Mortgage rates finally went up, and there may be more where that came from. Although residential real estate has been preparing for this inevitability for some time, certain price points may become unreachable for some eager buyers if rates continue to rise at a steady clip. For the 12-month period spanning December 2015 through November 2016, Pending Sales in the Hilton Head region were up 2.7 percent overall. The price range with the largest gain in sales was the $225,001 to $375,000 range, where they increased 13.9 percent.
The overall Median Sales Price was up 6.5 percent to $292,899. The property type with the largest price gain was the Condos / Villas segment, where prices increased 8.3 percent to $208,000. The price range that tended to sell the quickest was the $100,000 and Below range at 112 days; the price range that tended to sell the slowest was the $650,001 and Above range at 196 days.
Market-wide, inventory levels were down 3.4 percent. The property type that gained the most inventory was the Single Family segment, where it increased 0.4 percent. That amounts to 6.2 months supply for Single-Family homes and 6.2 months supply for Condos.
22 Folly Field Rd, Sandcastle Plaza
Mail: PO Box 21130
Hilton Head Island, SC 29925