WEEKLY MARKET PULSE
by Chris Sanders, Client Market Advisor
March 2, 2015
Collins Group Realty is pleased to provide you with this week’s edition of Market Pulse; a quick snapshot summary 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.
- Buyers gravitated towards single family homes more so than villa and lot listings last week. Keep in mind however that two weeks ago, villas and lots were the hot ticket. This back and forth activity has been exciting to track, and we are seeing inventory slowly begin to tighten up in some of our local markets.
- The total number of ratified sales contracts increased AGAIN, fueled by an 18.75% increase in pending home sales last week. Interestingly, 10% of the homes listed for sale last week actually fetched a contract the same week! The greater Bluffton area converted the most listings last week with 69 reported contracts written on homes, and almost 80% were for listings priced below $500,000.
- The total number of “new listings” dropped off 26% last week due to a significant reduction in the number of villas introduced to market last week, while closed sales volume on the other hand surged ahead to a 10 week high.
- For now, we are seeing most of the inventory reduction trends in the lower priced off island markets. The cumulative monthly housing supply on Hilton Head Island remains just over 7 months, while it is just under 6 months off the island.
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!
Hilton Head office: 843-341-6300
Bluffton office: 843-837-6700
Visit our website: http://www.CollinsGroupRealty.com
Primary Data source: Hilton Head MLS (DATA IS BELIEVED TO BE ACCURATE BUT IS NOT GUARANTEED)