It's a pleasure to report the real estate market on Hilton Head Island continues to operate with lightning speed and efficiency and is on track for another record setting year. There has been a slight change in the marketplace over the last few months. Crazy irrational demand has dissipated into exceedingly strong demand. The need to acquire a property at all costs appears to have ebbed as buyers have become more selective in their bidding wars.
Home sales around Hilton Head Island are running 6.1% ahead of this time last year and the median sales price has gained 28.6% to $775,000.
Villa sales on the Island are up 24.9% from the previous year and the median sales price has climbed 23.8% to $350,000.
Nationally, the S&P Corelogic Case-Shiller Home Price Index released their July year-over-year numbers and they report a 19.9% median price appreciation for the 20 cities they monitor. Phoenix led the country with a price increase of 32.4% and San Diego came in second at 27.8%. By comparison, Hilton Head Island is posting impressive numbers.
Mark Fleming, the chief economist at First America, reports nominal home prices around the country are now 35% above the market peak of 2006. From our observations of the market, we're just now passing by those pricing levels of 15 years ago. Despite the rabid buying activity of the past 18 months, Hilton Head Island is still a comparative bargain!
Home sales in Sea Pines edged up 4.1% over the previous year and the median sales price increased 42% to $1,163,250. The higher end of the market is driving our valuations to new levels. Year to date, 43 more homes have sold in the $1-2 million price range than did last year and, while only 8 more homes have sold over the $2 million mark, an extra $61 million in gross sales has come from this category.
At the beginning of 2020, Sea Pines had 129 homes listed for sale. There's currently 26 on the market, representing a decline of 79.8%. Presently, only .67% of the existing inventory is available for sale and we're having our busiest year.
Villa sales in Sea Pines dipped 4% year-over-year and the median sales price gained 32.8% to $568,500. The severe limitations to the inventory is most likely tripping up sales.
There were 72 villas listed for sale in Sea Pines at the beginning of 2020. As of now, only 5 are available for sale representing a 93% decline in inventory. Since March, less than .50% of the inventory has been on the market at any given time.
For a comprehensive review of the 3rd Quarter Hilton Head Island MLS 2021 sales data, for communities both on and off the Island, please click the links below:
The strength of our local real estate market can be attributed to the accolades and awards Hilton Head Island continues to earn from enthusiastic vacationers.
Travel + Leisure readers have returned Hilton Head Island to their No. 1 island in the continental United States!The Island came in 3rd in 2020 but captured their top ranking in 2016, 2017, 2018 and 2019.
If you're thinking about a trip to the Island for R & R and Real Estate, The Sea Pines Resort is currently offering spectacular Getaway Packages.
To plan your ultimate vacation experience to Sea Pines, please visit The Sea Pines Resort Guide to Fall/Winter for great ideas the whole family can enjoy.
The big takeaway is that even with such little inventory on hand, more buyers are achieving their real estate dreams on Hilton Head Island than ever before. If you're looking for your Island dream to come true, we'd love the opportunity to help you too!
If you're curious about the present valuation of your property, please let us know and we'll be delighted to do a CMA for you.
For exceptional service to all your real estate needs, please give us a call!
Thanks and enjoy your fall,
THE LOVE FAMILY