Home sales in Beaufort County for 2016 were off by 13 percent, having sold 427 homes in 2016 compared to 490 in 2015. However, days-on-the-market improved from 227 days in 2015 to 182 days (average) in 2016. The average price-per-sale for homes in Beaufort County was down from $179,896 in 2015 to $160,987 in 2016. The current inventory of homes listed for sale (in the MLS) in Beaufort County stands at 349.

Waterfront home sales in Beaufort County in 2016 produced 76 sales (18 percent of the residential market) in 2016 compared to 90 in 2015 (-16 percent). The average selling price was also down from $300,764 in 2015 to $281,025 (down 7 percent) in 2016. The average days-on-the-market improved considerably from 337 in 2015 to 237 in 2016. The current inventory of waterfront homes listed for sale in Beaufort County stands at 105. The average asking price is $376,336. By comparison, in 2006 during the waterfront and economic peak, there were 71 waterfront homes sold at an average price of $464,532. An interesting side note, there were only 27 waterfront homes sold in the market in 2011, the smallest number in the last 10 years.

Lots and raw land sales in Beaufort County in 2016 resulted in 78 properties sold, compared to 105 in 2015 (-26 percent). Thirty-nine properties were less than one acre, 19 were one to three acres, 12 were three to 10 acres and eight were over 10 acres. Thirty-six of the sales were waterfront. Currently, there are 414 land tracts available in Beaufort County; 64 of them are waterfront. In 2010, waterfront lots and land sales were at a 10- year low, resulting in only 17 sales.

The three largest subdivisions in the county produced the following residential sales: Cypress Landing, 33; Smallwood, 13; and Pamlico Plantation, 15. The average price in Cypress Landing was $307,868 ($114 price per square foot). The average price in Smallwood was $172,515 ($79 ppsf), and the average in Pamlico Plantation was $264,033 ($116 ppsf). Days-on-the-market were: Cypress Landing, 233; Smallwood, 184; and Pamlico Plantation, 173. Current inventory of homes for sale in the MLS stands as follows: Cypress Landing, 38; Smallwood, 15; and Pamlico Plantation, 13.

In summary, there are many signs that the real estate market is getting healthier, despite some setbacks — the inventory of homes available continues to be smaller and that will help stabilize prices. Also, the days-on-the-market is fewer before houses are being sold. The number of homes being sold is quite high for our area historically. The most sales in recent memory were 504 in 2005. Even in 2006, there were only 449 homes sold (compared to 427 in 2016). With interest rates scheduled to increase slightly, it is expected that more buyers will make the decision to purchase in 2017.

Tom Atkins is the president of The Rich Company. For specific questions about the local real estate market, call Atkins at 252-943-1169 or email tom@therichcompany.com.