I suppose there will be a lot of Blogs this week. Many of us have been sitting tight watching Florence change direction, speed and course throughout the last few days. We had Governor McMaster issue a mandatory evacuation for ALL coastal South Carolina counties on Monday, only to have it lifted on Tuesday. I had buyers coming and they did not know WHAT to do. Showings were done only to folks already on the island and my desk time was too quiet for comfort. Praying that as Florence makes landfall today, that lives are spared and property damage not be a burden to carry.
A Market UPDATE for our Local Hilton Head Market:
For Condos: In August 2017 we had 115 new listings and 100 closed sales. August brings 142 new listings (+23.5%) and 104 closed sales. The median PRICE increased a whopping +47.8% from $208,000 to $307,500. We see this trend quite clearly in Sea Pines. I will get to those in a bit. Year to date, we've had 1, 084 new listings compared to 953 last year, year-to-date, a +13.7% increase. Closed Sales also increased year-to-date by +8.7% from 738 to 802 and median sales price still up +10.9%. Days on market are down 13.5% in August comparison and -21.1% year-to-date.
For Homes: In August 2017 we had 115 new listings and 84 closed sales. August brings 132 new listings (+14.8%) and 102 closed sales (+21.4%). The median price on homes increased +2.7% from $525,000 to $539,000. Year to date, we've had 1,199 new listings in homes compared to 1,054 last year, year to date, a +13.8% increase. Closed sales increased year-to-date by +19.5% from 658 units to 786.
I can write stats all day but all that matters to you, the consumer is that waiting to buy is no longer a strategy that works. Prices are inching up and good properties in great condition and priced well are showing a single-digit days on market.
The Sea Pines home and condo also show a tremendous amount of condo activity and somewhat flat for homes. For homes, same amount of new listings as August 2017 of 24, and one less closed sale, from 22 last year to 21 this August. Year to date is slightly more telltale of better conditions: New listings (better inventories) are up 251 from 200 (+25.5%) and closed sales are up +10.5% to 168 from 152. IN the condo market, Sea Pines had 16 new listings in August 2018 compared to 15 last August. The closed Villa market went from 12 units last August to a whopping 23 in August 2018, a +91.7% increase. On September 9th we had 139 homes for sale in Sea Pines and 67 Villas.
All in all, the markets are solid and steady. No overheated markets, just steady. It's a great time to buy in Sea Pines and all of Hilton Head. The next big gathering will be families wanting to be here for Thanksgiving, where the ability to play touch football on the beach is a reality and numerous activities for ALL family members abound. Is it your time to consider Real Estate on our magnificent island? If so, please contact me or your favorite Realtor today! We are sitting home waiting for Florence to pass and for YOU to start your search! Happy searching!
PS the figures are made available by HHAOR, A Research Tool provided by MLS of Hilton Head and the Hilton Head Area Association of Realtors. All Disclaimers ApplyPosted by Susan Ochsner on