Five Things About The 2017 Real Estate Market, & Beyond

Posted by on Monday, January 22nd, 2018 at 11:10am.

 Sales: Pending sales increased 15.8 percent, landing at 4,852 to close out the year. Closed sales were up 10.2 percent to finish 2017 at 4,684. 

 Listings: Year-over-year, the number of homes available for sale was lower by 6.9 percent. There were 2,049 active listings at the end of 2017. New listings increased by 3.6 percent to finish the year at 6,369. Home supply was once again lower than desired in 2017. 

 Distressed Properties: The foreclosure market has dwindled from its peak several years ago. In 2017, the percentage of closed sales that were either foreclosure or short sale decreased by 25.4 percent to end the year at 2.8 percent of the market.

 Prices: Home prices were up compared to last year. The overall median sales price increased 2.6 percent to $300,000 for the year. Prices are expected to rise at a slow rate in 2018. Detached home prices were up 4.1 percent compared to last year, and Attached home prices were up 2.4 percent. 

 List Price Received: Sellers received, on average, 96.2 percent of their original list price at sale, a mild year-over-year improvement of 0.4 percent. As sales prices are expected to increase further in 2018, this may also bring original list price received at sale up as well.

 If you think Hilton Head or Bluffton might be the right town for you, let us help.  With Realtor specialists in every community, we are here to serve you.  We have offices at mid island Folly Field and Bluffton Crossing next to PGA Superstore and Hobby Lobby.  We look forward to working with you in 2018.

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