The start of the year ushered in a wave of good news about a hot stock market, higher wages and an active home sales environment. At the same time, housing prices have continued to rise, and the low inventory situation and affordability crunch has been particularly hard on first-time buyers struggling to get into the market. Nevertheless, buyer activity is easily outpacing seller activity in much of the country, culminating in relatively quick sales and low supply. Demand definitely remained strong this month.
New Listings were down 4.2 percent to 544.
Pending Sales increased 18.8 percent to 411.
Inventory shrank 6.5 percent to 2,193 units.
Prices were still soft as Median Sales Price was down 3.4 percent to $280,000.
Days on Market increased 14.2 percent to 169 days.
Months Supply of Inventory was down 10.4 percent to 6.0 months, indicating that demand increased relative to supply.
Unemployment has reached pre-recession levels, and Americans remain optimistic about finding quality employment.
This matters because job growth and higher paychecks fuel home purchases. Unfortunately, that won’t matter for potential buyers if price appreciation outpaces income growth and if mortgage rates continue their upward trend. Sellers are getting a generous number of offers in this market. The worry for sellers then becomes that there will not be a generous number of homes to choose from when they become buyers.
Busy day in Shipyard with 3 villa sales., yesterday with contracts on Golfmaster I, Beachwalk and Harbour Master taking place. With limited inventory and buyers enjoying the beautiful Spring weather, is now the time for you to get a Free Market Analysis of your home or villa and take advantage of today’s market? Contact the Shipyard Real Estate experts and let’s get moving!
Lovely 2 bedroom townhouse with golf and lagoon views, just steps to the Atlantic that’s a solid rental machine is now $old! Can we help you sell your Shipyard home, villa or homesite? Call, text or email the ‘Shipyard Real Estate Specialists’ for a FREE Market Evaluation or to find to the best Shipyard real estate values available!
|Property has sold and is no longer available.
Let us know if you are considering selling your Shipyard home or villa. We are consistently Top Producers in Shipyard sales and would be happy to provide a FREE property evaluation.
Or if you are considering purchasing a home or villa, click here for an overview of the homes and villas available in Shipyard-http://teamfanning.evusa.com/en/shipyard.php
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For the 12- month period spanning May 2015 through April 2016, Pending Sales in the Hilton Head region were up 18.2 percent overall. The price range with the largest gain in sales was the $225,001 to $375,000 range, where they increased 34.1 percent.
The overall Median Sales Price was up 9.6 percent to $285,000.
The property type with the largest price gain was the Condos segment, where prices increased 11.4 percent to $206,000.
The price range that tended to sell the quickest was the $100,001 to $225,000 range at 123 days; the price range that tended to sell the slowest was the $650,001 and Above range at 207 days.
Market-wide, inventory levels were down 1.5 percent. The property type that gained the most inventory was the Single Family segment, where it increased 1.5 percent. That amounts to 6.6 months supply for Single Family homes and 7.1 months supply for Condos.
Let us know if we can provide you with FREE Market Analysis of your home, villa or homesite- click on www.ShipyardRealEstateValues.com to get started.
David Ames is the winner of the Ward 3 Town council election.
To view the Island Packet article click here-