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Hilton Head Island Area Market Stats (MLS)*

  • Closed Sales YTD: 752 (+10.4%)
  • Pending Sales YTD: 982 (+18.2%)
  • Median Price - Area wide YTD: +1.8%
  • Average Price - Area wide YTD: -4.8%
  • Median Price - Hilton Head Island Villas/Condos YTD: +56.5%
  • Median Price - Hilton Head Island Detached Homes YTD: +2.9%
  • Median Price - Mainland Detached & Villas/Condos YTD: +15.6%
  • Housing Inventory: 2,553 Homes for Sale - 8.5 Months Supply (-30.6%, trending down)

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

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Monthly Indicators

With spring here in all its bounty, it's time to renew, refresh and revive our understanding of what's fueling the ongoing market recovery. First, tightened inventory levels combined with strong demand are fueling price gains in many areas. Second, consumer demand is shifting from distressed properties to conventional homes. Third, record-low mortgage rates and rising rents are supporting housing recovery. Let's check the local scene.

New Listings in the Hilton Head region decreased 10.5 percent to 497. Pending Sales were down 0.3 percent to 323. Inventory levels shrank 16.2 percent to 2,553 units.

Prices moved higher. The Median Sales Price increased 17.3 percent to $225,000. Days on Market was down 10.5 percent to 121 days. Absorption rates improved as Months Supply of Inventory was down 30.6 percent to 8.5 months.

On the economic front, things inched forward. We saw a minor but important upward revision to Q4-2012 GDP growth that put us back in positive territory. In the political arena, key debates over the deficit, marriage, gun law, immigration reform and tax policy rage onward. The squeaky wheel gets the grease, and with this emerging housing recovery, there are no imminent housing-related bills. Perhaps that's a good thing.

House Supply Overview

With a full quarter worth of data, the keen market watcher is tracking just how 2013 is stacking up. For the 12-month period spanning April 2012 through March 2013, Pending Sales in the Hilton Head region were up 20.7 percent overall. The price range with the largest gain in sales was the $225,001 to $375,000 range, where they increased 30.5 percent.

The overall Median Sales Price was down 1.9 percent to $228,125. The property type with the largest price gain was the Condo segment, where prices increased 26.7 percent to $167,250. 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 189 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 8.0 months supply for Single Family homes and 9.7 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.)