Monthly Indicators

April 2011 Quick Facts

A RESEARCH TOOL PROVIDED BY THE HILTON HEAD AREA ASSOCIATION OF REALTORS®

+ 20.5%

Change inMedian Sales Price

The final month of year-over-year comparison to last year's tax incentive market is upon us. It bears repeating that April 2010 enjoyed uniquely strong activity due to the approaching credit deadline. The fact that there is some positive news in the mix suggests that recovery is under way. Let's see how this pivotal month played out locally.

- 16.9%

Change inInventory

+ 7.1%

Change inClosed Sales

23456789

101112

All data from the Multiple Listing Service of Hilton Head Island. Provided by the Hilton Head Area Association of REALTORS® and South Carolina REALTORS®. Powered by 10K Research and Marketing. | 1

Closed SalesPending SalesNew ListingsMarket Overview

Days On Market Until Sale

Click on desired metric to jump to that page.

New Listings in the Hilton Head region decreased 12.8 percent to 537. Pending Sales were down 6.5 percent to 261. Inventory levels shrank 16.9 percent to 3,141 units – a positive trend that should preserve market balance.

Prices were up, which may reflect increased activity at higher price points and fewer distressed properties closing. The Median Sales Price increased 20.5 percent to $270,000. Days on Market increased 18.8 percent to 152 days. The supply-demand balance improved as Months Supply of Inventory was down 26.9 percent to 13.3 months.

Nationally, the interest rate is 5.0 percent on a 30-year fixed conventional and the unemployment rate edged up to 9.0 percent in April, even as the economy added 244,000 jobs. Job seekers showed more confidence, a potential indicator of future housing demand. Moving forward, expect a different story to unfold in our market. We'll soon be comparing current activity to a post-credit slump that occurred during the summer and fall of 2010. Months Supply of Inventory

Inventory of Homes for SaleHousing Affordability IndexPercent of List Price ReceivedAverage Sales PriceMedian Sales Price

Market Overview

Key Metrics Historical Sparklines 4-2010 4-2011 + / – YTD 2010 YTD 2011 + / –

Key market metrics for the current month and year-to-date figures.

+ 18.8% 135 146 + 8.3%

- 11.2%

279 261 - 6.5% 926 1,089 + 17.6%

2,006616 537 - 12.8% 2,260

252 270 + 7.1% 793

New Listings

Pending Sales

Closed Sales

Days on Market Until Sale

855 + 7.8%

128 152

4-2008 4-2009 4-2010 4-2011

4-2008 4-2009 4-2010 4-2011

4-2008 4-2009 4-2010 4-2011

4-2008 4-2009 4-2010 4-2011

All data from the Multiple Listing Service of Hilton Head Island. Provided by the Hilton Head Area Association of REALTORS® and South Carolina REALTORS®. Powered by 10K Research and Marketing. | Click for Cover Page | 2

125

--

-- --

--

--18.2

111 - 11.7%

- 16.9%

- 26.9%

3,141

13.3

+ 20.5% $225,000 $223,500

- 0.6%

- 0.7%

- 0.5% 94.0% 93.4%

Months Supplyof Homes for Sale

Median Sales Price

Average Sales Price

Percent of List Price Received

$352,849 $346,612 - 1.8%

94.2% 93.8%

Housing Affordability Index

Inventory of Homes for Sale

125

3,781

130 + 4.5%

--

$352,138 $321,542 - 8.7%

$224,000 $270,000

4-2008 4-2009 4-2010 4-2011

4-2008 4-2009 4-2010 4-2011

4-2008 4-2009 4-2010 4-2011

4-2008 4-2009 4-2010 4-2011

4-2008 4-2009 4-2010 4-2011

4-2008 4-2009 4-2010 4-2011

4-2008 4-2009 4-2010 4-2011

4-2008 4-2009 4-2010 4-2011

4-2008 4-2009 4-2010 4-2011

4-2008 4-2009 4-2010 4-2011

New Listings

MonthPrior Year

Current Year

+ / –

May 440 481 +9.3%

June 531 515 -3.0%

July 479 498 +4.0%

August 476 517 +8.6%

September 493 491 -0.4%

October 451 400 -11.3%

November 409 335 -18.1%

December 350 301 -14.0%

January 454 420 -7.5%

February 515 487 -5.4%

March 675 562 -16.7%

April 616 537 -12.8%

A count of the properties that have been newly listed on the market in a given month.

518

616

537

2009 2010 2011

April2,316 2,260

2,006

2009 2010 2011

Year To Date

-11.2%+18.9% -12.8% -2.4%

12-Month Avg 491 462 -5.9%

All data from the Multiple Listing Service of Hilton Head Island. Provided by the Hilton Head Area Association of REALTORS® and South Carolina REALTORS®. Powered by 10K Research and Marketing. | Click for Cover Page | 3

518

616

537

2009 2010 2011

April

200

300

400

500

600

700

800

1-2007 1-2008 1-2009 1-2010 1-2011

Historical New Listing Activity

2,316 2,260

2,006

2009 2010 2011

Year To Date

-11.2%+18.9% -12.8% -2.4%

Pending Sales

MonthPrior Year

Current Year

+ / –

May 211 232 +10.0%

June 201 228 +13.4%

July 194 257 +32.5%

August 220 212 -3.6%

September 215 217 +0.9%

October 234 188 -19.7%

November 183 209 +14.2%

December 184 177 -3.8%

January 185 248 +34.1%

February 199 266 +33.7%

March 263 314 +19.4%

April 279 261 -6.5%

A count of the properties on which contracts have been accepted in a given month.

199

279261

2009 2010 2011

April

651

926

1,089

2009 2010 2011

Year To Date

+17.6%+40.2% -6.5% +42.2%

12-Month Avg 214 234 +9.4%

All data from the Multiple Listing Service of Hilton Head Island. Provided by the Hilton Head Area Association of REALTORS® and South Carolina REALTORS®. Powered by 10K Research and Marketing. | Click for Cover Page | 4

199

279261

2009 2010 2011

April

50

100

150

200

250

300

350

1-2007 1-2008 1-2009 1-2010 1-2011

Historical Pending Sales Activity

651

926

1,089

2009 2010 2011

Year To Date

+17.6%+40.2% -6.5% +42.2%

Closed Sales

MonthPrior Year

Current Year

+ / –

May 187 212 +13.4%

June 210 261 +24.3%

July 198 220 +11.1%

August 204 215 +5.4%

September 193 221 +14.5%

October 231 162 -29.9%

November 214 182 -15.0%

December 218 220 +0.9%

January 172 183 +6.4%

February 156 176 +12.8%

March 213 226 +6.1%

April 252 270 +7.1%

A count of the actual sales that have closed in a given month.

148

252270

2009 2010 2011

April

487

793855

2009 2010 2011

Year To Date

+7.8%+70.3% +7.1% +62.8%

12-Month Avg 204 212 +4.8%

All data from the Multiple Listing Service of Hilton Head Island. Provided by the Hilton Head Area Association of REALTORS® and South Carolina REALTORS®. Powered by 10K Research and Marketing. | Click for Cover Page | 5

148

252270

2009 2010 2011

April

50

100

150

200

250

300

1-2007 1-2008 1-2009 1-2010 1-2011

Historical Closed Sales Activity

487

793855

2009 2010 2011

Year To Date

+7.8%+70.3% +7.1% +62.8%

Days on Market Until Sale

MonthPrior Year

Current Year

+ / –

May 144 113 -21.2%

June 151 141 -6.5%

July 150 126 -16.5%

August 151 126 -16.9%

September 162 121 -25.3%

October 153 144 -5.6%

November 157 141 -10.2%

December 138 136 -1.5%

January 131 133 +1.3%

February 145 156 +7.9%

March 140 143 +2.1%

April 128 152 +18.8%

Average number of days between when a property is listed and when an offer is accepted in a given month.

140128

152

2009 2010 2011

April

144135

146

2009 2010 2011

Year To Date

+8.3%-8.7% +18.8% -6.0%

12-Month Avg 152 145 -4.7%

All data from the Multiple Listing Service of Hilton Head Island. Provided by the Hilton Head Area Association of REALTORS® and South Carolina REALTORS®. Powered by 10K Research and Marketing. | Click for Cover Page | 6

140128

152

2009 2010 2011

April

95

105

115

125

135

145

155

165

1-2007 1-2008 1-2009 1-2010 1-2011

Historical Days on Market Until Sale

144135

146

2009 2010 2011

Year To Date

+8.3%-8.7% +18.8% -6.0%

Median Sales Price

MonthPrior Year

Current Year

+ / –

May $274,500 $237,090 -13.6%

June $285,000 $240,000 -15.8%

July $255,000 $275,145 +7.9%

August $260,000 $214,000 -17.7%

September $239,000 $218,393 -8.6%

October $290,000 $240,000 -17.2%

November $262,750 $228,750 -12.9%

December $279,000 $250,000 -10.4%

January $231,000 $250,000 +8.2%

February $215,000 $188,200 -12.5%

March $265,000 $210,000 -20.8%

April $224,000 $270,000 +20.5%

Median price point for all closed sales, not accounting for seller concessions, in a given month.

$278,000

$224,000

$270,000

2009 2010 2011

April

$259,000

$225,000 $223,500

2009 2010 2011

Year To Date

-0.7%-19.4% +20.5% -13.1%

12-Month Avg $258,500 $233,832 -9.5%

All data from the Multiple Listing Service of Hilton Head Island. Provided by the Hilton Head Area Association of REALTORS® and South Carolina REALTORS®. Powered by 10K Research and Marketing. | Click for Cover Page | 7

$278,000

$224,000

$270,000

2009 2010 2011

April

$150,000

$200,000

$250,000

$300,000

$350,000

$400,000

$450,000

1-2007 1-2008 1-2009 1-2010 1-2011

Historical Median Sales Price

$259,000

$225,000 $223,500

2009 2010 2011

Year To Date

-0.7%-19.4% +20.5% -13.1%

Average Sales Price

MonthPrior Year

Current Year

+ / –

May $368,133 $364,834 -0.9%

June $386,044 $330,841 -14.3%

July $361,904 $401,054 +10.8%

August $467,169 $300,997 -35.6%

September $344,085 $347,477 +1.0%

October $394,110 $321,857 -18.3%

November $361,187 $327,176 -9.4%

December $375,862 $310,895 -17.3%

January $329,121 $303,936 -7.7%

February $395,687 $291,285 -26.4%

March $338,453 $328,279 -3.0%

April $352,849 $346,612 -1.8%

Average sales price for all closed sales, not accounting for seller concessions, in a given month.

$384,268$352,849 $346,612

2009 2010 2011

April

$380,124$352,138

$321,542

2009 2010 2011

Year To Date

- 8.7%- 8.2% - 1.8% - 7.4%

12-Month Avg $372,752 $333,027 -10.7%

All data from the Multiple Listing Service of Hilton Head Island. Provided by the Hilton Head Area Association of REALTORS® and South Carolina REALTORS®. Powered by 10K Research and Marketing. | Click for Cover Page | 8

$384,268$352,849 $346,612

2009 2010 2011

April

$250,000

$300,000

$350,000

$400,000

$450,000

$500,000

$550,000

$600,000

$650,000

1-2007 1-2008 1-2009 1-2010 1-2011

Historical Average Sales Price

$380,124$352,138

$321,542

2009 2010 2011

Year To Date

- 8.7%- 8.2% - 1.8% - 7.4%

Percent of List Price Received

MonthPrior Year

Current Year

+ / –

May 92.9% 94.9% +2.1%

June 93.5% 94.7% +1.4%

July 93.3% 93.5% +0.2%

August 93.9% 93.4% -0.5%

September 93.3% 93.4% +0.1%

October 93.7% 94.1% +0.5%

November 93.0% 92.4% -0.7%

December 93.2% 93.2% +0.0%

January 93.5% 92.8% -0.8%

February 94.3% 93.8% -0.5%

March 93.8% 93.2% -0.7%

April 94.2% 93.8% -0.5%

Percentage found when dividing a property’s sales price by its last list price, then taking the average for all properties sold in a given month, not accounting for seller concessions.

93.1% 94.2% 93.8%

2009 2010 2011

April

93.1% 94.0% 93.4%

2009 2010 2011

Year To Date

-0.6%+1.2% -0.5% +0.9%

12-Month Avg 93.5% 93.6% +0.1%

All data from the Multiple Listing Service of Hilton Head Island. Provided by the Hilton Head Area Association of REALTORS® and South Carolina REALTORS®. Powered by 10K Research and Marketing. | Click for Cover Page | 9

93.1% 94.2% 93.8%

2009 2010 2011

April

90%

91%

92%

93%

94%

95%

96%

1-2007 1-2008 1-2009 1-2010 1-2011

Historical Percent of List Price Received

93.1% 94.0% 93.4%

2009 2010 2011

Year To Date

-0.6%+1.2% -0.5% +0.9%

Housing Affordability Index

MonthPrior Year

Current Year

+ / –

May 101 119 +18.0%

June 98 121 +23.8%

July 108 109 +0.9%

August 109 138 +26.5%

September 118 136 +14.7%

October 100 126 +26.1%

November 111 132 +19.2%

December 101 120 +18.9%

January 122 117 -4.1%

February 130 149 +14.6%

March 108 136 +26.1%

This index measures housing affordability for the region. An index of 120 means the median household income was 120% of what is necessary to qualify for the median-priced home under prevailing interest rates. A higher number means greater affordability.

104

125

111

April

110

125130

Year To Date

+4.5%+20.8% -11.7% +13.1%April 125 111 -11.7%

12-Month Avg 111 126 +14.4%

All data from the Multiple Listing Service of Hilton Head Island. Provided by the Hilton Head Area Association of REALTORS® and South Carolina REALTORS®. Powered by 10K Research and Marketing. | Click for Cover Page | 10

104

125

111

2009 2010 2011

April

60

80

100

120

140

160

1-2007 1-2008 1-2009 1-2010 1-2011

Historical Housing Affordability Index

110

125130

2009 2010 2011

Year To Date

+4.5%+20.8% -11.7% +13.1%

Inventory of Homes for Sale

MonthPrior Year

Current Year

+ / –

May 4,186 3,790 -9.5%

June 4,179 3,812 -8.8%

July 4,110 3,766 -8.4%

August 4,034 3,757 -6.9%

September 3,885 3,736 -3.8%

October 3,747 3,622 -3.3%

November 3,654 3,462 -5.3%

December 3,404 3,159 -7.2%

January 3,400 3,077 -9.5%

February 3,518 3,072 -12.7%

March 3,711 3,092 -16.7%

April 3,781 3,141 -16.9%

The number of properties available for sale in active status at the end of a given month.

4,2903,781

3,141

2009 2010 2011

April

-16.9%-11.9%

12-Month Avg 3,801 3,457 -9.1%

All data from the Multiple Listing Service of Hilton Head Island. Provided by the Hilton Head Area Association of REALTORS® and South Carolina REALTORS®. Powered by 10K Research and Marketing. | Click for Cover Page | 11

4,2903,781

3,141

2009 2010 2011

April

1,000

1,500

2,000

2,500

3,000

3,500

4,000

4,500

1-2007 1-2008 1-2009 1-2010 1-2011

Historical Inventory of Homes for Sale

-16.9%-11.9%

Months Supply of Inventory

MonthPrior Year

Current Year

+ / –

May 26.4 17.7 -32.8%

June 26.5 17.7 -33.3%

July 26.1 17.3 -33.7%

August 25.1 16.8 -32.9%

September 23.6 16.8 -28.7%

October 22.1 16.3 -26.6%

November 20.4 15.8 -22.5%

December 18.4 14.3 -22.4%

January 17.8 14.0 -21.6%

February 18.0 13.6 -24.5%

March 18.5 13.4 -27.9%

April 18.2 13.3 -26.9%

The inventory of homes for sale at the end of a given month, divided by the average monthly pending sales from the last 12 months.

26.9

18.2

13.3

2009 2010 2011

April

-26.9%-32.3%

12-Month Avg 21.8 15.6 -28.4%

All data from the Multiple Listing Service of Hilton Head Island. Provided by the Hilton Head Area Association of REALTORS® and South Carolina REALTORS®. Powered by 10K Research and Marketing. | Click for Cover Page | 12

26.9

18.2

13.3

2009 2010 2011

April

0

5

10

15

20

25

30

1-2007 1-2008 1-2009 1-2010 1-2011

Historical Months Supply of Inventory

-26.9%-32.3%