Hilton Head Island Area Market Stats (MLS)*

  • Median Price - Hilton Head Island Detached Homes YTD: -1.9%
  • Median Price - Hilton Head Island Villas/Condos YTD: +12.5%
  • Median Price - Mainland Detached & Villas/Condos YTD: +5.3%
  • Median Price - Area wide Detached & Villas/Condos YTD: -1.2%
  • Housing Inventory: 2,573 Homes for Sale - 9.0 Months Supply (-32.6%, trending down)
  • Closed Sales YTD: 2,991 (+19.4%)
  • Pending Sales YTD: 2,751 (+22.1%)

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

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

 

Monthly Indicators

It's been a giant year for the housing market – and for sports teams named Giants. As we round out the remaining two months of the year, let's recap. Most markets shed listings, resulting from strong sales and sluggish seller activity. There has been a general easing of foreclosures and short sales, meaning distressed listings are dragging prices down less than in recent years. So it's both about market fundamentals and market composition.

New Listings in the Hilton Head region decreased 4.8 percent to 380. Pending Sales were up 23.1 percent to 293. Inventory levels shrank 19.4 percent to 2,573 units.

Prices were fairly stable. The Median Sales Price decreased 1.7 percent to $235,000. Days on Market was down 6.2 percent to 130 days. Absorption rates improved as Months Supply of Inventory was down 32.6 percent to 9.0 months.

The economy is growing but at a glacial pace, and economic growth in 2013 is expected to outpace 2012. Mortgage rates are expected to remain near historic lows through 2015, rents are expected to rise due to low vacancy, and financial situations in Europe, China and elsewhere, believe it or not, have an effect on your local housing market.

House Supply Overview

With the race to 2013 underway, it's hard to resist the temptation to see just how 2012 is stacking up. For the 12-month period spanning November 2011 through October 2012, Pending Sales in the Hilton Head region were up 19.4 percent overall. The price range with the largest gain in sales was the $100,001 to $225,000 range, where they increased 31.7 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 4.4 percent to $155,000. 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 196 days.

Market-wide, inventory levels were down 19.4 percent. The property type that lost the least inventory was the Single-Family segment, where it decreased 17.4 percent. That amounts to 8.8 months supply for Single-Family homes and 9.3 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.)