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Hilton Head Island Area Market Stats (MLS)*

  • Closed Sales YTD: 1,055(+10.5%)
  • Pending Sales YTD: 1,336 (+12.8%)
  • Median Price - Area wide YTD: $239,000 (+9.1%)
  • Average Price - Area wide YTD: $321,674 (-2.1%)
  • Median Price - Hilton Head Island Villas/Condos YTD: $215,000 (+28.4%)
  • Median Price - Hilton Head Island Detached Homes YTD: $450,000 (-1.6%)
  • Median Price - Mainland Detached & Villas/Condos YTD: $211,045 (+14.1%)
  • Housing Inventory: 2,602 Homes for Sale - 8.7 Months Supply (-27.4%)

      *Current as of April 2013. Next update for May to be released mid- to late-June

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Monthly Indicators

The S&P/Case-Shiller Home Price Index recently showed that home prices in 20 major metropolitan areas had increased at the strongest pace since the bubble years. At long last, major national indices are telling the story that local MLS data users have known for months or even years. Yes, the housing market is recovering. The recovery varies by geography and market segment, but things are certainly better than they have been and are showing no signs of letting up.

New Listings in the Hilton Head region decreased 14.1 percent to 471. Pending Sales were down 1.4 percent to 349. Inventory levels shrank 15.5 percent to 2,602 units.

Prices turned higher. The Median Sales Price increased 25.2 percent to $263,000. Days on Market was down 20.0 percent to 121 days. Absorption rates improved as Months Supply of Inventory was down 27.4 percent to 8.7 months.

The prickliest thorns in our collective side are still lack of inventory and subdued listing activity. In some neighborhoods, consumers have 50 or 60 percent fewer options from which to choose than they did a few years ago. That's causing bidding wars in popular areas. Despite the competitive landscape for buyers, housing remains one of the brightest lights in an otherwise subdued economic recovery.

House Supply Overview

The spring market is here in full swing. Buyers are showing good turnout but too many sellers remain sidelined. That's creating a more competitive landscape for buyers. For the 12-month period spanning May 2012 through April 2013, Pending Sales in the Hilton Head region were up 16.4 percent overall. The price range with the largest gain in sales was the $225,001 to $375,000 range, where they increased 24.5 percent.

The overall Median Sales Price was up 0.3 percent to $230,000. The property type with the largest price gain was the Condo segment, where prices increased 17.2 percent to $170,000. The price range that tended to sell the quickest was the $100,000 and Below range at 89 days; the price range that tended to sell the slowest was the $650,001 and Above range at 186 days.

Market-wide, inventory levels were down 15.5 percent. The property type that lost the least inventory was the Condo segment, where it decreased 14.1 percent. That amounts to 8.1 months supply for Single-Family homes and 10.1 months supply for Condos.

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(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.)