We're pleased to report the real estate market on Hilton Head Island got off to a fabulous start the first week of January and the sales momentum continued right through to the first week of March. In February, almost a home a day was going under contract in Sea Pines. The mood of the market was upbeat and positive, and by all accounts, poised for another successful year. By early March, the coronavirus took hold of the country and the impact to our market was felt almost immediately. Since then, real estate transactions have been slow to form but they are occurring and across all price points. No doubt, we'll need to put an asterisk next to this years numbers.
Looking around the island, there was a 12.2 percent increase in the number of homes sold year-over-year and the median sales price gained 8.1 percent to $600,000. The number of villas sold year-over-year marked a slight decrease of 3.8 percent but the median sales price managed to gain 2.3 percent to $257,000.
In Sea Pines, there were 47 homes sold year-to-date compared to 41 last year. The median sales price declined 19.3 percent, from $820,000 to $662,000. It's important to note that we began the year with a median sales price of $700,000, resulting in a price decline of 5.4 percent for the year. Villa sales were slightly off with 29 units sold this year compared to 31 the year before. The median sales price ticked down 1.2 percent to $415,000.
For a comprehensive review of the MLS 2020 1st Quarter numbers, broken down by various communities, please click on the links below:
There is good news. If you had plans to make a purchase or to sell your property this year you may proceed without pause. Our local market continues to be open for business. Everything connected to real estate is considered "essential services" and all the service providers one needs to conduct a successful real estate transaction, and to maintain your property, are available and waiting to serve you.
As a result of the coronavirus pandemic, it's easy to imagine new trends developing in real estate. The big parlor game for many of us is speculating on the new normal. Will folks continue to be drawn to living in urban centers? With millions of people learning to work remotely, could that be a driving force in resort sales? What's the new value for families needing to spend their time outdoors within a low density environment surrounded by nature and scenic beauty?
Change is coming to the real estate market. From our perspective, Hilton Head Island has never been more attractive than it is today. We have what you're looking for!
Have a wonderful spring and stay safe,
THE LOVE FAMILY