Which snapshot would you like?

  

Hilton Head Island Area Market Stats (MLS)*

  • Closed Sales YTD: 3,337(+9.1%)
  • Pending Sales YTD: 3,589 (+12.0%)
  • Median Price - Area wide YTD: $255,000 (+13.0%)
  • Average Price - Area wide YTD: $340,775 (+7.7%)
  • Median Price - Hilton Head Island Villas/Condos YTD: $225,000 (+20.3%)
  • Median Price - Hilton Head Island Detached Homes YTD: $480,000 (+6.2%)
  • Median Price - Mainland Detached & Villas/Condos YTD: $213,000 (+12.2%)
  • Housing Inventory: 2,390 Homes for Sale - 7.5 Months Supply (-21.9%)

      *Current as of November 2013. Next update for December to be released mid- to late-January

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

 

Monthly Indicators

November was largely another encouraging month for residential real estate. Our attention has shifted from multiyear high prices and sales volumes to seller activity, inventory levels and building permits. And let's not forget the calendar effect. As families gather together, fewer house hunters are scheduling showings and writing offers. Watch for month-to-month activity to moderate while year-over-year comparisons remain strong.

New Listings in the Hilton Head region decreased 4.1 percent to 350. Pending Sales were down 6.5 percent to 258. Inventory levels shrank 13.3 percent to 2,390 units.

Prices got a lift. The Median Sales Price increased 7.3 percent to $250,000. Days on Market was up 1.7 percent to 124 days. Absorption rates improved as Months Supply of Inventory was down 21.9 percent to 7.5 months.

Recent economic and jobs data have surprised to the upside by exceeding expectations. This likely keeps the new Federal Reserve leadership on track for March 2014 tapering. Non-farm payrolls grew by 204,000 jobs in October, outperforming Wall Street expectations. In another bullish sign, August payrolls were revised upward to a 238,000 job gain – positive momentum that should support housing recovery. Just in time for the holidays.

House Supply Overview

There was a lot to be thankful for this November. Home buyers were thankful for still-low mortgage rates, affordable prices and a recovering economy. Home sellers were thankful for rising prices, quick market times, multiple offers and low supply levels. For the 12-month period spanning December 2012 through November 2013, Pending Sales in the Hilton Head region were up 10.9 percent overall. The price range with the largest gain in sales was the $375,001 to $650,000 range, where they increased 31.2 percent.

The overall Median Sales Price was up 12.2 percent to $252,500. The property type with the largest price gain was the Condo segment, where prices increased 18.0 percent to $186,550. The price range that tended to sell the quickest was the $100,000 and Below range at 98 days; the price range that tended to sell the slowest was the $650,001 and Above range at 181 days.

Market-wide, inventory levels were down 13.3 percent. The property type that lost the least inventory was the Condo segment, where it decreased 12.4 percent. That amounts to 7.0 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.)