Overall we see an improving market on Hilton Head that is on pace to outperform 2014. Inventory is tight in some segments of the market, resulting in upward pressure on prices, while there are still a few areas where an abundance of inventory is holding prices at bay…
- Overall, the number of closed home sales (YTD) on the Island is up 9% when comparing the first half of 2014 against the first half of 2015, while the percentage of bank involved sales continues to decline!
- Villa sales continue to be strong in 2015 and is on pace to exceed last year’s activity.
- When we look at the Island as a whole, the percentage of closed sales reported OVER the $500,000 price point rose by 6% when compared against the first half of 2014.
- The under $300,000 market on the Island continues to be extremely limited, and there is less than a 1.5 month supply of listings for sale in the price category on Hilton Head. This situation tends to drive prices up, while also directs buyers across the bridge (to Bluffton) to help satisfy demand.
- Closed sales at or above $3MM continues to be just a small percentage of the overall market with only 3 sales reported at or above this price during the first half of 2015. Note that there was a total of six (6) Island sales in 2014 at or above $3MM. Given that we now have 2 pending sales over $3MM, 2015 is very likely to exceed 2014 by year end in this category.
- Hilton Head Plantation has been our most active market so far this year, and nearly a quarter of the sales on the Island (YTD) have been in Hilton Head Plantation. HHP has been able to keep a reasonable supply of inventory on the market, enough to provide a good selection for buyers but not enough inventory to hold down prices (almost a win-win scenario for both buyers and sellers).