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October 2016 Hilton Head/Bluffton Market Report

October 2016

WHAT A MONTH!

Resilience… How else can you describe it? October 2016 will now be etched in the minds of every single person that calls the Lowcountry of South Carolina home. But Hurricane Matthew did something other than just snap and twists trees, it brought an already tight community even closer together! Neighbors helped neighbors, weekend warriors formed chainsaw crews, amazing meals were distributed, and we all got to know the fine folks at FEMA and Crowder Gulf. The manner and speed in which Hilton Head and Bluffton responded to Hurricane Matthew would make anyone proud!

This astounding resilience is not just limited to clean-up efforts, as we are seeing our local real estate market continue driving forward in impressive fashion. As we look to the attached October Market Report prepared by our local Realtor Association, we see that pending sales were down just 13.4% in a month that lost at least 2 solid weeks due to the storm. While year to date, the number of both pending and closed sales are UP by more than 3%, and the median and average sale prices are also UP almost 6% and 7% respectively. New listings during the month of October were expectedly down when compared to October of 2015, but that should help the monthly housing supply to continue to improve, with demand increasing relative to supply…another positive!

All and all, we are very pleased with what we are seeing. Real estate showings continue, contracts are being written and sales are closing! The greater Hilton Head and Bluffton area is by far one of the most amazing places to live in all of the United States, and so it is no wonder to see such great resilience!

Our LOCAL real estate team is here to help, and in more ways than ever. We want to be YOUR real estate resource for RESULTS, and we look forward to the next opportunity to serve you!

Have a Happy Thanksgiving!

Chip Collins

Monthly Indicators

Housing Supply Overview

Reports by Area / Plantation

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