![]() The median price of residential homes, condos and villas sold in June was $410,875, bringing the average price up to $395,284 so far this year. While prices are still increasing, they’re moving more slowly. Last year, from 2021 to 2022, the average price mid-way through the year increased 23.1%. It’s a 6.1% increase from this time last year when the average price was $475,960. While there will be a second analysis of condos, villas and townhouses later this week, the median price of all properties, including residential homes, condos and villas sold in June was $529,362, bringing the average price for 2023 up to $505,038. Here’s what the data looks like halfway through 2023, and what experts said about the following topics: What’s happening with single-family property values in general? To interpret the data, The Island Packet and Beaufort Gazette spoke with representatives from both groups. Months supply of inventory is calculated by taking the number of homes for sale at the end of a month and dividing it by the average monthly pending sales from the last 12 months. When there isn’t a lot of inventory and prices are high it’s considered a sellers market and when there’s more inventory and prices are low it’s considered a buyers market. How is it determined if it’s a buyers or sellers market?įive to eight months inventory is considered a balanced market, and inventory increases when demand lessens and new listings keep being added to the market. ![]() The Beaufort-Jasper County Association of Realtor market reports include the most comprehensive data for northern Beaufort County and Jasper County. The Hilton Head Area Realtor market reports includes information on properties sold north and south of the Broad River however the largest areas of focus are Hilton Head, Bluffton, Daufuskie and Hardeeville. Between low inventory and increasing borrowing costs, they report markets are cooling down slightly. I believe this subdivision is very good for Newton … and it is an ideal area for the future growth of the city.The Hilton Head Area Realtors and Beaufort-Jasper County Association of Realtors released their June market reports earlier this month, providing insightful data on home inventory, prices, construction and days on the sale market for the first half of 2023.ĭemand continues to outpace supply in both markets, causing prices to rise but more slowly than before the Federal Reserve began a series of quarter point bumps in prime rates. “We also developed Cardinal Pond in the process, which is a benefit to the people of Newton. “I am happy with the progress and quality of homes at Arbor Estates,” Showalter said. ![]() Although the pandemic slowed progress, there have been 10 homes built on the land so far. Back then, the 70-acre parcel of land was nothing but a cornfield. “It will complement what is already in existence and provide some more affordable and unique plans to the Newton market.”īruce Showalter, executive director of Newton Housing Development Corporation, has been a part of the development of Arbor Estates since 2018. “I think we will be a nice addition to the Newton community as a whole, and I think they fit in really well with Dan’s vision for his homes,” she said of Destiny Homes owner Dan Sparks. Sullivan was excited to see the response from the community. ![]() Both houses are for sale at $399,900 and $424,900, respectively. Jennifer Sullivan, of EXP Realty, welcomed visitors to the open houses of a ranch-style home at 2502 N. Two new houses at Arbor Estates were open for a public viewing, allowing residents and prospective residents alike to see what they can come to expect from the budding subdivision located on a vast acreage in northeast Newton between Berg Middle School and Agnes Patterson Memorial Park.
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