I'm delighted to report, Hilton Head Island's real estate market for 2017, was healthy and posted positive sales numbers year-over-year. We had more buyers falling in love and following through on their dreams than we've seen in years, resulting in an 8.8 percent increase in homes sold island-wide. The irresistible draw of the island's active lifestyle raised the median price for a home on Hilton Head by 3 percent to $535,000.
Several of our oceanfront communities had outstanding years with double digit gains to their median home values. They include Sea Pines, Shipyard, Palmetto Dunes and Folly Field.
Island-wide, the villa market had a successfully busy year with a 19.3 percent increase in sales transactions. The median price of a villa rose a modest 2.7 percent to $227,500. The strongest growth in the market, which produced some of the highest gains in median values, from 6.1 to 13.0 percent, were found with villas priced under $300,000 in Folly Field, Shipyard, North and South Forest Beach and Off-Plantation areas.
Sea Pines Plantation had a sensational year with home sales. In fact, it was the best year we've seen since 2003-2004. Strong demand accelerated the number of homes sold by 13.2 percent and pushed the median price up 15.2 percent to $702,500. The most active segment of the market was priced between $1,000,000 to $1,449,999 which produced a whooping 223.52 percent increase in home sales.
Our oceanfront market topped off the year with 7 sales, the most we've sold in last 10 years, but the average price slipped -12.5 percent from the previous year. The inventory for homes in Sea Pines has dwindled down 15.49% year-over-year. We have less than 120 homes on the market out of close to 3000 in the community.
In most areas of Sea Pines, the beach renourishment projects of the last two years has created a new protection to our shoreline and is allowing our primary dunes to rejuvenate with vegetation. This was accomplished by the addition of approximately 600,000 cubic yards of sand along nearly 3 miles of our beaches. We've gained an approximately 150 foot wide swath of graded fluffy white sand stretching from the high tide mark all the way to the primary dune line. With the new fortification of our beaches, and with some extraordinarily fine oceanfront homes listed for sale, our oceanfront market should do well in 2018.
Villa sales in Sea Pines were energetic in 2017 and produced a 23.5 percent increase in the number of units sold over the previous year. Yet, the median price edged down -1.0 percent. The $300,000 to $399,999 price range was the most active part of the market with an increase in closed transactions of 50 percent. All price points are selling and our inventory continues to shrink. We have just under 60 villas listed for sale out of close to 1,900 villas within Sea Pines.
For details on the Hilton Head Island real estate market, please click here to view the 2017 MLS Year End Sales Reports.
With the thinning of our inventory for homes and villas, it's beginning to shape how folks are shopping for real estate on Hilton Head Island. Succesful buyers are doing their due diligence well in advance and prepositioning themselves to take advantage of new inventory as it comes to the market. To benefit from this successful strategy, please read; Hilton Head Island: 3 tips to buying real estate in 2018.
FEMA's recently announced new FIRM maps for Sea Pines Plantation shows surprising and positive developments for how some properties will be treated in the flood insurance market that's to be implemented in June of 2019. If you're in Zone X, you won't be required to carry flood insurance for mortgage backed loans. For details on changes coming to the flood insurance market, and to view how properties are being classified on the new FIRM maps for Sea Pines Plantation, please click here.
To view FEMA's new FIRM maps for all of Hilton Head Island, please click on this link from The Town of Hilton Head Island:
Hilton Head Island garnered a few more accolades worth mentioning in 2017:
- CONDE NAST TRAVELER: 2017 Readers' Choice Award for "Top Island in the US" named Hilton Head Island as #1.
- TRIPADVISOR: named Hilton Head Island in the "Top 10 Spring Break Destinations for Adults" and "Top 10 Trending Spots for a Summer Vacation Rental."
- COASTAL LIVING: named us among "Happiest Seaside Towns."
With great excitement, I look forward to 2018 and to helping you achieve your real estate goals of buying or selling in our area. Please don't hesitate to reach out to me with questions or comments.Posted by THE LOVE FAMILY on