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Monthly Indicators

It may be a Leap Year, but February is more of a Connect Month for reporting residential real estate data in 2012. That's because it's a buffer between the traditionally slow winter months and what is potentially going to be an interesting and encouraging spring selling season. But let's not look past brief but brassy February so quickly. After all, it grew a whole day taller this year. Let's give the oftoverlooked month its due because the numbers are mostly positive at first blush.

New Listings in the Hilton Head region decreased 13.7 percent to 433. Pending Sales were up 6.8 percent to 281. Inventory levels shrank 14.0 percent to 2,756 units.

Home prices gazed skyward. The Median Sales Price increased 26.5 percent to $238,000. Days on Market was down 17.0 percent to 130 days. Absorption rates improved as Months Supply of Inventory was down 22.4 percent to 10.9 months.

Consumer confidence is as high as it has been in a year, and the Federal Reserve reported growth in all of its 12 banking districts in 2012 through the first half of February, including more hiring and home sales. There are still some challenges to work through, but pessimism is no longer in vogue. Laments over things like unemployment and high gas prices are being replaced with chatter about job prospects and sensible home shopping. The economy and housing market are by no means recovered, but it's okay to think positive.

House Supply Overview

Now that 2011 is fully in the books, it's important to discern which market segments performed well and which encountered additional challenges. This not only sheds light on consumer behavior, but also provides a preliminary look at what 2012 might have in store. For the 12-month period spanning January 2011 through December 2011, Pending Sales in the Hilton Head region were up 15.4 percent overall. The price range with the largest gain in sales was the $100,001 to $225,000 range, where they increased 20.4 percent.

The overall Median Sales Price was down 2.8 percent to $228,250. The property type with the smallest price decline was the Single-Family segment, where prices decreased 4.1 percent to $261,750. The price range that tended to sell the quickest was the $100,000 and Below range at 113 days; the price range that tended to sell the slowest was the $650,001 and Above range at 238 days.

Market-wide, inventory levels were down 16.2 percent. The property type that lost the least inventory was the Single-Family segment, where it decreased 16.2 percent. That amounts to 10.3 months supply for SingleFamily homes and 11.8 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.)