TOM ATKINS

Greetings and welcome to 2020! I’m not quite sure what happened to 2019 or the past decade, for that matter, but real estate in Beaufort County remains an interesting and sometimes challenging business. 2018 was a good year, except for Hurricane Florence. It took a few months for 2019 to right itself following that event but 2019 ended up being a decent year from a real-estate perspective.

For example, in 2019 in Beaufort County, there were 511 homes sold in the multiple listing service . In 2018, there were 530 homes sold. That’s a difference of 19 homes or 3.6%. The average selling price in 2019 was up, $201,095 compared to $199,872 in 2018. Average selling price per square foot was $99 in 2019 vs $98 in 2018. Average days on the market  improved to 118 in 2019 vs 134 in 2018. That number has been steadily improving over the past few years and is a sign of a healthy economy. The current inventory of available homes in the county is 247.

Waterfront home sales (84 units) made up about 17% of the total homes sold in Beaufort County in 2019, but from a dollar perspective, a much higher percentage of the market. 2019 waterfront dollars were at $28,310,700 of the total $102,759,837 and that is 28% of the market. The average waterfront home sold for $337,032 in 2019 compared to $319,260 in 2018 (95 sold). The average DOM for waterfront homes in Beaufort County in 2019 was 194 compared to 224 in 2018. The current inventory of available waterfront homes in the county is 85.

The sale of lots and land (unimproved properties) was up significantly in 2019 (23%) as builders are filling the demand for new construction. Lot sales were at 160 units with an average selling price of $59,135. That number includes waterfront lots. In 2018, there were 130 sold with an average price of $66,652. Waterfront lot sales were slightly off, with 33 being sold in 2019 compared to 34 in 2018. The average waterfront sale was $86,327 compared to $94,492 in 2018. There are currently 452 lot/land properties on the market in Beaufort County. Of those, 117 are waterfront, with an average price of $133,031.

Non-waterfront building lots, 0-3 acres, sold at an average of $29,528, and there were 89 of them sold. By comparison, there were 68 sold in 2018 with an average price of $31,472.

Cypress Landing, Beaufort County’s largest subdivision (single family, site built), had home sales of 54 in 2019, down slightly from 56 in 2018. The average selling price in 2019 was at $336,238 up from $331,357 in 2018. Price per square foot improved from $122 in 2018 to $126 in 2019. DOM also improved from 168 in 2018 to 154 in 2019.

Smallwood is Beaufort County’s second-largest subdivision with 15 home sales in 2019 compared to 21 in 2018. Average selling price in 2019 was $224,333 compared to $205,804 in 2018. Price per square foot was at $86 in 2019 compared to $87 in 2018. DOM was at 159 in 2019 versus 124 in 2018.

Pamlico Plantation is the third-largest neighborhood in the county and there were 10 home sales in 2019 versus 12 in 2018. Average selling price in 2019 was $297,380 compared to $218,513 in 2018. The average PPSF was $133 in 2019 versus $121 in 2018. DOM improved from 150 in 2018 to 138 in 2019.

In the commercial market, there were 15 properties sold in the county in 2019, compared to 23 in 2018. The average commercial property sold for $192,189 in 2019 versus $180,539 in 2018. Commercial property sales can include properties with or without improvements (buildings).

All considered, the real estate market outlook is great for Beaufort County as the economy is robust, and the quality of life here is great. Buyers are coming here from all parts of the country, especially the East Coast and North. We continue to benefit from massive growth in Raleigh and also Greenville. Many Greenville area Realtors are bringing their buyers to Beaufort County, especially the waterfront. If you would like more information about the local real estate market or a free property valuation, email me at tom@therichcompany.com, visit www.therichcompany.com or call me at 252-943-1169.

Tom Atkins is the broker in charge and president of The Rich Company.