WEEKLY MARKET PULSE
by Chris Sanders, Client Market Advisor
October 19, 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” that specifically caught our attention.
HOTSHEET SUMMARY FROM LAST WEEK (including homes, villas, and lots):
- LISTINGS: 197 listings were added to our local markets last week.
- PENDING SALES: 87 residential properties moved to pending status last week.
- CLOSED SALES: 45 sales were reported last week.
The spike in listings last week is a result of 42 developer lots being released last Friday afternoon in Hampton Lake (phase three). This release came on top of 35 lots that were already for sale, increasing inventory to 77 active listings. With 27 Hampton Lake lots currently under contract and 91 sales reported during the past 12 months, this recent inventory release increased the monthly supply of inventory from 3.56 months to 7.83 months, advantageous for buyers.
Oceanfront sale! 9 East Wind in Palmetto Dunes closed last week for $4,075,000, selling to a buyer from the Pennsylvania area who is likely “preparing for winter.” Considering the 16 oceanfront sales (YTD) on the island, three came down from PA (19%), five were from right here in SC (31%), three made the short trip from Georgia (19%), while oceanfront buyers this year have also come from Virginia, Missouri, Texas, Ohio, California and even the United Kingdom.
Year to date, the number of closed sales on Hilton Head over $1,000,000 has remained consistent with 2014 (QTR 1-3). Currently, 36.2% of the active listings on Hilton Head are listed for more than $1,000,000 while only 11.81% of the sales closed over $1,000,000.
More than half of the sales on Hilton Head thus far in 2015 have closed for over $500,000, while the $500,000 – $750,000 price range (YTD) accounts for nearly a third of all island sales.
All in all, 2015 is shaping up to be a better year than 2014 as we head into the last quarter. Below are a few observations noted when comparing 2014 to 2015 (Jan-Sep).
- The number of home and villa sales is up 15.8%, while the number of lot sales is down 23%.
- The number of homes reported selling in less than 90 days is 21.9% higher than during the same period last year. Additionally, the number of homes that sold within 98% of the list price (SP/LP) has increased by 13.2%.
- The average home price reported in the greater Bluffton area is 5.7% higher than during the same period last year, while the average home price on Hilton Head is up 5%.
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 / neighborhood / market just for YOU!
Hilton Head: 843-341-6300 Bluffton: 843-837-6700
Primary Data Source: Hilton Head MLS (DATA IS BELIEVED TO BE ACCURATE BUT IS NOT GUARANTEED)