Hilton Head Island sales have slowed. Year-to-date in 2008, home sales volume dopped 20% and inventory of unsold homes increased 5% while prices were down 12% from 2007. Villa prices are flat from 2007, while villa sales volume is down 25%. But inventory of unsold villas declined 8%. Buyers are clearly in charge now!
Now with low/declining interest rates and a lot choice for the buyers, we are definitely in a buyers market. Sellers are cooperating by selling their listings with incentives and spirited price negotiation. IT THE BEST TIME TO BUY PROPERTY ON HILTON HEAD IN THE LAST 15 YEARS!
Demand from Baby-Boomers will continue to grow. I expect to see increasing interest in Hilton Head, Bluffton and Lowcountry real estate in the coming years as retirement time approaches. Eventual retirees are purchasing property in advance to hedge against future price increases - even though they will not retire for another few years and may not live in that exact property when they finally retire.
They have been purchasing Villas (condos) which can be rented (the income reduces the owners carrying cost), lots which have future appreciation opportunity and Plantation and Bluffton homes for rental or personal use.
Properties in the area range from villas, condos, and single-family homes, new construction in Bluffton, to landmark homes on the beach, marsh, or golf course.
Visit my website, www.FrankPapson.com, or e-mail me to discuss Hilton Head market conditions and property listings in more depth...
ZIP Codes: 29928, 29926, 29910, 29909 Approximate Location Boundaries: From Rt. 278 to the Hilton Head bridge and to Sea Pines Plantation.
Location Characteristics: Hilton Head Island, SC is a barrier island 100 miles south of Charleston and only 30 miles from Savannah Georgia. It is a beautiful community with gated plantations, cozy communities,miles and miles of pristine beaches, outstanding golf, world class tennis, boating, kayaking, fishing and nature and riding trails. The Island is enjoyed by 37,000 year-round residents and is ranked as one of the top 5 US vacation destinations. Island real estate sales are brisk and the market enjoys significant underlying demand from Baby Boomers approaching retirement.
About Frank Papson:
Frank Papson is a long time resident and visitor to the Lowcountry. After visiting Hilton Head Island for 25 years he and his family made their home here in 1996. In additon to being a Realtor, Frank has been a commercail developer and local business owner.
These reports reflect the views and opinions of their authors and are not necessarily the views and opinions of Realty Times.
