WEEKLY MARKET PULSE
by Chris Sanders, Client Market Advisor
January 13, 2015
Collins Group Realty is pleased to provide you with this week’s addition of Market Pulse; a “brief” report that identifies a few of the local real estate “highlights” from the prior week, in an effort to bring your attention to some of what specifically caught our attention.
- INVENTORY BLAST! 113 properties were added to the local real estate markets “South of the Broad” last week including 73 homes, 24 villas and 16 lots. Although this is more new listing activity than has been introduced in preceding weeks, the home and villa markets as a whole are maintaining balance. Additionally this surge last week follows a notable number of listings that expired the week prior, so the net effect is minimalized.
- Hilton Head Island accounted for a third (33%) of all the residential real estate contracts written last week “South of the Broad”, and a quarter of those listings were in the $300,000 to $400,000 segment, while 19% were listings between $500,000 and $750,000. However the highest concentration of pending sales came from the “off plantation” areas of Bluffton with an average list price of $221,176. And finally, the $6,495,000 Palmetto Bluff new construction listing that we spoke of in late December just closed for a reported $5,800,000!
- According to the Government Affairs Report issued on January 9, 2015 by the Hilton Head Area Association of Realtors, the Town Council reported $4.6 million (Land Acquisition dollars) remaining for purchases. Recent purchases included the Time Warner building and the “Kiawah” and “Carolina” buildings on Office Park Road. Furthermore, it was reported that the rezoning request to accommodate higher density for the “Salty Fare Landing” area outside the back gate of Hilton Head Plantation is moving closer to approval given a unanimous initial vote in favor of the request.
- And on a final note, the staff and agents at Collins Group Realty were hard at work crunching numbers last week in an effort to bring you the annual “STATE of the MARKET” report, including 2014 trending data, neighborhood analysis and our outlook for 2015!!! This publication has a lot of very interesting and telling information, so please call Chip and request a copy.
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! 843-341-6300.
Primary Data source: Hilton Head MLS (DATA IS BELIEVED TO BE ACCURATE BUT IS NOT GUARANTEED)