Where is the Hilton Head real estate market headed? Consumer sentiment is strong, the economy is improving and real estate sales in the Hilton Head market are robust with indications for continuing growth and sales activity in the foreseeable future.
For the period from August 2016 through July 2017, the Hilton Head real estate market saw an increase of 3.3% in Closed Sales and a rise in Overall Median Sales Price of 2.1% to $295,000. The $650,001 and Above range saw the largest gain in sales at 17.2% while the $100,001 to $225,000 range sold the quickest at 120 days. It is in the lower-price segment that activity from first-time buyers is most evident. Activity in this segment is crucial to healthy rises in higher-priced segments.
Across the board, a decrease of Days on Market prevails with multiple-offer situations above asking price commonplace in many communities. Pending Sales increased 24.4%; however, inventory levels were down 12.0% to 2,218 units. Demand has increased relative to supply, which continues to shrink, especially in the lower price ranges where the effects of the supply and demand gap are more evident. Overall, inventory levels were down 12.0%, equating to a 6.0-month supply of single-family homes and a 5.2 months’ supply for condos.
Posted by Christina Galbreath-Gonzalez on
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