Market Conditions for Hilton Head Island, South Carolina
Reported by Mike Broadhurst, REALTOR, CDPE
Updated December 31, 2010.
Current Market Rating: 1
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Buyer's
Seller's
Current Price Trend: 2
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Falling
Rising
Home sales increased signigicantly over the past year on Hilton Head Island, but values continued to decline.
Sales rose 7.8% to 600 for the year while the average price fell from $723,440 to $673,149 (a 7% decline) and the median price slipped 3.75% to $510,000. Distressed sales, bank-owned real estate and short sales, accounted for 27.83% of the market activity.
Meanwhile, new distressed inventory levels are poised to keep pace with 2010 activity. Homes being sold at auction at the county court house remained consistent during the last quarter of 2009 as did the number of properties entering the early stages of the foreclosure process.
Sellers should expect more of the same in 2011 and perhaps into 2012. The ratio of new listings compared to sales remains high (about 2-to-1) as 1,316 properties were listed for sale in 2010. In a healthy market the ratio should be closer to 1-to-1.
Purchasers looking for a bargain, particularly near the beach, need to be aware of an anomaly in market dynamics. The average days-on-market for the homes that sold on the island was 162 during the past year, but foreclosures were on the market for just 66 days. Foreclosures in the beach oriented communities of Port Royal, Folly Field, Singleton/Burkes/Bradley Beaches, Palmetto Dunes, Forest Beach and Sea Pines were on the market for a scant 41 days. The median was 21.
To put this into perspective, during the go-go days of 2005 the average home was on the market for 79 days and the median was 38.
Company: Carolina Realty Group
Phone: 843-384-6134
Email: mike at waterfrontlinks dot com
