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The following data is from Beaufort County PropertyMax. As such it is as official as it gets. The results differs from market data from MLS systems because not all sales go through MLS and there are multiple MLS systems serving our Island.
Homes and Lot Sales: The chart to the right shows property itemized by homes and lots. Lot sales dominated the early years and were significant through 2006. Since then, the majority of sales are home resales. Few buyers are willing to invest in home sites since the real estate bubble burst, and banks are hesitant to mortgage home sites. More recently, lot buyers are opting to build quickly. Note the cyclical nature of past sales.
Developer Sales: Sales began in 1984. This chart shows initial developer sales and later resales. By 2001, with development largely complete; the Developer sold the Club to its members; a vast majority of property owners approved a Covenant requiring Club membership with property ownership. Sales of developer’s lots continued, with an auction in 2003, clearing out most of the Developer's lots.
Property Transfers and Forfeited Lands: When the real estate bubble burst in 2009, Property Transfers such as foreclosures, tax sales and the like became meaningful. Foreclosures generally affect homes, while tax sales apply primarily to lots (home sites).
The chart to the right shows Property Transfers (red), compared to market sales (blue/green), since we rekindled our marketing program.
As buyers become more aware of the membership requirement, many tax sale properties received no bid at the tax sale, and the properties transition to the County Forfeited Land Pool, where they can be purchased by submitting an offer to the County. This resulted in churning of Tax Sale and Forfeited Land properties from 2013 to 2018. The surge in 2019 is a result of two out of state buyer scooping up most lots in the Forfeited Land Pool.
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