Belfair- June 2017 State Report

THE STATE

T N R PR O I V C E E M E P

of the Belfair Real Estate Market June 2017

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Our Portfolio of Fine Properties in Belfair

KEY METRICS

24 Belmeade Drive, Belfair

27 E Summerton Drive, Belfair

12 Richland Drive, Belfair

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May 2017 in Review

In Belfair, 12 homes closed in the first five months of 2017, compared to 14 last year. January through May’s total dollar volume was $7.293M, down compared to $9.600M in 2016. Supply and demand: as of June 16, 2017, there are 51 Belfair homes listed for sale with an average of 2.5 homes selling per month over the last six months. That translates into a 20.4-month supply, considered by industry experts to be a strong buyer’s market. There are three homes under contract in Belfair. In the lot realm, four lots closed in the first five months of 2017, five lots closed same time in 2016. There is currently one lot under contract.

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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 five 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 five months’ record of 1,059 homes sold. In the first five months of 2017 though, 1,282 homes were sold. In other positive news, home values in just the first five months of 2017 were up 3.4% over 2016 prices, but still 24.7% 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 7%, meaning that a $500,000 home a year from now could sell for $535,000. 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. All MLS Belfair

Historical Median Sales Price Rolling 12-Month Calculation

O S

42 Lexington Drive, Belfair

0.30 Acres | Golf View | $1 D

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L O S

225 Summerton Drive, Belfair

33 Manchester Court, Belfair (Land/Lot)

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0.59 Acres | Lake View | $79,000

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64 Lexington Drive, Belfair (Land/Lot)

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5 Bedrooms | 5 Bathrooms | 2,511 Htd. SqFt | $510,000

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18 W Cottage Circle, Belfair

60 Cumberland Drive, Belfair

3 Bedrooms | 3.5 Bathrooms | 3,176 Htd. SqFt | $440,000

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

Inventory of Homes For Sale

40

$10,000,000

80

32

$8,000,000

60

24

$6,000,000

40

16

$4,000,000

20

8

$2,000,000

57

0

Rick Turner

Total Value of Homes Closed

100

Hilton Head Is., SC

Telephone: 843-816-5522 • linda.rudd@evusa.com

Number of Closed Home Sales

On 05/31/16

52

On 05/31/17

0

14

12

1st Five Months of 2016

1st Five Months of 2017

0

$9,600,000

$7,293,000

1st Five Months of 2016

1st Five Months of 2017

Telephone: 843-816-0796 • rick.turner@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

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

This information is based on data provided by Multiple Listing Service of Hilton Head Island, Inc. (“HHIMLS”) for the period January 2017 through June 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.

STATUS

ADDRESS

VIEW

Active Active Active Active Active Active Active Active Active Active Active Active Active Active Active Active Active Active Active Active Active Active Active Active Active Active Active Active Active Active Active Active Active Active Active Active Active Active Active Active Active Active Active Active Active Active Active Active Active Active Active Pending Pending Pending Sold Sold Sold Sold Sold Sold Sold

346 Bamberg Drive 68 Lexington Drive 312 Bamberg Drive 30 Lady Slipper Island Dr 47 Richland Drive 14 Lady Slipper Island Ct 6 Chattooga Court 47 Cumberland Drive 161 Summerton Drive 89 Cumberland Drive 276 Belfair Oaks Boulevard 277 Belfair Oaks Boulevard 50 Lady Slipper Island Drive 7 Hunting Court 24 Belmeade Drive 211 Summerton Drive 92 Cumberland Drive 27 E Summerton Drive 81 Lexington Drive 295 Bamberg Drive 54 Lexington Drive 292 Bamberg Drive 158 Summerton Drive 5 Hunting Court 261 Bamberg Drive 276 Bamberg Drive 287 Bamberg Drive 73 Belfair Oaks Boulevard 150 Belfair Oaks Boulevard 21 Lexington Drive 144 Belfair Oaks Boulevard 124 Belfair Oaks Boulevard 223 Summerton Drive 48 Newberry Court 18 W Cottage Circle 45 Manchester Court 272 Bamberg Drive 12 Richland Drive 14 E Cottage Circle 145 Summerton Drive 15 Newberry Court 281 Belfair Oaks Boulevard 11 E Summerton Court 2 Cumberland Drive 102 Summerton Drive 89 Summerton Drive 11 Kershaw Drive 12 E Cottage Circle 4 E Cottage Circle 291 Belfair Oaks Boulevard 35 Newberry Court 51 Richland Drive 66 Lexington Drive 17 E Summerton Drive 93 Cumberland Drive 42 Lexington Drive 258 Bamberg Drive 9 Cooper Court 58 Kershaw Drive 60 Cumberland Drive 11 W Kershaw Drive

Deep Water, Marsh Lake Golf, Marsh Deep Water, Marsh Marsh, River Marsh, River Golf, Lake Lake, Wooded Lagoon Marsh Golf, River Lake Marsh, River Marsh, Wooded Landscape, Pool Lake Golf, Marsh Golf Golf Golf, Lagoon Lake Golf Wooded Landscape Golf Golf Golf, Lagoon Golf Golf Golf, Lagoon Golf Golf Lake Wooded Golf, Marsh Golf Golf Golf, Marsh Deep Water, Marsh Landscape Landscape Lagoon Lagoon, Wooded Golf Golf Lagoon, Wooded Lagoon Golf, River Golf, Marsh Lake Landscape, Wooded Marsh, River Lake Golf, Lagoon Marsh Lake, Pool Golf Landscape, Pool Lake Golf, Lagoon Lagoon, Marsh

Belfair Lot Listings TOTAL APPROX. YEAR FULL BATHS HALF BATHS LIST PRICE CLOSE PRICE BEDROOMS SQ. FOOTAGE BUILT 6 7 1 9,055 2001 $2,750,000 --5 5 1 6,131 2009 $1,595,000 --4 4 2 6,061 2004 $1,475,000 --4 4 1 5,014 2009 $1,350,000 --5 5 1 5,500 1998 $1,295,000 --3 3 1 3,700 2006 $1,050,000 --5 4 1 4,148 1999 $950,000 --4 4 1 5,023 1999 $949,000 --6 5 2 5,500 2012 $929,900 --5 5 0 4,186 1999 $795,000 --4 3 1 4,599 2001 $795,000 --4 4 1 3,850 2006 $790,000 --5 5 1 4,279 2007 $769,900 --4 4 1 3,800 2017 $769,000 --4 4 1 3,423 2008 $749,000 --4 4 1 3,510 2017 $749,000 --5 5 1 5,300 1999 $744,000 --4 4 1 3,888 2007 $739,000 --4 4 0 3,797 2011 $725,000 --4 4 1 5,058 2002 $694,900 --4 5 1 5,102 2004 $679,000 --4 4 1 4,195 1999 $675,900 --4 4 1 3,000 2016 $650,000 --4 4 1 2,866 2017 $650,000 --4 4 1 4,714 2000 $629,000 --4 5 1 4,015 2000 $599,999 --4 4 1 4,487 1999 $599,000 --3 5 0 3,803 2000 $599,000 --5 5 0 4,510 2001 $595,000 --4 4 1 3,679 2000 $575,000 --3 3 0 3,019 2004 $569,000 --4 4 1 3,620 1997 $565,000 --4 5 1 4,333 2001 $549,000 --4 3 0 2,531 2007 $530,900 --5 5 0 2,511 1996 $510,000 --4 4 1 3,728 2001 $499,900 --4 3 0 3,751 1999 $499,000 --4 3 1 3,277 2002 $494,000 --5 4 0 2,552 1997 $479,000 --3 3 1 3,013 2000 $475,000 --4 4 0 3,324 2007 $469,900 --4 3 1 2,825 1997 $449,000 --4 4 1 3,512 2001 $439,999 --4 4 0 2,894 1998 $439,900 --4 4 0 2,974 2004 $439,000 --4 4 0 3,203 2015 $435,000 --5 5 0 3,604 2004 $428,900 --5 5 0 2,552 1997 $399,000 --5 5 0 2,552 1998 $389,000 --3 3 0 3,546 1998 $349,000 --4 4 0 2,466 2001 $349,000 --4 4 2 5,014 2008 $1,595,000 --4 4 1 3,618 2010 $799,000 --3 3 1 3,298 2006 $535,400 --5 4 2 4,725 2001 $750,000 $750,000 4 4 0 4,152 2000 $749,000 $749,000 4 4 0 3,833 2016 $719,000 $719,000 4 3 1 3,654 1999 $690,000 $690,000 4 4 1 3,123 2014 $550,000 $550,000 3 3 1 3,176 1999 $440,000 $440,000 4 4 0 2,712 1999 $400,000 $400,000

Definitions for Listings Active - On the Market Pending - Under Contract Sold - Closed Between March 1, 2017 and May 31, 2017

STATUS Active Active Active Active Active Active Active Active Active Active Active Active Active Active Active Active Active Active Active Active Active Active Active Active

ADDRESS 68 Lexington Drive 81 Lexington Drive 280 Belfair Oaks Boulevard 82 Lexington Drive 84 Lexington Drive 72 Lexington Drive 83 Lexington Drive 139 Belfair Oaks Boulevard 65 Lexington Drive 23 Oconee Court 70 Lexington Drive 80 Lexington Drive 150 Summerton Drive 64 Lexington Drive 74 Lexington Drive 266 Bamberg Drive 289 Bamberg Drive 73 Lexington Drive 76 Lexington Drive 8 Abbeville Court 253 Bamberg Drive 86 Lexington Drive 85 Lexington Drive 18 Summerton Drive

VIEW Marsh Golf, Lake Golf, River Golf Golf, Marsh Lake Lake Golf, Lake Golf, Marsh Golf Golf, Wooded Golf, Lagoon Wooded Lake Golf, River Golf Golf Golf Golf, Marsh Golf, Lagoon Golf, Lagoon Golf Golf Golf

LIST PRICE CLOSE PRICE $360,000 --$220,000 --$199,000 --$149,900 --$129,900 --$112,000 --$109,900 --$99,500 --$89,900 --$79,900 --$79,900 --$79,900 --$79,000 --$79,000 --$75,000 --$58,900 --$49,000 --$39,900 --$39,000 --$35,900 --$29,000 --$29,000 --$27,500 --$25,000 ---

STATUS Active Active Active Active Active Active Active Active Active Active Active Active Active Active Active Active Active Active Active Active Pending Sold Sold Sold

ADDRESS 323 Bamberg Drive 66 Lexington Drive 72 Lexington Drive 251 Bamberg Drive 79 Lexington Drive 22 Hunting Court 105 Summerton Drive 3 E Summerton Drive 77 Lexington Drive 69 Lexington Drive 52 Kershaw Drive 29 Manchester Court 33 Manchester Court 10 Hunting Court 17 Manchester Court 19 Hunting Court 67 Lexington Drive 71 Lexington Drive 75 Lexington Drive 78 Lexington Drive 87 Lexington Drive 90 Lexington Drive 88 Lexington Drive 89 Lexington Drive

VIEW LIST PRICE CLOSE PRICE Golf, Landscape $21,500 --Wooded $20,000 --Golf, Wooded $19,900 --Golf, Lagoon $19,000 --Golf $15,000 --Lake $7,900 --Wooded $6,000 --Golf $5,000 --Landscape $5,000 --Golf $10 --Lake $1 --Golf $1 --Golf $1 --Lake $1 --Golf, Lagoon $1 --Marsh, Wooded $1 --Lagoon $1 --Landscape, Wooded $1 --Landscape, Wooded $1 --Wooded $1 --Lake $79,900 --Golf, Lagoon $140,000 $140,000 Golf $72,000 $72,000 Golf, Lagoon $25,000 $25,000

Monthly Mortgage Payment on a Median Priced Home in the U.S. (1990-Today)

KEY TRENDS

Source: KeepingCurrentMatters.com, June 2017

$1,350

$1,305

$1,300 $1,250

$1,245

$1,200

$1,184

$1,150 $1,100 $1,050 $1,000 $950

$939

$900 $850 $800

$778

$750 $700 $650 $600

$664

2006

Belfair Home Listings

1990

1995

2000

2005

2010

2015

Today

Joint Center for Housing Studies, Harvard University and The National Association of Realtors

Home affordability is still at record levels. Except for the recession years, the mortgage payment on a median priced home in America is lower today than it has been since 1990. Isnâ&#x20AC;&#x2122;t it amazing that your monthly mortgage payment on a median priced home is substantially less than it was in 1990! What a great time to purchase a home! Or invest in a second home or rental property! However, prices are rising and interest rates are expected to rise, so time is of the essence for those looking to purchase a home, condo or vacation property.