Hilton Head Island Area Market Stats (MLS)*

  • Closed Sales YTD: 3,058 (+24.1%)
  • Pending Sales YTD: 3,289 (+20.5%)
  • Median Price - Area wide YTD: -1.3%
  • Average Price - Area wide YTD: -3.2%
  • Median Price - Hilton Head Island Villas/Condos YTD: +9.7%
  • Median Price - Hilton Head Island Detached Homes YTD: -3.1%
  • Median Price - Mainland Detached & Villas/Condos YTD: +3.2%
  • Housing Inventory: 2,507 Homes for Sale - 8.6 Months Supply (-33.8%, trending down)

      *Current as of November 2012. Next update for December to be released mid- to late-January

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

 

Monthly Indicators

This November, there was a lot to be thankful for. Home buyers were thankful for historically low mortgage rates and still-affordable prices. Sellers were thankful for increased sales, less competition and faster market times. Both parties can be thankful for the slow yet steady economic recovery. Challenges persist, to be sure, going into 2013, but there's more reason for optimism than pessimism. Here's the local scoop.

New Listings in the Hilton Head region decreased 10.8 percent to 330. Pending Sales were up 27.6 percent to 287. Inventory levels shrank 19.8 percent to 2,507 units.

Prices moved higher. The Median Sales Price increased 1.3 percent to $233,000. Days on Market was down 7.7 percent to 122 days. Absorption rates improved as Months Supply of Inventory was down 33.8 percent to 8.6 months.

There are three primary avenues to housing recovery: better market fundamentals, improved market composition and more jobs. Many communities are enjoying better fundamentals, such as higher demand and less supply. But many areas are also experiencing a lower overall share of distressed sales activity. In the month ahead, continue to watch hiring and unemployment trends.

House Supply Overview

There was a lot to be thankful for this November. Home buyers can be thankful for ultra-low mortgage rates while sellers can be thankful for a slow yet steady recovery. For the 12-month period spanning December 2011 through November 2012, Pending Sales in the Hilton Head region were up 21.1 percent overall. The price range with the largest gain in sales was the $225,001 to $375,000 range, where they increased 30.4 percent.

The overall Median Sales Price was down 2.3 percent to $225,000. The property type with the largest price gain was the Condo segment, where prices increased 2.0 percent to $158,100. The price range that tended to sell the quickest was the $100,000 and Below range at 88 days; the price range that tended to sell the slowest was the $650,001 and Above range at 195 days.

Market-wide, inventory levels were down 19.8 percent. The property type that lost the least inventory was the Single-Family segment, where it decreased 17.8 percent. That amounts to 8.4 months supply for Single-Family homes and 9.0 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.)