.4% over 2016 prices, but still 23% below the peak set in 2005. If the record-setting pace of sales continues, we could see an annual appreciation rate in the neighborhood of 10%, meaning that a $500,000 home a year from now could sell for $550,000. With today’s historically low interest rates and prices still way below the peak, it is an extraordinary time to purchase real estate in our area.
12 Richland Drive, Belfair
18 W Cottage Circle, Belfair
64 Lexington Drive, Belfair (Land/Lot) 0.59 Acres | Lake View | $79,000
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O UN N D T E R R A C T
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3 Bedrooms | 3.5 Bathrooms | 3,277 Htd. SqFt | $519,000 5 Bedrooms | 5 Bathrooms | 2,511 Htd. SqFt | $510,000
All MLS Belfair
Historical Median Sales Price Rolling 12-Month Calculation
33 Manchester Court, Belfair (Land/Lot) 0.30 Acres | Golf View | $2,000
225 Summerton Drive, Belfair
42 Lexington Drive, Belfair
4 Bedrooms | 4.5 Bathrooms | 4,089 Htd. SqFt | $799,900 4 Bedrooms | 4 Bathrooms | 4,152 Htd. SqFt | $789,000
COMMUNITY SPECIALIST The Linda Rudd Team is your Belfair Specialist. We’ve brought
buyers to, and sold, over 150 properties in the community. Please contact us if you’d like a no-obligation home valuation.
PRSRT STD US POSTAGE PAID Permit 73
Linda Rudd, Real Estate Advisor, Team Leader
Telephone: 843-816-0796 • rick.turner@evusa.com
Website: www.hiltonheadislandbluffton.evusa.com ©2017 Engel & Völkers. All rights reserved. Each brokerage is independently owned and operated. All information provided is deemed reliable but is not guaranteed and should be independently verified. If your property is currently represented by a real estate broker, this is not an attempt to solicit your listing. Engel & Völkers and its independent License Partners are Equal Opportunity Employers and fully support the principles of the Fair Housing Act.
Local Postal Customer
Total Value of Homes Closed
40
$10,000,000
80
32
$8,000,000
60
24
$6,000,000
40
16
$4,000,000
20
8
$2,000,000
56
0
Rick Turner
Number of Closed Home Sales
100
Hilton Head Is., SC
Telephone: 843-816-5522 • linda.rudd@evusa.com
Main Shop | 800 Main Street, Hilton Head Island South Island Lounge | 7 New Orleans Road, Hilton Head Island Historic Bluffton Lounge | 6 Promenade Street, Suite 1001, Bluffton
Inventory of Homes For Sale
On 04/30/16
50
On 04/30/17
0
13
7
1st Four Months of 2016
1st Four Months of 2017
0
$8,880,000
$4,114,000
1st Four Months of 2016
1st Four Months of 2017
This information is based on data provided by Multiple Listing Service of Hilton Head Island, Inc. (“HHIMLS”) for the period January 2017 through May 10, 2017. HHIMLS does not guarantee and is not in any way responsible for its accuracy. Data provided by HHIMLS may not reflect all real estate activity in the market.