The third quarter of 2015 has ticked its last tock with the hands pointing firmly upon a reliable clock of a market. The overall tempo of real estate potential is experiencing a healthy number of good omens. The job market has shown continual improvement, jobless rates are down, real average hourly and weekly earnings have been up and there has been good news in new household formation.
New Listings were up 4.9 percent to 496. Pending Sales increased 16.3 percent to 336. Inventory shrank 15.0 percent to 2,233 units.
Prices moved higher as Median Sales Price was up 18.2 percent to $283,700. Days on Market decreased 17.1 percent to 92 days. Months Supply of Inventory was down 26.1 percent to 6.5 months, indicating that demand increased relative to supply.
With positive economic news coming from many angles, there are no imminent factors to prepare for beyond the typical seasonal drop-off. From the mouths of market-analyzing pundits, we are in the midst of one of the healthiest housing markets in the past 15 years. The one thing we were anticipating in September, an increase in interest rates, did not happen. It most likely will before year's end. Until then, get out and enjoy the season.
New Listings: 496 properties were listed in September. This is an increase of 4.9% from September 2014.
Pending Sales: 336 properties pended in September. This was an increase of 16.3% from September 2014
Median Sales Price: The median sales price was $283,700 in September. This was up 18.2% from September 2014.
Days on the Market: The average days on the market in September were 92. Last September, the days on the market were at 111.
As a Real Estate leader on the Island, Foundation Realty will help you obtain market information and establish the probable value of your property. If you foresee a change in your Hilton Head Island or Bluffton ownership on the horizon, acting sooner rather than later is a wise decision. Please e-mail us at Support@FoundationRealtyTeam.com or call us at (843)686-4002.
For a detailed market report by plantation, click here.