Post on 04-Apr-2016
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Monthly Indicators
August 2014 Quick Facts
A RESEARCH TOOL PROVIDED BY THE HILTON HEAD AREA ASSOCIATION OF REALTORS®
- 1.3%
Change inMedian Sales Price
Most local markets continue to recover from a soft patch earlier this year. The macro trend is still positive; the micro trend involves more moderate pinching up and down the month-to-month timeline. This is not uncommon in a balanced market, but it's been so long since we've seen one that we're watching it with perhaps too much trepidation. Metrics to watch include inventory and prices, but also days on market, months' supply and percent of list price received at sale Declines in pending and
- 1.3%
Change inInventory
- 9.9%
Change inClosed Sales
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101112
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months supply and percent of list price received at sale. Declines in pending and closed sales activity may reflect strong decreases at lower price points and may not indicate softening demand.
New Listings in the Hilton Head region decreased 19.7 percent to 363. Pending Sales were down 7.2 percent to 283. Inventory levels fell 1.3 percent to 2,602 units.
Prices were fairly stable. The Median Sales Price decreased 1.3 percent to $257,458. Days on Market was up 13.0 percent to 126 days. Sellers were encouraged as Months Supply of Inventory was down 0.2 percent to 8.5 months.
Sustained job growth, lower mortgage rates and a slow rise in the number of homes for sale appear to have unleashed at least some pent-up demand. Since housing demand relies heavily on an economy churning out good jobs, it's encouraging to see second quarter GDP growth revised upwards to a 4.2 percent annualized rate and stronger-than-expected job growth in recent months. Further improvements are still needed by way of wage growth and consumer confidence but recovery continues. Months Supply of Inventory
Inventory of Homes for SaleHousing Affordability IndexPercent of List Price ReceivedAverage Sales PriceMedian Sales Price
Data is Copyright © 2014 All Rights Reserved. MLS 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 8-2013 8-2014 + / – YTD 2013 YTD 2014 + / –
2,320 - 5.5%
111 126
452 363 - 19.7% 3,892
374 337 - 9.9% 2,455
New Listings
Pending Sales
Closed Sales
Days on Market Until Sale
- 0.7%
305 283 - 7.2% 2,669 2,574 - 3.6%
3,865
+ 13.0% 121 111 - 8.1%
Key market metrics for the current month and year-to-date figures.
8-2011 8-2012 8-2013 8-2014
8-2011 8-2012 8-2013 8-2014
8-2011 8-2012 8-2013 8-2014
8-2011 8-2012 8-2013 8-2014
Housing Affordability Index
Inventory of Homes for Sale
119
2,636
123 + 1.3%
--
$341,072 $341,632 + 0.2%
$260,964 $257,458
$348,269 $352,955 + 1.3%
95.5% 94.8%
Months Supplyof Homes for Sale
Median Sales Price
Average Sales Price
Percent of List Price Received
$256,765 $255,000
- 0.1%
- 0.7%
- 0.7% 95.4% 95.3%
Data is Copyright © 2014 All Rights Reserved. MLS 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
121
--
-- --
--
--8.5
122 + 2.0%
- 1.3%
- 0.2%
2,602
8.5
- 1.3%
8-2011 8-2012 8-2013 8-2014
8-2011 8-2012 8-2013 8-2014
8-2011 8-2012 8-2013 8-2014
8-2011 8-2012 8-2013 8-2014
8-2011 8-2012 8-2013 8-2014
8-2011 8-2012 8-2013 8-2014
New Listings
MonthPrior Year
Current Year
+ / –
September 445 433 -2.7%
October 429 508 +18.4%
November 367 373 +1.6%
December 283 275 -2.8%
January 507 486 -4.1%
February 518 477 -7.9%
March 565 613 +8.5%
April 522 618 +18.4%
May 451 433 -4.0%
June 428 450 +5.1%
July 449 425 -5.3%
August 452 363 -19.7%
A count of the properties that have been newly listed on the market in a given month.
456 452
363
August
3,798 3,892 3,865
Year To Date
-0.7%-0.9% -19.7% +2.5%
12-Month Avg 451 455 +0.7%
Data is Copyright © 2014 All Rights Reserved. MLS 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
2012 2013 2014
200
300
400
500
600
700
800
1-2007 1-2008 1-2009 1-2010 1-2011 1-2012 1-2013 1-2014
Historical New Listing Activity
2012 2013 2014
Pending Sales
MonthPrior Year
Current Year
+ / –
September 243 302 +24.3%
October 308 322 +4.5%
November 274 266 -2.9%
December 212 201 -5.2%
January 296 254 -14.2%
February 325 299 -8.0%
March 324 358 +10.5%
April 345 355 +2.9%
May 348 339 -2.6%
June 352 353 +0.3%
July 374 333 -11.0%
August 305 283 -7.2%
A count of the properties on which contracts have been accepted in a given month.
307 305283
August
2,377
2,6692,574
Year To Date
-3.6%-0.7% -7.2% +12.3%
12-Month Avg 309 305 -1.1%
Data is Copyright © 2014 All Rights Reserved. MLS 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
2012 2013 2014
50
100
150
200
250
300
350
400
1-2007 1-2008 1-2009 1-2010 1-2011 1-2012 1-2013 1-2014
Historical Pending Sales Activity
2012 2013 2014
Closed Sales
MonthPrior Year
Current Year
+ / –
September 252 295 +17.1%
October 283 316 +11.7%
November 307 271 -11.7%
December 247 283 +14.6%
January 217 232 +6.9%
February 229 188 -17.9%
March 306 262 -14.4%
April 303 308 +1.7%
May 351 312 -11.1%
June 341 343 +0.6%
July 334 338 +1.2%
August 374 337 -9.9%
A count of the actual sales that have closed in a given month.
304
374
337
August
2,216
2,4552,320
Year To Date
-5.5%+23.0% -9.9% +10.8%
12-Month Avg 295 290 -0.9%
Data is Copyright © 2014 All Rights Reserved. MLS 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
2012 2013 2014
50
100
150
200
250
300
350
400
1-2007 1-2008 1-2009 1-2010 1-2011 1-2012 1-2013 1-2014
Historical Closed Sales Activity
2012 2013 2014
Days on Market Until Sale
MonthPrior Year
Current Year
+ / –
September 121 105 -13.2%
October 130 117 -9.7%
November 122 124 +1.7%
December 115 95 -17.4%
January 127 107 -15.5%
February 124 112 -9.7%
March 121 118 -2.6%
April 121 105 -13.8%
May 122 108 -11.2%
June 118 109 -7.9%
July 125 103 -17.5%
August 111 126 +13.0%
Average number of days between when a property is listed and when an offer is accepted in a given month.
110 111
126
August
129121
111
Year To Date
-8.1%+1.1% +13.0% -6.7%
12-Month Avg 121 111 -8.6%
Data is Copyright © 2014 All Rights Reserved. MLS 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
2012 2013 2014
80
90
100
110
120
130
140
150
160
170
1-2007 1-2008 1-2009 1-2010 1-2011 1-2012 1-2013 1-2014
Historical Days on Market Until Sale
2012 2013 2014
Median Sales Price
MonthPrior Year
Current Year
+ / –
September $230,000 $245,000 +6.5%
October $235,000 $249,833 +6.3%
November $233,000 $250,000 +7.3%
December $238,070 $250,000 +5.0%
January $245,745 $220,600 -10.2%
February $228,000 $250,483 +9.9%
March $225,000 $259,000 +15.1%
April $263,000 $279,500 +6.3%
May $275,625 $249,000 -9.7%
June $252,500 $286,000 +13.3%
July $299,000 $248,000 -17.1%
August $260,964 $257,458 -1.3%
Median price point for all closed sales, not accounting for seller concessions, in a given month.
$212,500
$260,964 $257,458
August
$222,000
$256,765 $255,000
Year To Date
-0.7%+22.8% -1.3% +15.7%
12-Month Med $249,783 $252,750 +1.2%
Data is Copyright © 2014 All Rights Reserved. MLS 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
2012 2013 2014
$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 1-2014
Historical Median Sales Price
2012 2013 2014
Average Sales Price
MonthPrior Year
Current Year
+ / –
September $358,255 $338,314 -5.6%
October $347,171 $329,877 -5.0%
November $296,461 $341,307 +15.1%
December $324,491 $341,476 +5.2%
January $322,692 $290,536 -10.0%
February $294,120 $335,751 +14.2%
March $304,274 $352,004 +15.7%
April $359,394 $348,056 -3.2%
May $373,557 $326,511 -12.6%
June $337,647 $383,359 +13.5%
July $363,957 $326,936 -10.2%
August $348,269 $352,955 +1.3%
Average sales price for all closed sales, not accounting for seller concessions, in a given month.
$266,470
$348,269 $352,955
August
$309,208$341,072 $341,632
Year To Date
+ 0.2%+ 30.7% + 1.3% + 10.3%
12-Month Avg $337,782 $340,243 +0.7%
Data is Copyright © 2014 All Rights Reserved. MLS 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
2012 2013 2014
$200,000
$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 1-2012 1-2013 1-2014
Historical Average Sales Price
2012 2013 2014
Percent of List Price Received
MonthPrior Year
Current Year
+ / –
September 94.0% 95.5% +1.6%
October 95.0% 95.6% +0.6%
November 95.5% 94.6% -0.9%
December 95.2% 95.0% -0.3%
January 95.1% 95.2% +0.2%
February 95.3% 95.2% -0.1%
March 96.1% 95.1% -1.1%
April 95.1% 96.0% +0.9%
May 95.8% 94.8% -1.1%
June 95.2% 95.7% +0.5%
July 95.1% 95.5% +0.5%
August 95.5% 94.8% -0.7%
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.
94.8% 95.5% 94.8%
August
94.4% 95.4% 95.3%
Year To Date
-0.1%+0.7% -0.7% +1.0%
12-Month Avg 95.3% 95.3% -0.0%
Data is Copyright © 2014 All Rights Reserved. MLS 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
2012 2013 2014
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 1-2014
Historical Percent of List Price Received
2012 2013 2014
Housing Affordability Index
MonthPrior Year
Current Year
+ / –
September 147 129 -11.9%
October 143 127 -11.3%
November 145 134 -7.5%
December 143 128 -10.4%
January 141 137 -3.0%
February 148 122 -17.8%
March 150 118 -21.2%
April 131 109 -16.4%
May 120 126 +4.6%
June 124 109 -12.0%
July 106 126 +19.3%
August 119 122 +2.0%
This index measures housing affordability for the region. An index of 120 means the median household income was 120% of whatis necessary to qualify for the median-priced home under prevailing interest rates. A higher number means greater affordability.
156
119 122
August149
121 123
Year To Date
+1.3%-23.4% +2.0% -18.6%
12-Month Avg 135 124 -7.1%
Data is Copyright © 2014 All Rights Reserved. MLS 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
2012 2013 2014
40
60
80
100
120
140
160
180
1-2007 1-2008 1-2009 1-2010 1-2011 1-2012 1-2013 1-2014
Historical Housing Affordability Index
2012 2013 2014
Inventory of Homes for Sale
MonthPrior Year
Current Year
+ / –
September 2,884 2,585 -10.4%
October 2,837 2,597 -8.5%
November 2,772 2,547 -8.1%
December 2,611 2,446 -6.3%
January 2,647 2,521 -4.8%
February 2,709 2,580 -4.8%
March 2,811 2,714 -3.5%
April 2,855 2,837 -0.6%
May 2,805 2,788 -0.6%
June 2,730 2,724 -0.2%
July 2,651 2,669 +0.7%
August 2,636 2,602 -1.3%
The number of properties available for sale in active status at the end of a given month.
2,8662,636 2,602
August
-1.3%-8.0%
12-Month Avg 2,746 2,634 -4.0%
Data is Copyright © 2014 All Rights Reserved. MLS 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
2012 2013 2014
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 1-2014
Historical Inventory of Homes for Sale
Months Supply of Inventory
MonthPrior Year
Current Year
+ / –
September 10.5 8.2 -21.3%
October 10.1 8.2 -18.2%
November 9.7 8.1 -16.5%
December 9.2 7.8 -14.9%
January 9.2 8.1 -11.1%
February 9.2 8.4 -8.9%
March 9.6 8.7 -8.5%
April 9.7 9.1 -6.2%
May 9.5 9.0 -5.1%
June 9.1 8.8 -3.5%
July 8.6 8.7 +1.3%
August 8.5 8.5 -0.2%
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.
10.6
8.5 8.5
August
-0.2%-19.2%
12-Month Avg 9.4 8.5 -9.8%
Data is Copyright © 2014 All Rights Reserved. MLS 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
2012 2013 2014
0
5
10
15
20
25
30
1-2007 1-2008 1-2009 1-2010 1-2011 1-2012 1-2013 1-2014
Historical Months Supply of Inventory