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Hilton Head Island Area Market Stats (MLS)*

  • Closed Sales YTD: 3,620 (+9.5%)
  • Pending Sales YTD: 3,793 (+11.1%)
  • Median Price - Area wide YTD: $254,000 (+12.4%)
  • Average Price - Area wide YTD: $339,916 (+7.5%)
  • Median Price - Hilton Head Island Villas/Condos YTD: $225,000 (+20.3%)
  • Median Price - Hilton Head Island Detached Homes YTD: $480,000 (+6.2%)
  • Median Price - Mainland Detached & Villas/Condos YTD: $213,000 (+12.2%)
  • Housing Inventory: 2,304 Homes for Sale (-11.5%) - 7.3 Months Supply (-20.3%)

      *Current as of Year End 2013. Next update for First Quarter 2014 to be released mid- to late-April

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Monthly Indicators

In its entirety, 2013 proved to be a good year for housing. Home sales and prices were broadly higher across the nation, while foreclosure loads, the number of homes for sale and the number of days it took to sell a home were all much lower. Multiple-offer situations became commonplace again and prices in many areas rallied to multi-year highs. This, of course, varied by location and segment, but the proverbial glass appeared to be more than half full throughout the year.

New Listings in the Hilton Head region decreased 11.0 percent to 252. Pending Sales were down 7.1 percent to 197. Inventory levels shrank 11.5 percent to 2,304 units.

Prices marched higher. The Median Sales Price increased 5.0 percent to $250,000. Days on Market was down 17.4 percent to 95 days. Absorption rates improved as Months Supply of Inventory was down 20.3 percent to 7.3 months.

Housing is fortified by confident consumers and good jobs. The year 2013 was marked by a slowly improving labor market stunted by political gridlock, and the Federal Reserve's long-awaited taper announcement was not surprising. Interest rates remain low (but upwardly mobile), prices are still affordable, the employment picture looks decent and the stock market is up nearly 30.0 percent from this time last year. It's no wonder that buyers were active in 2013. Here's to more of the same in 2014.

House Supply Overview

Another year has come and gone and there is a mountain of data before us. It shows that buyers were active throughout 2013, prices were higher in most areas, and inventory levels and absorption rates remained tightened. For the 12-month period spanning January 2013 through December 2013, Pending Sales in the Hilton Head region were up 11.1 percent overall. The price range with the largest gain in sales was the $375,001 to $650,000 range, where they increased 35.5 percent.

The overall Median Sales Price was up 12.4 percent to $254,000. The property type with the largest price gain was the Condo segment, where prices increased 18.8 percent to $190,000. The price range that tended to sell the quickest was the $100,000 and Below range at 97 days; the price range that tended to sell the slowest was the $650,001 and Above range at 178 days.

Market-wide, inventory levels were down 11.5 percent. The property type that lost the least inventory was the Single-Family segment, where it decreased 11.0 percent. That amounts to 6.8 months supply for Single-Family homes and 8.7 months supply for Condos.

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

 

(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.)