Belfair State Report- September 2017

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 September 2017

KEY METRICS

280 Bamberg Drive, Belfair

51 Manchester Court, Belfair

18 W Cottage Circle, Belfair

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

The First Eight Months of 2017 in Review Sales Down Slightly in Belfair

In Belfair, 21 homes closed in the first eight months of 2017, compared to 22 last year. January through August’s total dollar volume was $13.840M, down compared to $15.012M in 2016. Supply and demand: as of September 13, 2017, there are 51 Belfair homes listed for sale with an average of 2.67 homes selling per month over the last six months. That translates into a 19.1-month supply, considered by industry experts to be a strong buyer’s market. There are six homes under contract in Belfair. In the lot realm, six lots closed in the first eight months of 2017, nine lots closed same time in 2016. There are no lots under contract at this present time. 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 eight 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 eight months’ record of 1,824 homes sold. In the first eight months of 2017 though, 2,317 homes were sold, a dramatic 27% increase. In other positive news, home values in just the first eight months of 2017 were up 2.2% over 2016 prices, but still 26% below the peak set in 2005. 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

D L

O UN N D T E R R A C T

0.30 Acres | Golf View | $1

C

O UN N D T E R R A C T C

33 Manchester Court, Belfair (Land/Lot)

O

64 Lexington Drive, Belfair (Land/Lot)

S

12 Richland Drive, Belfair

27 E Summerton Drive, Belfair

24 Belmeade Drive, Belfair

42 Lexington Drive, Belfair

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.

LINDA RUDD TEAM ACCOLADES

1. Ranked as “America’s Best of the Best” Top 1% of 19,452 SC Realtors by Real Trends in 2016. 2. Ranked as the #4 Team in Engel & Völkers North America in 2016. 3. Recipient of prestigious Engel & Völkers’ President’s Circle Award in 2015 and 2016.

100

40

80

32

60

24

40

16

20

8 57

Hilton Head Is., SC

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

0

Rick Turner

Number of Closed Home Sales

Total Value of Homes Closed $20,000,000

$15,000,000

$10,000,000

PRSRT STD US POSTAGE PAID Permit 73

Linda Rudd, Real Estate Advisor, Team Leader

Inventory of Homes For Sale

On 08/30/16

49

On 08/30/17

0

$5,000,000 22

21

1st Eight Months of 2016 1st Eight Months of 2017

$15,012,000

0

$13,840,000

1st Eight Months of 2016 1st Eight 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 September 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 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 Pending Pending Pending Sold Sold Sold Sold Sold Sold Sold Sold Sold

346 Bamberg Drive 62 Lady Slipper Island Dr 253 Belfair Oaks Boulevard 350 Bamberg Drive 68 Lexington Drive 30 Lady Slipper Island Dr 47 Richland Drive 52 RICHLAND DR 54 Cumberland Drive 6 Chattooga Court 161 Summerton Drive 45 Richland Drive 10 Berkeley Court 276 Belfair Oaks Boulevard 50 Lady Slipper Island Drive 7 Hunting Court 277 Belfair Oaks Boulevard 211 Summerton Drive 92 Cumberland Drive 81 Lexington Drive 295 Bamberg Drive 54 Lexington Drive 5 Hunting Court 158 Summerton Drive 261 Bamberg Drive 280 Bamberg Drive 287 Bamberg Drive 73 Belfair Oaks Boulevard 16 Newberry Court 21 Lexington Drive 144 Belfair Oaks Boulevard 223 Summerton Drive 51 Manchester Court 48 Newberry Court 18 W Cottage Circle 45 Manchester Court 272 Bamberg Drive 14 E Cottage Circle 145 Summerton Drive 12 Richland Drive 20 Belmeade Dr 281 Belfair Oaks Boulevard 11 E Summerton Court 15 Newberry Court 89 Summerton Drive 2 Cumberland Drive 12 E Cottage Circle 11 Kershaw Drive 291 Belfair Oaks Boulevard 4 E Cottage Circle 35 Newberry Court 14 Lady Slipper Island Ct 89 Cumberland Drive 24 Belmeade Drive 27 E Summerton Drive 292 Bamberg Drive 124 Belfair Oaks Boulevard 51 Richland Drive 141 Belfair Oaks Boulevard 66 Lexington Drive 225 Summerton Drive 40 Kershaw Drive 17 E Summerton Drive 150 Belfair Oaks Boulevard 31 Lexington Drive 102 Summerton Drive

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

TOTAL APPROX. YEAR FULL BATHS HALF BATHS BEDROOMS SQ. FOOTAGE BUILT 6 7 1 9,055 2001 4 5 0 4,864 2004 4 4 1 6,250 2007 4 4 3 7,711 2006 5 5 1 6,131 2009 4 4 1 5,014 2009 5 5 1 5,500 1998 5 6 1 7,558 2002 4 4 1 5,200 2007 5 4 1 4,148 1999 6 5 2 5,500 2012 4 4 1 4,154 2007 3 3 1 4,221 2003 4 3 1 4,599 2001 5 5 1 4,279 2007 4 4 1 3,800 2017 4 4 1 3,850 2006 4 4 1 3,510 2017 5 5 1 5,300 1999 4 4 0 3,797 2012 4 4 1 5,058 2002 4 5 1 5,102 2004 4 4 1 2,866 2017 4 4 1 3,000 2017 4 4 1 4,714 2000 4 4 1 3,874 2001 4 4 1 4,487 1999 4 5 0 3,803 2000 4 4 0 3,330 2015 4 4 1 3,679 2000 3 3 0 3,019 2004 4 5 1 4,333 2001 4 3 0 3,075 2003 4 3 0 2,531 2007 5 5 0 2,511 1996 4 4 1 3,728 2001 4 3 0 3,751 1999 5 4 0 2,552 1997 3 3 1 3,013 2000 4 3 1 3,277 2002 3 3 0 3,642 2008 4 3 1 2,825 1997 4 4 1 3,512 2001 4 4 0 3,324 2007 4 4 0 3,203 2015 4 4 0 2,894 1998 5 5 0 2,552 1997 5 5 0 3,604 2004 3 3 0 3,546 1998 5 5 0 2,552 1998 4 4 0 2,466 2001 3 3 1 3,700 2006 5 5 0 4,186 1999 4 4 1 3,423 2008 4 4 1 3,888 2007 4 4 1 4,195 1999 4 4 1 3,620 1997 4 4 2 5,014 2008 4 4 1 4,000 2014 4 4 1 3,618 2010 4 4 1 4,089 2007 5 5 2 5,908 2001 3 3 1 3,298 2006 5 5 0 4,510 2001 3 3 0 2,560 2007 4 4 0 2,974 2004

LIST PRICE CLOSE PRICE $2,750,000 $1,879,000 $1,795,000 $1,749,000 $1,545,000 $1,350,000 $1,295,000 $1,250,000 $975,000 $950,000 $909,900 $895,000 $799,900 $795,000 $769,900 $769,000 $750,000 $749,000 $734,000 $695,000 $694,900 $659,000 $650,000 $639,000 $629,000 $614,900 $599,000 $599,000 $599,000 $575,000 $559,000 $549,000 $537,000 $530,900 $510,000 $499,900 $499,000 $479,000 $475,000 $474,000 $469,000 $449,000 $439,999 $439,900 $435,000 $429,900 $399,000 $399,000 $384,000 $375,000 $349,000 $1,050,000 $795,000 $749,000 $719,000 $619,000 $565,000 $1,550,000 $824,000 $765,000 $760,000 $735,000 $520,000 $510,000 $485,000 $400,000

------------------------------------------------------------------------------------------------------------------$1,550,000 $824,000 $765,000 $760,000 $735,000 $520,000 $510,000 $485,000 $400,000

In our June 2017 issue we inadvertantly created an inaccurate list of lots for sale. July, August, and this month’s lists are accurate. We apologize for the confusion.

Source: NAR Existing Home Sales, Realtors Confidence Index The concept of supply and demand is a simple one. The best time to sell something is when supply of that item is low and demand for that item is high! This guarantees that the price paid for that item increases as supply lowers. This is exactly what’s happening in today’s U.S. real estate market! According to the National Association of Realtors (NAR) latest Existing Home Sales Report: Sales in the U.S. are now at a seasonally adjusted annual rate of 5.44 million

14,904 HOMES SELL EVERY DAY

Impact of Inventory on Home Prices

ADDRESS 4 Tidelands Court 100 Cumberland Drive 182 Summerton Drive 280 Belfair Oaks Boulevard 37 Belmont Drive 252 Belfair Oaks Boulevard 289 Belfair Oaks Boulevard 72 Lexington Drive 23 Oconee Court 139 Belfair Oaks Boulevard 355 Bamberg Drive 67 Lexington Drive 122 Belfair Oaks Boulevard 36 Edisto Drive 5 Belmont Drive 266 Bamberg Drive 193 Summerton Drive 289 Bamberg Drive 64 Lexington Drive 301 Bamberg Drive 150 Summerton Drive 44 Edisto Drive 8 Abbeville Court 253 Bamberg Drive 44 Cumberland Drive

VIEW

LIST PRICE CLOSE PRICE Marsh $360,000 --Golf, Marsh $284,500 --Golf, Lake $220,000 --Golf, River $199,000 --Golf $149,900 --Golf, Marsh $129,900 --Lake $109,900 --Lake $106,000 --Golf $99,900 --Golf, Lake $99,500 --Golf, Marsh $89,900 --Golf, Wooded $79,900 --Golf, Lagoon/Canal $79,900 --Golf, River $75,000 --Golf $59,000 --Golf $58,900 --Lake $49,900 --Golf $49,000 --Lake $49,000 --Golf $39,900 --Wooded $39,000 --Golf, Marsh $39,000 --Golf, Lagoon/Canal $35,900 --Golf, Lagoon/Canal $29,000 --Golf $29,000 ---

4.5

Golf Wooded Golf, Landscape Wooded Golf, Wooded Golf, Lagoon/Canal Golf Lake Landscape Wooded Lake Golf Golf, Landscape Golf Golf Lake Golf, Lagoon/Canal Marsh, Wooded Lagoon/Canal Landscape, Wooded Landscape, Wooded Wooded Lake Lake

LIST PRICE CLOSE PRICE $27,500 --$25,000 --$21,500 --$20,000 --$19,900 --$19,000 --$15,000 --$7,900 --$5,000 --$2,500 --$2,000 --$10 --$1 --$1 --$1 --$1 --$1 --$1 --$1 --$1 --$1 --$1 --$68,000 $68,000 $65,000 $65,000

4.1 3.6

3.8

FEB

MAR

4.2

MAY

JUN

JUL

3.5

BUYER’S MARKET NEUTRAL MARKET

Less than 6 months

There has not been a 6-month supply of inventory since

Prices will only APPRECIATE WITH INFLATION

SELLER’S MARKET

August 2012

Prices will DEPRECIATE

Prices will APPRECIATE AUG

SEP

OCT

NOV

JAN

DEC

APR

July marked the 65th consecutive month of year-over-year price appreciation as the median price rose to

$258,300!

Buyer Demand Outpacing Seller Supply WA

ME

VT

ID

MI

Definitions for Listings Active - On the Market Pending - Under Contract Sold - Closed Between June 1 and August 30, 2017

IL UT CO

CA

IN

MO

KS

WV VA

KY

OK NM

TX

NV

DC

IL UT CO

CA

MO

KS

AZ

OK NM

WV VA

DC

NC SC

MS TX

CT DE MD

KY

AR

GA

FL

AL

GA

LA FL

AK

Weak

Stable

Strong HI

IN

NJ

OH

TN

LA

AK

RI PA

IA

NE

SC AL

MI

WY

NC

AR MS

NY

WI

SD

CT DE MD

TN AZ

ID

NJ

OH

NH MA

MN OR

RI PA

IA

NE

ME

VT ND

MT

NH MA

NY

WI

SD WY

NV

WA

ND MN

VIEW

4.4

Between 6-7 months

OR

ADDRESS 57 Lexington Drive 7 Newberry Court 323 Bamberg Drive 50 Newberry Court 63 Manchester Court 251 Bamberg Drive 1 Oconee Court 22 Hunting Court 238 Bamberg Drive 105 Summerton Drive 52 Kershaw Drive 37 Manchester Court 278 Bamberg Drive 29 Manchester Court 33 Manchester Court 10 Hunting Court 17 Manchester Court 19 Hunting Court 3 W Kershaw Drive 39 Newberry Court 93 Summerton Drive 37 Newberry Court 287 Belfair Oaks Boulevard 285 Belfair Oaks Boulevard

4.5

4.0

MT

STATUS Active Active Active Active Active Active Active Active Active Active Active Active Active Active Active Active Active Active Active Active Active Active Sold Sold

Months Supply of Inventory Over the Last 12 Months

Greater than 7 months

Belfair Lot Listings 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 Active

KEY TRENDS

How Supply and Demand Impacts Real Estate Values

Very Strong