How long can the residential real estate market go on like this? We are about two years into a local trend of dropping housing supply and increasing median sales prices. Multiple-offer situations over asking price are commonplace in many communities, and good homes are routinely off the market after a single day. It is evident that a favorable economy keeps hungry buyers in the chase.
For the 12-month period spanning August 2016 through July 2017, Pending Sales in the Hilton Head region were up 8.1 percent overall. The price range with the largest gain in sales was the $650,001 and Above range, where they increased 17.2 percent. The overall Median Sales Price was up 2.1 percent to $295,000.
The property type with the largest price gain was the Single-Family Homes segment, where prices increased 3.9 percent to $327,340. The price range that tended to sell the quickest was the $100,001 to $225,000 range at 120 days; the price range that tended to sell the slowest was the $650,001 and Above range at 201 days.
Market-wide, inventory levels were down 12.0 percent. The property type that lost the least inventory was the Single Family segment, where it decreased 8.1 percent. That amounts to 6.0 months supply for Single-Family homes and 5.2 months supply for Condos.
New Listings were down 5.8 percent to 503. Pending Sales increased 24.4 percent to 444. Inventory shrank 12.0 percent to 2,218 units. Prices moved higher as Median Sales Price was up 1.9 percent to $290,000.
Days on Market increased 9.2 percent to 154 days. Months Supply of Inventory was down 19.4 percent to 5.8 months, indicating that demand increased relative to supply.
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