As the cost of renting continues to increase, consumers have more incentive to lock in their housing costs by purchasing a home. The latest CoreLogic Single-Family Rent Index report released this month saw the cost of renting single-family homes, including condos, up 3% in November 2019 versus November 2018. According to CoreLogic’s data, single-family rents started climbing in 2010 and have stabilized around an annualized rate of 3% since early 2019. For the 12-month period spanning February 2019 through January 2020, Pending Sales in the Hilton Head region were up 8.7 percent overall. The price range with the largest gain in sales was the $650,001 and Above range, where they increased 17.4 percent.
The overall Median Sales Price was up 3.5 percent to $325,000. The property type with the largest price gain was the Condos / Villas segment, where prices increased 4.4 percent to $235,000. The price range that tended to sell the quickest was the $100,001 to $225,000 range at 110 days; the price range that tended to sell the slowest was the $650,001 and Above range at 191 days.
Market-wide, inventory levels were down 12.3 percent. The property type that lost the least inventory was the Single Family segment, where it decreased 9.3 percent. That amounts to 4.5 months supply for Single-Family homes and 3.9 months supply for Condos.