hilton head mmi 13 07 jul
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Monthly Indicators
July 2013 Quick Facts
A RESEARCH TOOL PROVIDED BY THE HILTON HEAD AREA ASSOCIATION OF REALTORS®
+ 35.9%
Change inMedian Sales Price
It won't be long before the housing recovery is simply referred to as housing. Institutional and cash buyers have effectively priced themselves out of the market. During the downturn, much inventory was purchased by these groups. Now that prices are rising, there's less incentive for these kinds of buyers, yet affordability for consumers remains attractive.
- 15.7%
Change inInventory
+ 19.7%
Change inClosed Sales
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New Listings in the Hilton Head region increased 3.0 percent to 412. Pending Sales were up 39.9 percent to 382. Inventory levels shrank 15.7 percent to 2,434 units.
Prices got a lift. The Median Sales Price increased 35.9 percent to $299,000. Days on Market was up 0.6 percent to 125 days. Absorption rates improved as Months Supply of Inventory was down 29.1 percent to 7.7 months.
With mortgage rates slightly up but relatively low by historic standards, the Fed has indicated no change in monetary policy based on a moderately-paced economic expansion. Although the unemployment rate remains a factor to watch, the housing recovery continues to plug along, helping the greater economy with flourishing activity in sales and prices. Housing has made a positive contribution to real GDP growth for 11 consecutive quarters.
Months Supply of InventoryInventory of Homes for SaleHousing Affordability IndexPercent of List Price ReceivedAverage Sales PriceMedian Sales Price
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
Market Overview
Key Metrics Historical Sparklines 7-2012 7-2013 + / – YTD 2012 YTD 2013 + / –
2,081 + 8.8%
124 125
400 412 + 3.0% 3,336
279 334 + 19.7% 1,912
New Listings
Pending Sales
Closed Sales
Days on Market Until Sale
- 0.1%
273 382 + 39.9% 2,071 2,427 + 17.2%
3,331
+ 0.6% 132 122 - 7.6%
Key market metrics for the current month and year-to-date figures.
7-2010 7-2011 7-2012 7-2013
7-2010 7-2011 7-2012 7-2013
7-2010 7-2011 7-2012 7-2013
7-2010 7-2011 7-2012 7-2013
Housing Affordability Index
Inventory of Homes for Sale
154
2,888
127 - 16.0%
--
$316,067 $339,786 + 7.5%
$220,000 $299,000
$286,352 $363,957 + 27.1%
94.8% 95.1%
Months Supplyof Homes for Sale
Median Sales Price
Average Sales Price
Percent of List Price Received
$225,000 $255,000
+ 1.1%
+ 13.3%
+ 0.4% 94.4% 95.4%
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 | 2
151
--
-- --
--
--10.9
110 - 28.3%
- 15.7%
- 29.1%
2,434
7.7
+ 35.9%
7-2010 7-2011 7-2012 7-2013
7-2010 7-2011 7-2012 7-2013
7-2010 7-2011 7-2012 7-2013
7-2010 7-2011 7-2012 7-2013
7-2010 7-2011 7-2012 7-2013
7-2010 7-2011 7-2012 7-2013
New Listings
MonthPrior Year
Current Year
+ / –
August 459 453 -1.3%
September 424 443 +4.5%
October 399 428 +7.3%
November 372 364 -2.2%
December 294 283 -3.7%
January 494 496 +0.4%
February 475 514 +8.2%
March 555 552 -0.5%
April 548 509 -7.1%
May 448 437 -2.5%
June 416 411 -1.2%
July 400 412 +3.0%
A count of the properties that have been newly listed on the market in a given month.
385400 412
July
3,357 3,336 3,331
Year To Date
-0.1%+3.9% +3.0% -0.6%
12-Month Avg 440 442 +0.3%
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
2011 2012 2013
0
100
200
300
400
500
600
700
800
1-2007 1-2008 1-2009 1-2010 1-2011 1-2012 1-2013
Historical New Listing Activity
2011 2012 2013
Pending Sales
MonthPrior Year
Current Year
+ / –
August 228 309 +35.5%
September 194 246 +26.8%
October 238 308 +29.4%
November 224 277 +23.7%
December 223 213 -4.5%
January 239 300 +25.5%
February 266 330 +24.1%
March 323 325 +0.6%
April 352 352 0.0%
May 315 363 +15.2%
June 303 375 +23.8%
July 273 382 +39.9%
A count of the properties on which contracts have been accepted in a given month.
274 273
382
July
1,8382,071
2,427
Year To Date
+17.2%-0.4% +39.9% +12.7%
12-Month Avg 265 315 +18.9%
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 | 4
2011 2012 2013
0
50
100
150
200
250
300
350
400
450
1-2007 1-2008 1-2009 1-2010 1-2011 1-2012 1-2013
Historical Pending Sales Activity
2011 2012 2013
Closed Sales
MonthPrior Year
Current Year
+ / –
August 262 304 +16.0%
September 218 252 +15.6%
October 220 283 +28.6%
November 212 307 +44.8%
December 253 247 -2.4%
January 220 217 -1.4%
February 181 229 +26.5%
March 280 306 +9.3%
April 274 303 +10.6%
May 332 351 +5.7%
June 346 341 -1.4%
July 279 334 +19.7%
A count of the actual sales that have closed in a given month.
222
279
334
July
1,553
1,9122,081
Year To Date
+8.8%+25.7% +19.7% +23.1%
12-Month Avg 256 290 +14.3%
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
2011 2012 2013
0
50
100
150
200
250
300
350
400
1-2007 1-2008 1-2009 1-2010 1-2011 1-2012 1-2013
Historical Closed Sales Activity
2011 2012 2013
Days on Market Until Sale
MonthPrior Year
Current Year
+ / –
August 110 110 +0.4%
September 137 121 -11.3%
October 138 130 -6.2%
November 132 122 -7.7%
December 141 115 -18.6%
January 134 127 -5.5%
February 130 124 -4.8%
March 136 121 -10.5%
April 152 121 -20.0%
May 129 122 -5.4%
June 125 118 -5.1%
July 124 125 +0.6%
Average number of days between when a property is listed and when an offer is accepted in a given month.
140
124 125
July
145
132122
Year To Date
-7.6%-11.5% +0.6% -8.7%
12-Month Avg 132 121 -8.1%
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 | 6
2011 2012 2013
60
80
100
120
140
160
180
1-2007 1-2008 1-2009 1-2010 1-2011 1-2012 1-2013
Historical Days on Market Until Sale
2011 2012 2013
Median Sales Price
MonthPrior Year
Current Year
+ / –
August $255,000 $212,500 -16.7%
September $218,000 $230,000 +5.5%
October $239,133 $235,000 -1.7%
November $230,000 $233,000 +1.3%
December $229,700 $238,070 +3.6%
January $238,750 $245,745 +2.9%
February $238,000 $228,000 -4.2%
March $191,750 $225,000 +17.3%
April $210,000 $263,000 +25.2%
May $233,000 $275,625 +18.3%
June $230,000 $252,500 +9.8%
July $220,000 $299,000 +35.9%
Median price point for all closed sales, not accounting for seller concessions, in a given month.
$213,750 $220,000
$299,000
July
$225,000 $225,000
$255,000
Year To Date
+13.3%+2.9% +35.9% 0.0%
12-Month Med $227,815 $244,000 +7.1%
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 | 7
2011 2012 2013
$100,000
$150,000
$200,000
$250,000
$300,000
$350,000
$400,000
$450,000
1-2007 1-2008 1-2009 1-2010 1-2011 1-2012 1-2013
Historical Median Sales Price
2011 2012 2013
Average Sales Price
MonthPrior Year
Current Year
+ / –
August $320,250 $266,470 -16.8%
September $322,931 $358,255 +10.9%
October $342,260 $347,171 +1.4%
November $319,573 $296,461 -7.2%
December $314,152 $324,491 +3.3%
January $327,373 $322,692 -1.4%
February $300,293 $294,120 -2.1%
March $331,155 $304,274 -8.1%
April $345,660 $359,394 +4.0%
May $311,333 $373,557 +20.0%
June $310,184 $337,647 +8.9%
July $286,352 $363,957 +27.1%
Average sales price for all closed sales, not accounting for seller concessions, in a given month.
$298,544 $286,352
$363,957
July
$325,816 $316,067$339,786
Year To Date
+ 7.5%- 4.1% + 27.1% - 3.0%
12-Month Avg $318,857 $330,377 +3.6%
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
2011 2012 2013
$0
$100,000
$200,000
$300,000
$400,000
$500,000
$600,000
$700,000
1-2007 1-2008 1-2009 1-2010 1-2011 1-2012 1-2013
Historical Average Sales Price
2011 2012 2013
Percent of List Price Received
MonthPrior Year
Current Year
+ / –
August 94.2% 94.8% +0.6%
September 94.2% 94.0% -0.2%
October 94.0% 95.0% +1.1%
November 93.5% 95.5% +2.1%
December 94.1% 95.2% +1.2%
January 93.8% 95.1% +1.3%
February 93.9% 95.3% +1.5%
March 94.1% 96.1% +2.1%
April 93.7% 95.1% +1.6%
May 94.9% 95.8% +1.0%
June 94.9% 95.2% +0.3%
July 94.8% 95.1% +0.4%
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.
93.6% 94.8% 95.1%
July
93.6% 94.4% 95.4%
Year To Date
+1.1%+1.3% +0.4% +0.9%
12-Month Avg 94.2% 95.2% +1.0%
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
2011 2012 2013
90%
91%
92%
93%
94%
95%
96%
97%
98%
99%
100%
1-2007 1-2008 1-2009 1-2010 1-2011 1-2012 1-2013
Historical Percent of List Price Received
2011 2012 2013
Housing Affordability Index
MonthPrior Year
Current Year
+ / –
August 122 158 +28.6%
September 142 150 +5.6%
October 130 147 +12.6%
November 136 148 +9.2%
December 136 147 +8.0%
January 137 144 +4.9%
February 139 150 +8.0%
March 165 151 -8.2%
April 155 135 -13.2%
May 144 125 -13.3%
June 146 127 -13.2%
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.
139
154
110
July
133
151
127
Year To Date
16 0%+10 8% 28 3% +13 5%July 154 110 -28.3%
12-Month Avg 142 141 +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 | 10
2011 2012 2013
0
20
40
60
80
100
120
140
160
180
1-2007 1-2008 1-2009 1-2010 1-2011 1-2012 1-2013
Historical Housing Affordability Index
2011 2012 2013
-16.0%+10.8% -28.3% +13.5%
Inventory of Homes for Sale
MonthPrior Year
Current Year
+ / –
August 3,284 2,843 -13.4%
September 3,296 2,856 -13.3%
October 3,216 2,807 -12.7%
November 3,150 2,736 -13.1%
December 2,970 2,573 -13.4%
January 2,986 2,594 -13.1%
February 3,026 2,647 -12.5%
March 3,062 2,733 -10.7%
April 3,096 2,756 -11.0%
May 3,036 2,677 -11.8%
June 2,945 2,559 -13.1%
July 2,888 2,434 -15.7%
The number of properties available for sale in active status at the end of a given month.
3,2812,888
2,434
July
-15.7%-12.0%
12-Month Avg 3,080 2,685 -12.8%
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 | 11
2011 2012 2013
0
500
1,000
1,500
2,000
2,500
3,000
3,500
4,000
4,500
5,000
1-2007 1-2008 1-2009 1-2010 1-2011 1-2012 1-2013
Historical Inventory of Homes for Sale
Months Supply of Inventory
MonthPrior Year
Current Year
+ / –
August 13.9 10.5 -24.6%
September 14.0 10.4 -26.2%
October 13.4 10.0 -25.8%
November 13.1 9.6 -26.8%
December 12.1 9.0 -25.5%
January 12.2 8.9 -26.6%
February 12.3 9.0 -27.3%
March 12.3 9.2 -25.1%
April 12.1 9.3 -22.8%
May 11.6 8.9 -23.0%
June 11.1 8.4 -24.8%
July 10.9 7.7 -29.1%
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.
14.0
10.9
7.7
July
-29.1%-22.0%
12-Month Avg 12.4 9.2 -25.6%
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
2011 2012 2013
0
5
10
15
20
25
30
1-2007 1-2008 1-2009 1-2010 1-2011 1-2012 1-2013
Historical Months Supply of Inventory