Hilton Head Island Area Market Stats (MLS)*

  • Closed Sales YTD: 446 (+11.2%)
  • Pending Sales YTD: 648 (+27.6%)
  • Median Price - Area wide YTD: -1.4%
  • Average Price - Area wide YTD: -2.3%
  • Median Price - Hilton Head Island Villas/Condos YTD: +36.2%
  • Median Price - Hilton Head Island Detached Homes YTD: -4.4%
  • Median Price - Mainland Detached & Villas/Condos YTD: -0.5%
  • Housing Inventory: 2,456 Homes for Sale - 8.2 Months Supply (-33.2%, trending down)

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

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Monthly Indicators

The sun is shining brighter for longer, the birds are chirping a bit louder and people have a renewed spring in their step. And then there's the climate. Home buyers and sellers are readying themselves for an exciting spring market. Buyers are motivated by an attractive affordability environment, while more and more sellers are receiving near top dollar for their home. We've come a long way over the past 12 to 18 months but we're not there yet. Here's how February stacked up.

New Listings in the Hilton Head region decreased 1.7 percent to 467. Pending Sales were up 26.9 percent to 340. Inventory levels shrank 18.4 percent to 2,456 units. Prices tumbled a bit. The Median Sales Price decreased 4.2 percent to $228,000. Days on Market was down 4.8 percent to 124 days. Absorption rates improved as Months Supply of Inventory was down 33.2 percent to 8.2 months.

A few consumers may feel less confident due to Washington's latest self-inflicted crisis. Others would advise not to read the news in the first place. The fact is, the economy continues to grow, but at a snail's pace. Sequestration is more of a nuisance than a real threat to recovery; and there's significant pent–up demand from renters, first-timers, parents' basementers and investors to counteract it.

House Supply Overview

As we lean toward the spring market, let's review what's transpired over the past 12 months. For the 12-month period spanning March 2012 through February 2013, Pending Sales in the Hilton Head region were up 22.1 percent overall. The price range with the largest gain in sales was the $225,001 to $375,000 range, where they increased 33.7 percent.

The overall Median Sales Price was down 2.4 percent to $227,000. The property type with the largest price gain was the Condo segment, where prices increased 19.0 percent to $163,000. The price range that tended to sell the quickest was the $100,000 and Below range at 87 days; the price range that tended to sell the slowest was the $650,001 and Above range at 189 days.

Market-wide, inventory levels were down 18.4 percent. The property type that lost the least inventory was the Single-Family segment, where it decreased 17.5 percent. That amounts to 7.8 months supply for Single Family homes and 9.1 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.)