WEEKLY MARKET PULSE
by Chris Sanders, Client Market Advisor
May 5, 2015
Collins Group Realty is pleased to provide you with this week’s edition of Market Pulse; a quick overview identifying a few of local real estate “highlights”, in an effort to bring your attention to some of what specifically caught our attention last week.
Hotsheet Summary for the Week:
• Listing Inventory: 141 new residential listings added to local markets during the past week.
• Ratified Contracts: 115 residential properties went to pending or contingent status.
• Closed Sales: 102 residential properties closed last week!!!
More CLOSED sales were reported last week than in any other week (to date) in 2015! That being said, we are pleased to report that…
• The number of reported “closed sales” over $1,000,000 spiked last week (7 homes & 2 lots)
• 93% of the reported sales were equity based (not bank owned – REO)
• A $1,950,000 lot sale in Palmetto Bluff closed last week, OVER the $1,650,000 2006 sale!!!
• The second highest Palmetto Dunes Barrington villa sale reported during the past 5 years closed last week at $930,000.
New listing inventory on Hilton Head Island fell off a bit last week, and half of the homes listed for sale during the week were actually “re-listings”, coming back to market after a period of time off the market. While on the other side of the bridge, the number of listings (especially for homes) jumped back up after a somewhat light prior week. When we look at all of our area markets combined, last week had 8.4% fewer properties listed for sale when compared against the 2015 weekly average.
With April 2015 behind us, we see optimism when we glance back at the last few springtime seasons…Considering just single family home sales in all of our area markets that report in to the MLS, we see a trend that is heading in the right direction! See below…
• March/April 2015: 487 home sales. Median price of $312,000, and average price of $418,793
• March/April 2014: 443 home sales. Median price of $284,500, and average price of $375,138
• March/April 2013: 464 home sales. Median price of $260,083, and average price of $362,884
• March/April 2012: 364 home sales. Median price of $244,000, and average price of $407,016
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)