2020 Q2 HHI Area and Sea Pines Real Estate Review

Posted by THE LOVE FAMILY on Friday, July 17th, 2020 at 7:47am.

Sea Pines Osprey Nest #7515

We're pleased to report the real estate market on Hilton Head Island recovered beyond our wildest expectations during the 2nd quarter of 2020. The market nearly ground to a halt for six weeks in March and April and the situation looked dire. During that brief period a new paradigm shift took hold in real estate and the Island appears to be the beneficiary. We've not seen this strong a demand from buyers since 2004-2005. In Sea Pines, homes have been going under contract at almost 2 -3 times the average monthly rate. After all these years of being endlessly patient, the mood of our market is determined to take action and exhibiting time is of the essence.

Year-over-year, Island-wide home sales declined 1.5% while the median sales price increased 8.9% to $580,000. Villa sales from around the island are down 23.1% compared to last year and the median sales price is up 8.0% to $270,000.

Home sales in Sea Pines jumped 15.5% year-over-year and the median sales price increased 15.4% to $750,000. Villa sales decreased 26.6% and the median sales price increased a slight .06% to $412,500.

For a comprehensive review of the MLS 2020 1st Quarter numbers, broken down by various communities, please click on the links below:

2020 Q2 REAL ESTATE MARKET REPORTS BY COMMUNITY
2020 Q2 REAL ESTATE MARKET OVERVIEW

The hottest part of the real estate market is found with luxury beach homes in Sea Pines. Year-over-year, oceanfront sales have doubled from 3 to 6 and another 11 are under contract. More oceanfront homes will sell this year in Sea Pines than in the last 21 years, and we still have another 6 months to go. The luxury market, homes selling over $2,000,000, has seen a 66% increase in sales transactions this year. Homes priced between $1 million to $2 million have increased their sales by 62%. It's the sheer increase in the volume of dollars from these two segments that's pushing the median sales price higher in Sea Pines. From our observations of the market, pricing for homes in Sea Pines below $2 million has remained stubbornly flat to minus 1% year-over-year. However, for homes selling above $2 million there has been a price increase of 2.85%.

If you're curious about the current value of your local property, please let us know. It's a pleasure to run a CMA and discuss the market conditions of your community with you.

Where do prices go from here is the new parlor game to play. Our inventory has shrunk to levels not seen in 16 years and demand continues to be strong. If you're thinking about purchasing a place on the island, now might be a good time to do so. Please give us a call and we'll be delighted to help you with your due diligence. With the lack of inventory on the island, being prepared to act when the right property becomes available is paramount to being a successful buyer.

It brings us great pleasure to report Hilton Head Island is having another successful year with nesting Ospreys. There are 46 active nests on the island and at least 56 chicks have been reported. By now, most of the chicks are starting to test their wings while perched on the side of the nest. They're in the process of fledging and soon to take their first flights. After they do, and for the next few months, they can be seen hanging around with their parents at the nest or on a perch nearby. You can identify the youngsters by the white spots on their wings. The parents will mate for life, take separate vacations and return to the same nest for 25 years. Each nest is its own love story!

Enjoy your summer and be safe,

THE LOVE FAMILY
LoveofHiltonHeadIsland.com

DAVID LOVE | REALTOR®
Sea Pines Real Estate at The Beach Club
Mobile: 843-290-5644
Email: David@DavidLove.com

NANCY LOVE | REALTOR®
Sea Pines Real Estate at The Beach Club
Mobile: 843-290-3069
Email: Nancy@NancyLove.com

KATHY LOVE | REALTOR®
Sea Pines Real Estate at The Beach Club
Mobile: 843-290-5654
Email: Kathy@KathyLove.com

SAMANTHA LOVE KAUFMAN | REALTOR®
Sea Pines Real Estate at The Beach Club
Mobile: 843-422-5081

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