Beaufort County real estate is selling in buyer’s market
Published 7:45 pm Thursday, September 8, 2016
After years of disappointing sales, Beaufort County real estate is on the rebound, and buyers are once again flocking to the county’s natural beauty, and bounty.
Market recovery has been a few years in the making, according to Diane Edwards, a broker with Coldwell Banker Coastal Rivers Realty, and the start of 2016 wasn’t looking too promising.
“This year, starting out the first quarter, we were actually down over last year’s sales,” Edwards said. “We were down about 17 percent the first quarter. Having said that, after that it’s sort of been wide open. … I definitely think that we’re finally over the economic downturn.”
These days, she’s averaging one to two closings per week, and Coldwell Banker had one of its best Augusts in the history of the company, Edwards said.
The numbers are steadily going up: last year, the average home sale price was approximately $136,000. This year it’s climbed to $155,000. They’re also selling faster than before: in 2015, the average number of days on the market was 236. This year, that number has lowered to 223.
“Our bread and butter is still probably the under-200 (thousand) market,” Edwards said. “But I’ve seen an influx of people for waterfront.”
Edwards said it’s the combination of low interest rates and competitive prices that is drawing people to Beaufort County, rather than places like New Bern, Edenton and even Myrtle Beach.
“We are well-priced, especially considering our natural resources, which are the waterfront and the land,” Edwards said. “Our prices are very competitive. If you look at our price points compared to other areas, we’re very, very competitively priced. … I think Cypress Landing has done very well this year. What we’re seeing there is the sale prices going up and finally where they should be. Overall, I would say the north side of the river is doing better, because of the waterfront and proximity to the Intracoastal Waterway and amenities.”
Alexis Davis, a realtor with Century 21 Real Estate, said her sales are definitely up in 2016, and the buyers she’s seeing primarily fall into one of two categories.
“I’ve had a lot of first-time buyers. Probably 50 percent of what I’ve sold has been under 130 or 140 (thousand),” Davis said. “The first-time buyers are pretty much local. They’re people who’ve been renting and realize they can spend less on a mortgage than on rent. Interest rates are so low right now, you can get a mortgage for $500, $600, $700 dollars a month, but you can’t get a decent rental for less than $1,000.”
The other homebuyers gravitating to Beaufort County are those seeking a simpler life.
“Most of my buyers are from out of state, from Charlotte or the Triangle area — where it’s too busy, too crowded, too expensive,” Davis said.
She said the real estate market has picked up so much in urban areas that it’s influenced how those seeking homes in Beaufort County are going about their real estate transactions.
“Buyers are waiting to put houses on market until they buy here because they’re selling so fast (there),” Davis said. “That reflects the market nationwide too, and our houses are moving so much faster than they were a couple of years ago.”
Davis said she’s also seen a change in what buyers are looking for — and what they’re not.
“The interior stuff — kitchens are big, big, big,” Davis said, referring to buyers’ preference for open floor plans combining kitchen and dining.
Granite counters are also a fading trend, replaced with greater interest in solid finishes and patterned or stained concrete countertops. Large, jetted bathtubs also are not on the list of must-haves anymore.
“People like a big, gorgeous shower, but they’re totally over the tub,” Davis said.
Buyers’ taste may be changing décor-wise, but Edwards, a 13-year veteran of real estate, said that people’s desire for more space — land or house size — and a more laid-back lifestyle bode well for Beaufort County’s real estate market.
“We’re excited, Edwards said. “Many of us lived through the downturn, so this is a wonderful thing — a wonderful sign of rebirth.”