To see both reports in full, complete with graphs, click on
Monthly Indicators
Spring has brought both change and clarity to our local market. Some sellers are seeing competing bids on their properties which can lead to modest price gains in select neighborhoods. Buyers have fewer options from which to choose in many submarkets. Headlines and sound bites can often mask regional variability. As distressed sales begin to ease, prices should start “melting up” due to less downward pressure. Locally, May was a mixed bag, so let's take a closer look.
New Listings in the Hilton Head region decreased 11.1 percent to 407. Pending Sales were up 23.4 percent to 311. Inventory levels shrank 17.9 percent to 2,770 units.
Prices remained under pressure. The Median Sales Price decreased 6.8 percent to $233,000. Days on Market was down 3.6 percent to 129 days. The supply-demand balance stabilized as Months Supply of Inventory was down 29.5 percent to 10.3 months.
In economic news, May's jobs report was disappointing, and there's a growing concern about the pace of domestic growth. Last month was also unsettling for investors, prompting some to hunt for better returns in the housing market. This forces other consumers up the price ladder. In politics, the Senate approved a 60-day National Flood Insurance Program extension. But with campaign season upon us, major housing-related bills or policy shifts are unlikely
House Supply Overview
We're nearly through the spring market. Did you blink and miss it? Important changes have taken place that will set the scene for the coming months and years. For the 12-month period spanning June 2011 through May 2012, Pending Sales in the Hilton Head region were up 16.4 percent overall. The price range with the largest gain in sales was the $100,001 to $225,000 range, where they increased 25.2 percent.
The overall Median Sales Price was down 4.3 percent to $225,000. The property type with the largest price gain was the Condo segment, where prices increased 3.7 percent to $155,000. The price range that tended to sell the quickest was the $100,000 and Below range at 96 days; the price range that tended to sell the slowest was the $650,001 and Above range at 219 days.
Market-wide, inventory levels were down 17.9 percent. The property type that lost the least inventory was the Single-Family segment, where it decreased 17.2 percent. That amounts to 10.1 months supply for Single-Family homes and 10.9 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.)