One of the new U.S. presidential administration's first moves was to remove a rate cut for loans backed by the Federal Housing Administration. This could have a negative impact on the sale of homes on the lower end of the price spectrum. For the 12-month period spanning February 2016 through January 2017, Pending Sales in the Hilton Head region were up 3.1 percent overall.
The price range with the largest gain in sales was the $375,001 to $650,000 range, where they increased 11.1 percent. The overall Median Sales Price was up 4.3 percent to $292,000. The property type with the largest price gain was the Single-Family Homes segment, where prices increased 5.9 percent to $325,000. The price range that tended to sell the quickest was the $100,000 and Below range at 117 days; the price range that tended to sell the slowest was the $650,001 and Above range at 193 days.
Market-wide, inventory levels were down 4.3 percent. The property type that lost the least inventory was the Single Family segment, where it decreased 0.2 percent. That amounts to 6.0 months supply for Single-Family homes and 6.0 months supply for Condos.
This report was provided by the Hilton Head Area Association of Realtors.
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