Hilton Head Real Estate Market Report - March 2012

To see both reports in full, complete with graphs, click on

• Monthly Indicators
• Housing Supply Overview

 

Monthly Indicators

Let’s talk about data. Navigating through a complex and fast-moving marketplace is tough work. Agents are being called upon to provide fact-based guidance in a timely fashion – and rightly so. MLS data is detailed, accurate and very much “now.” It makes the magic of data-driven decision-making possible. So go ahead, channel the collective energy of your hard-earned status changes and let’s see what the facts tell us about March 2012. Happy data-ing.

New Listings in the Hilton Head region decreased 15.0 percent to 493. Pending Sales were up 11.9 percent to 330. Inventory levels shrank 15.0 percent to 2,785 units.

Prices have yet to reflect other market changes. The Median Sales Price decreased 8.7 percent to $191,750. Days on Market was down 5.3 percent to 136 days. Absorption rates improved as Months Supply of Inventory was down 22.9 percent to 11.0 months.

For better or worse – usually better – housing is closely tied to the broader economy. As much as we're in the valley of a residential real estate rebalancing act, it's important to keep tabs on economic changes. Recent improvements suggest that there may be a stirring of optimism in the center of this market. But not all submarkets will move together. "You can observe a lot just by watching." –Yogi Berra

House Supply Overview

This spring, expect signs of recovery to start blossoming around town. But be aware that this won't necessarily be the case for every neighborhood nor every market segment. For the 12-month period spanning April 2011 through March 2012, Pending Sales in the Hilton Head region were up 10.2 percent overall. The price range with the largest gain in sales was the $100,001 to $225,000 range, where they increased 19.0 percent.

The overall Median Sales Price was up 1.1 percent to $232,508. The property type with the largest price gain was the Single-Family segment, where prices increased 1.9 percent to $270,000. The price range that tended to sell the quickest was the $100,000 and Below range at 103 days; the price range that tended to sell the slowest was the $650,001 and Above range at 221 days.

Market-wide, inventory levels were down 15.0 percent. The property type that lost the least inventory was the Condo segment, where it decreased 11.8 percent. That amounts to 10.6 months supply for Single-Family homes and 11.9 months supply for Condos.

To see both reports in full, complete with graphs, click on

• Monthly Indicators
• Housing Supply Overview

 

(All data provided by Multiple Listing Service of Hilton Head Island - powered by 10K Research and Marketing and sponsored by the South Carolina Association of REALTORS.)