Welcome to the Collins Group Realty November Market Update
Last Updated December 21st, 2010
Last month I posed an analogy about the slow turn of a marketplace, and as you will see this month’s stats pretty much show us on that same slow-turn course – which is good news. Inventory is down, sales are up, etc., but there is no whopping news to speak of.
I wanted to highlight two stats in particular in the Monthly Indicators section. For November 2010, the number of new listings introduced onto the market is down over 23% from last year and over 34% from 2008. This would be a welcomed trend in the effort to get us back to a more stable inventory level. On the buyer side, the Housing Affordability Index is up to 132, which means that the median family income in our area is 132% of the necessary income to qualify for the median priced home using a 20% down, 30-year fixed-rate mortgage. That is UP 40% from 2008. As we have been saying, there has never been (and perhaps never will be) a better time to buy than right now!
As always, we are pleased to provide you with the most complete and up-to-date information and data on the greater Hilton Head Island marketplace. If we can answer any questions or address any comments, please just let us know.
Be safe if you are travelling – and get ready to have a great new year!
Collins Group Realty
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