WEEKLY MARKET PULSE
by Chris Sanders, Client Market Advisor
June 22, 2015
Collins Group Realty is pleased to provide you with this week’s edition of Market Pulse; a quick overview identifying a few of the local real estate “highlights”, in an effort to bring your attention to some of what specifically hit our activity radar last week…
HOTSHEET SUMMARY FROM LAST WEEK:
- LISTINGS: 133 listings were added to our local markets (86 homes / 25 villas / 22 lots).
- CONTRACTS: 119 pending or contingent sales reported (79 homes / 29 villas / 11 lots).
- SALES: 99 closed sales were reported last week (58 homes / 32 villas / 9 lots).
- The month of June has brought with it some nice upper tier real estate activity, and the warm summertime weather stimulated some impressive movement along the beaches. There are now 4 “pending” oceanfront sales on Hilton Head Island, including…
- A $3,200,000 oceanfront listing in North Forest Beach went under contract last week after 15 months on the market. This is now the fifth oceanfront home in Forest Beach to sell to date in 2015, but the first one of the year that was priced over $3,000,000.
- A $4,750,000 oceanfront listing in Palmetto Dunes, attracting a buyer after exactly one year on the market. This will be the third oceanfront sale Palmetto Dunes so far this year.
- For the second week in a row, the smaller scale Bluffton neighborhoods were very active. In fact, these areas accounted for 43% of the pending sales that were reported in our MLS last week. Inventory in those particular markets continues to be moving very quickly, and neighborhoods offering newer homes have been exceptionally active during the past few weeks, such as: New Riverside, Pinecrest, and Mill Creek.
- The market for homes on Hilton Head priced below $300,000 continues to tighten, and that lower priced inventory is extremely limited. There are now more island homes under contract in this price range (24) than there are active listings (16). At the current absorption rate, there is a mere 1.38 month supply of inventory in this price tier, resulting in upward pressure on prices. Buyers need to act fast to catch these lower priced island opportunities…