The real estate market on Hilton Head Island is having a bit of a mixed bag midway through 2019. Villas are outperforming homes thus far and some communities having a better year than others. The market doesn't seem to favor buyers or sellers but it does favor new construction and perfectly renovated properties.
Sales of homes island-wide are lagging behind last year's stellar performance, down 8.6 percent, but our local real estate market has already closed on more homes, year-to-date, than we previously did in 2016 and 2017 by 20.2 percent and 18.1 percent respectively.
The median sales price for a home on Hilton Head Island is now $532,500. A decrease of 1.4 percent from this time last year.
Islandwide, sales of villas are up 1.2 percent, year-over-year, and median sales price has risen 4.2 percent to $250,000.
In Sea Pines, home sales dropped 18.3 percent, year-over-year, and the median sales price decreased 2.3 percent to $650,000. Villas are having a positive year with closed sales up 3.9 percent and the median sales price increasing 2.2 percent to $410,000.
For an in-depth analysis of the real estate market on Hilton Head Island, including off-island communities, please click on the links below for the Hilton Head Island MLS June 2019 Market Reports:
2019 Q2 REAL ESTATE MARKET REPORTS BY COMMUNITY
2019 Q2 REAL ESTATE MARKET OVERVIEW
Signs of a strengthening real estate market can be seen and heard in Sea Pines.
A leading indicator for the real estate market in Sea Pines is setting up for some interesting dynamics over the next 18 months. If demand meets new supply, this should push and pull our home prices higher throughout the community. A trend is developing with an ever-increasing number of new beach homes being built and sold. These homes are located on the beachside of North and South Sea Pines Drive. This particular market is undergoing a resurgence in new home construction and it bodes well for the entire community.
Between 2009-2015, there were 5 newly built beach homes in Sea Pines that were brought to the market and sold. These are the big beautiful homes you see with all the bells and whistles imagined for a luxurious holiday getaway or full-time residency at the beach. Between 2016 to present, there have been 10 new beach homes built, listed and sold. At present, we have 17 new beach homes staked out or in the process of going vertical, including 6 new oceanfront homes.
Several of these new properties are being sold turnkey furnished and ready for your immediate enjoyment. You'll be pleasantly surprised to find there's a whole new level of luxury homes being created in Sea Pines for a life well lived at the beach.
As Sea Pines enters this era of building luxury beach homes, there are signs of increased activity with older homes undergoing major renovations. The combination of these two events could be the catalyst we've been looking for to drive our real estate values higher over the coming years.
Perhaps the justification for this bullish outlook by our local homebuilders is summed up best with the announcement from the readers of Travel + Leisure magazine. They have just voted Hilton Head Island "Best Island" in the continental United States in 2019 for the 4th year in a row!
It’s an exciting time of the year for beachgoers on Hilton Head Island. The hatching season is underway! There’s a chance you might encounter a giant Loggerhead sea turtle making her way onto the beach to lay eggs or to see her hatchlings emerge 60 days later and make their way back to the surf.
The Department of Natural Resources reports South Carolina is having a record year for nesting sea turtles along our coast. For details on this exciting news and what to do if you see one, please click here.
Should you have questions about Hilton Head Island real estate or if would like to arrange for a tour of our new beach homes, please let us know.
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Thanks and have a wonderful summer,
The Love Family!