Hilton Head Island Area Market Stats (MLS)*

  • Median Price - Hilton Head Island Detached Homes YTD: -2.3%
  • Median Price - Hilton Head Island Villas/Condos YTD: +10.7%
  • Median Price - Mainland Detached & Villas/Condos YTD: +6.7%
  • Median Price - Area wide Detached & Villas/Condos YTD: unchanged
  • Housing Inventory: 2,583 Homes for Sale - 9.1 Months Supply (-34.1%, trending down)
  • Closed Sales YTD: 2,468 (+21.4%)
  • Pending Sales YTD: 2,701 (+19.1%)

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

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Monthly Indicators

Most housing metrics should follow their usual, autumnal movements – higher inventory and days on market, fewer sales, lower prices. That applies only to month to-month seasonal trends; most indicators should still show improvement on a year over-year basis. As you already know, all real estate is local – down to the city neighborhood, suburban development and exurban lot. Let's dive into some local figures.

New Listings in the Hilton Head region decreased 11.6 percent to 375. Pending Sales were up 21.8 percent to 240. Inventory levels shrank 21.0 percent to 2,583 units.

Prices gazed skyward. The Median Sales Price increased 5.5 percent to $230,000. Days on Market was down 11.3 percent to 121 days. The supply-demand balance stabilized as Months Supply of Inventory was down 34.1 percent to 9.1 months.

Not to get negative like a political TV ad, but sluggish job growth, persistently high gas prices, drought-induced spikes in food prices and other global events could threaten consumer confidence. The Fed's mortgage purchases drove Freddie Mac's average 30-year fixed-rate mortgage survey to an all-time low of 3.40 percent. Employment growth remains critical, providing the very jobs that will stimulate housing demand and higher prices as well as alleviate beleaguered homeowners.

House Supply Overview

The foliage isn't the only thing changing this time of year. For the 12-month period spanning October 2011 through September 2012, Pending Sales in the Hilton Head region were up 19.9 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 3.0 percent to $225,000. The property type with the largest price gain was the Condo segment, where prices increased 3.3 percent to $155,000. The price range that tended to sell the quickest was the $100,000 and Below range at 84 days; the price range that tended to sell the slowest was the $650,001 and Above range at 199 days.

Market-wide, inventory levels were down 21.0 percent. The property type that lost the least inventory was the Single-Family segment, where it decreased 19.6 percent. That amounts to 8.9 months supply for SingleFamily homes and 9.6 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.)