We're pleased to report the real estate market on Hilton Head Island is having the most successful year in home and villa sales since 2005. And by most accounts, the island hosted its busiest summer tourist season in memory. With pristine natural beauty, open spaces and an array of outdoor activities, Hilton Head Island is proving to be the rejuvenating respite folks are looking for. In fact, the readers of Conde Nast Traveler's have just named Hilton Head Island the best island in the U.S. for the fourth year in a row!
Home sales around the Island jumped 30.2% year-over-year and the median sales price increased 11% to $605,000. Inventory is down 48.1% from this time last year.
Island-wide, villa sales are slightly ahead of last year and up 1.4%. It's worth noting the villa market is still on pace to have its busiest year since 2005. The median sales price gained 12.6% to $281,475. Inventory has decreased 42.7% over the last year.
Home sales in Sea Pines are running red hot with a 56.1% increase in transactions year-over-year and the median sales price has risen 19.6% to $819,000.
Villas sales in Sea Pines are doing much better than the rest of the island with a 14.5% increase in closed transactions year-over-year. The median sales price has stubbornly gained 1.4% to $428,500.
For a comprehensive review of the MLS 2020 3rd Quarter numbers, broken down by various communities, please click on the links below:
2020 Q3 REAL ESTATE MARKET REPORTS BY COMMUNITY
2020 Q3 REAL ESTATE MARKET OVERVIEW
One of the biggest real estate stories of the year on Hilton Head Island has quickly become the dearth of inventory. In Sea Pines for example, we began the year with 129 homes and 70 villas listed for sale. By the end of the third quarter, there were only 70 homes and 29 villas listed for sale. A decline in inventory of 45.2% and 61.6% respectively. Sea Pines had only 1.82% of its homes and 1.42% of its villas listed for sale. With sparse inventory coming to the market and continued demand, the climate seems conducive for continued appreciation.
After three long years of delays, FEMA has finally released Updated Flood Insurance Rate Maps for Hilton Head Island. The updated maps will become effective on March 23, 2021 and will accurately show which properties are in the 100 year floodplain. As a result, a surprisingly large number of properties on the island have been recategorized and moved to higher ground, called Zone X. For those older homes built slab on grade, and who now find themselves in Zone X, they'll see lower flood insurance premiums and the elimination of the troublesome 50% rule for renovating.
If you own property on the Island or have identified something you'd like to purchase, click here to find the updated flood hazard zone it's located in.
For more information from the Town of Hilton Head Island about flooding, please click here.
For those looking to share unforgettable memories and family fun, please visit The Sea Pines Resort website where you'll find out about Special Vacation Offers and information on an array of activities and events for the entire family.
If you’re giving thought to selling your place, this is an outstanding time to do so. If you have questions about the value of your property and the process of coming to the market, we're delighted to do a CMA and to advise you of your best course of action.
We sincerely appreciate your business and we look forward to being of service to all your real estate needs!
Thanks and enjoy your fall season,
THE LOVE FAMILY
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