WEEKLY MARKET PULSE
by Chris Sanders, Client Market Advisor
April 21, 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 caught our attention last week.
We continue to witness an active springtime real estate marketplace in this part of the South Carolina Low Country, with a solid number of ratified contracts coming in each week. Prices in most neighborhoods are holding fairly stable amidst a relatively healthy and balanced real estate climate. In the more active neighborhoods (both on and off the Island), pending and closed sales have essentially kept pace with new listing inventory. Many of the lower price point options are dwindling as buyers continue to take advantage of opportunities, while there are still unfortunately some isolated markets that are faced with elevated inventory. That being said, overall we have a fairly healthy real estate marketplace; with a 5.98 month supply of single family homes and a 7.40 month supply of villas / condominiums.
- LISTING INVENTORY: 172 new residential listings were added to the market last week.
- 80 new listings were reported on Hilton Head Island last week; 33 homes, 38 villas and 9 lots.
- 92 new listings were reported “Off Island” last week; 61 homes, 1 villa and 30 lots
- Only 3% of the listings added last week were “REO” (bank owned) properties.
- PENDING SALES: 117 sales contracts were ratified last week.
- This is the 9th consecutive week with over 100 contracts.
- Hilton Head had 49 properties go under contract; homes (26), villas (19) and 4 (lots).
- Off Island there were 68 contracts; homes (62), villas (1) and 5 (lots).
- CLOSED SALES: 71 properties closed during the past 7 days.
- YTD, last week had the second highest number of closed sales reported.
- The average sale price for a Hilton Head home last week was $510,000.
- The average sales price for an Off Island home last week was $200,000.
- 63% of the villas that closed last week took less than 180 days to sell, and more than half sold in less than 90 days!
As always, thank you for choosing Collins Group Realty as your local real estate resource. Our team of professionals is available for you 24/7, and we are always honored and appreciative when we receive your referrals. Please call us anytime we can be of service or research a specific property or area just for YOU!
Primary Data source: Hilton Head MLS (DATA IS BELIEVED TO BE ACCURATE BUT IS NOT GUARANTEED)