Market Update

Posted by Kim Ciuffreda on Monday, April 15th, 2019 at 1:08pm.

From Beaufort-Jasper county Realtors.

In addition to the quandary of ongoing housing price increases and affordability concerns in many U.S. markets, the first quarter of 2019 saw a fair share of adverse weather as well. Sales totals were mixed across the nation and sometimes dependent on what was a persistent wintry mix, especially in the Great Plains, Midwest and Northeast. Meanwhile, new listings and total homes for sale have been trending lower in year-over-year comparisons in many areas, and last year's marks were already quite low.

New Listings were up 17.0 percent to 323. Pending Sales increased 17.3 percent to 251. Inventory grew 20.5 percent to 1,142 units.

Prices were still soft as Median Sales Price was down 0.4 percent to $230,000. Days on Market increased 1.2 percent to 85 days, the tenth consecutive month of year-over-year gains. Months Supply of Inventory was up 15.4 percent to 6.0 months, the tenth consecutive month of year-over-year gains.

The Federal Reserve recently announced that no further interest rate hikes are planned for 2019. Given the fact that the federal funds rate has increased nine times over the past three years, this was welcome news for U.S. consumers, which carry an approximate average of $6,000 in revolving credit card debt per household. Fed actions also tend to affect mortgage rates, so the pause in rate hikes was also welcome news to the residential real estate industry.

From Hilton Head Area Association of Realtors

Housing supply has continued to struggle to replenish itself in most markets across the U.S., which is contributing to an overall decline in sales. Yet low inventory is not the only slowing factor in a buying environment with historically high prices. For the 12-month period spanning April 2018 through March 2019, Pending Sales in the Hilton Head region were up 8.5 percent overall. The price range with the largest gain in sales was the $650,001 and Above range, where they increased 17.9 percent.

The overall Median Sales Price was up 3.3 percent to $315,000. The property type with the largest price gain was the Single-Family Homes segment, where prices increased 2.0 percent to $344,740. The price range that tended to sell the quickest was the $100,000 and Below range at 106 days; the price range that tended to sell the slowest was the $650,001 and Above range at 185 days.

Market-wide, inventory levels were up 7.4 percent. The property type that gained the most inventory was the Condos segment, where it increased 18.4 percent. That amounts to 5.5 months supply for Single-Family homes and 5.4 months supply for Condos.

Monthly Indicator

In addition to the quandary of ongoing housing price increases and affordability concerns in many U.S. markets, the first quarter of 2019 saw a fair share of adverse weather as well. Sales totals were mixed across the nation and sometimes dependent on what was a persistent wintry mix, especially in the Great Plains, Midwest and Northeast. Meanwhile, new listings and total homes for sale have been trending lower in year-over-year comparisons in many areas, and last year's marks were already quite low.

New Listings were down 3.4 percent to 748. Pending Sales decreased 2.3 percent to 553. Inventory grew 7.4 percent to 2,433 units.

Prices moved higher as Median Sales Price was up 8.7 percent to $325,000. Days on Market increased 0.7 percent to 139 days. Months Supply of Inventory remained flat at 5.5, indicating a stabilizing supply-demand balance.

The Federal Reserve recently announced that no further interest rate hikes are planned for 2019. Given the fact that the federal funds rate has increased nine times over the past three years, this was welcome news for U.S. consumers, which carry an approximate average of $6,000 in revolving credit card debt per household. Fed actions also tend to affect mortgage rates, so the pause in rate hikes was also welcome news to the residential real estate industry.

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