Monthly Indicators A research tool provided by the Multiple Listing Service of Hilton Head Island and the Hilton Head Area Association of REALTORS®
August 2010
Contents
Your current outlook on the housing market depends on how you interpret the signs. Federal Reserve Chairman Ben Bernanke’s “unusually uncertain” p j growth g g demand economic outlook underpins the need for job before housing recovers across the nation. But let’s focus on the local story before trying to fix the national malaise.
New Listings Pending Sales Closed Sales Days On Market Until Sale
Pending Sales in the Hilton Head region decreased by 1.4 percent from last August to arrive at 219. New Listings increased 2.7 percent since last August and the overall inventory of 3,577 decreased by 10.7 percent. Median Sales Price fell 17.7 percent compared to last August, registering in at $214,000. Average Days on Market, at 126, dropped 16.9 percent versus last year. Months Supply of Inventory had a significant drop compared to 2009, down 37.6 percent to 15.9 months. In the coming months, keep an eye on Active Listings and Months Supply. Slowed sales may increase inventory, depending on listing activity. If listings go down, balance may be found. Make sure your listings show well and remain competitive and aggressively priced right out of the gate.
Median Sales Price Average Sales Price Percent of Original List Price Received at Sale Housing Affordability Index Inventory of Homes Available Months Supply of Inventory Market Overview Explanation Page
All data provided by Multiple Listing Service of Hilton Head Island ©2010 HHIMLS - powered by 10K Research and Marketing and sponsored by the South Carolina Association of REALTORS®
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New Listings From the Multiple Listing Service of Hilton Head Island and the Hilton Head Area Association of REALTORS速
Year to Date
August 539 475
488
4,854 4,237
4,170
One Year Change:
2008
2009
One Year Change:
+ 2.7%
- 1.6%
Two Year Change:
Two Year Change:
- 9.5%
- 14.1%
2010
2008
2009
2010
Historical New Listings 800
700
600
500
400
300
200
Jan-07
Jan-08
All data provided by Multiple Listing Service of Hilton Head Island - powered by 10K Research and Marketing and sponsored by the South Carolina Association of REALTORS速
Jan-09
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Pending Sales From the Multiple Listing Service of Hilton Head Island and the Hilton Head Area Association of REALTORS速
August
Year to Date 222
1,902
219 1,534
172
1,482
One Year Change:
One Year Change:
+ 28.3%
- 1.4%
2008
2009
Two Year Change:
Two Year Change:
+ 27.3%
+ 24.0%
2008
2010
2009
2010
Historical Pending Sales 300
250
200
150
100
50
0
Jan-07
Jan-08
Jan-09
All data provided by Multiple Listing Service of Hilton Head Island - powered by 10K Research and Marketing and sponsored by the South Carolina Association of REALTORS速
Jan-10
3
Closed Sales From the Multiple Listing Service of Hilton Head Island and the Hilton Head Area Association of REALTORS速
Year to Date
August
1,701 215
204
1,485 1,286
158
2008
2009
One Year Change:
One Year Change:
+ 5.4%
+ 32.3%
Two Year Change:
Two Year Change:
+ 36.1%
+ 14.5%
2010
2008
2009
2010
Historical Closed Sales 300
250
200
150
100
50
Jan-07
Jan-08
Jan-09
All data provided by Multiple Listing Service of Hilton Head Island - powered by 10K Research and Marketing and sponsored by the South Carolina Association of REALTORS速
Jan-10
4
Days on Market Until Sale From the Multiple Listing Service of Hilton Head Island and the Hilton Head Area Association of REALTORS速
Year to Date
August 150
2008
151
146
2009
147
126
131
One Year Change:
One Year Change:
- 16.9%
- 11.0%
Two Year Change:
Two Year Change:
- 16.2%
- 10.2%
2010
2008
2009
2010
Historical Days on Market Until Sale 175
165
155
145
135
125
115
105
95
Jan-07
Jan-08
Jan-09
All data provided by Multiple Listing Service of Hilton Head Island - powered by 10K Research and Marketing and sponsored by the South Carolina Association of REALTORS速
Jan-10
5
Median Sales Price From the Multiple Listing Service of Hilton Head Island and the Hilton Head Area Association of REALTORS速
Year to Date
August $332,750
$325,000 $266,000
$260,000
$234,000
$214,000
2008
2009
One Year Change:
One Year Change:
- 17.7%
- 12.0%
Two Year Change:
Two Year Change:
- 35.7%
- 28.0%
2010
2008
2009
2010
Historical Median Sales Price $450,000
$400,000
$350,000
$300,000
$250,000
$200,000
Jan-07
Jan-08
Jan-09
All data provided by Multiple Listing Service of Hilton Head Island - powered by 10K Research and Marketing and sponsored by the South Carolina Association of REALTORS速
Jan-10
6
Average Sales Price From the Multiple Listing Service of Hilton Head Island and the Hilton Head Area Association of REALTORS速
Year to Date
August $462,850
$467,169
$473,299 $390,206 $350,276 $300,997
2008
2009
One Year Change:
One Year Change:
- 35.6%
- 10.2%
Two Year Change:
Two Year Change:
- 35.0%
- 26.0%
2010
2008
2009
2010
Historical Average Sales Price $650,000
$600,000
$550,000
$500,000
$450,000
$400,000
$350,000
$300,000
Jan-07
Jan-08
Jan-09
All data provided by Multiple Listing Service of Hilton Head Island - powered by 10K Research and Marketing and sponsored by the South Carolina Association of REALTORS速
Jan-10
7
Percent of Original List Price Received From the Multiple Listing Service of Hilton Head Island and the Hilton Head Area Association of REALTORS速
Year to Date
August
87.6%
2008
88.3%
88.5%
86.3%
87.7% 84.9%
2009
One Year Change:
One Year Change:
+ 2.3%
+ 3.3%
Two Year Change:
Two Year Change:
+ 0.8%
- 0.9%
2008
2010
2009
2010
Historical Percent of Original List Price Received 94%
92%
90%
88%
86%
84%
82%
Jan-07
Jan-08
Jan-09
All data provided by Multiple Listing Service of Hilton Head Island - powered by 10K Research and Marketing and sponsored by the South Carolina Association of REALTORS速
Jan-10
8
Housing Affordability Index From the Multiple Listing Service of Hilton Head Island and the Hilton Head Area Association of REALTORS速
Year to Date
August
The HAI formula measures housing affordability. An HAI of 120 means the median family income in the region is 120% of the necessary income to qualify for the median priced home using a 20% down, 30-year fixed rate mortgage.
128
138
107
109
74
72
2008
2009
One Year Change:
One Year Change:
+ 26.5%
+ 19.6%
Two Year Change:
Two Year Change:
+ 90.6%
+ 72.8%
2010
2008
2009
2010
Historical Housing Affordability Index 140
125
110
95
80
65
50
Jan-07
Jan-08
Jan-09
All data provided by Multiple Listing Service of Hilton Head Island - powered by 10K Research and Marketing and sponsored by the South Carolina Association of REALTORS速
Jan-10
9
Inventory of Homes Available From the Multiple Listing Service of Hilton Head Island and the Hilton Head Area Association of REALTORS速
August 4,192
4,007 3,577
One Year Change:
- 10.7% Two Year Change:
- 14.7%
2008
2009
2010
Historical Inventory of Homes Available 5,000
4,500
4,000
3,500
3,000
2,500
2,000
1,500
1,000
Jan-07
Jan-08
Jan-09
All data provided by Multiple Listing Service of Hilton Head Island - powered by 10K Research and Marketing and sponsored by the South Carolina Association of REALTORS速
Jan-10
10
Months Supply of Inventory From the Multiple Listing Service of Hilton Head Island and the Hilton Head Area Association of REALTORS速
August 25.5 23.0
15.9
One Year Change:
- 37.6% Two Year Change:
- 30.8%
2008
2009
2010
Historical Months Supply of Inventory 30
25
20
15
10
5
0
Jan-07
Jan-08
Jan-09
All data provided by Multiple Listing Service of Hilton Head Island - powered by 10K Research and Marketing and sponsored by the South Carolina Association of REALTORS速
Jan-10
11
Market Overview From the Multiple Listing Service of Hilton Head Island and the Hilton Head Area Association of REALTORS速
Monthly Current Prior Year New Listings
Pending Sales
Closed Sales
Days on Market Until Sale
Median Sales Price
Average Sales Price
Percent of Original List Price Received at Sale Housing Affordability Index
Total Active Listings Available at Month End Months Supply of Inventory
Jun Jul Aug Jun Jul Aug Jun Jul Aug Jun Jul Aug Jun Jul Aug Jun Jul Aug Jun Jul Aug Jun Jul Aug Jun Jul Aug Jun Jul Aug
2010 2010 2010 2010 2010 2010 2010 2010 2010 2010 2010 2010 2010 2010 2010 2010 2010 2010 2010 2010 2010 2010 2010 2010 2010 2010 2010 2010 2010 2010
504 485 488 235 271 219 261 220 215 141 126 126 $240,000 $275,145 $214,000 $330,841 $401,054 $300,997 87.8% 87.6% 88.3% 121 109 138 3,711 3,614 3,577 17.0 16.8 15.9
530 479 475 202 195 222 210 198 204 151 150 151 $285,000 $255,000 $260,000 $386,044 $361,904 $467,169 84.4% 84.7% 86.3% 98 108 109 4,179 4,117 4,007 26.5 26.5 25.5
All data provided by Multiple Listing Service of Hilton Head Island - powered by 10K Research and Marketing and sponsored by the South Carolina Association of REALTORS速
Year to Date +/- 4.9% + 1.3% + 2.7% + 16.3% + 39.0% - 1.4% + 24.3% + 11.1% + 5.4% - 6.5% - 16.5% 16 5% - 16.9% - 15.8% + 7.9% - 17.7% - 14.3% + 10.8% - 35.6% + 4.0% + 3.5% + 2.3% + 23.8% + 0.9% + 26.5% - 11.2% - 12.2% - 10.7% - 35.7% - 36.4% - 37.6%
Current Prior Year
+/-
3,197 3,682 4,170 1,412 1,683 1,902 1,266 1,486 1,701 133 132 131 $232,040 $237,180 $234,000 $349,901 $357,383 $350,276 87.6% 87.6% 87.7% 124 124 128
3,283 3,762 4,237 1,065 1,260 1,482 884 1,082 1,286 145 146 147 $269,250 $267,000 $266,000 $378,990 $375,892 $390,206 84.6% 84.6% 84.9% 103 104 107
- 2.6% - 2.1% - 1.6% + 32.6% + 33.6% + 28.3% + 43.2% + 37.3% + 32.3% - 8.7% - 10.0% 10 0% - 11.0% - 13.8% - 11.2% - 12.0% - 7.7% - 4.9% - 10.2% + 3.5% + 3.5% + 3.3% + 21.1% + 19.6% + 19.6%
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Explanation of Methodology From the Multiple Listing Service of Hilton Head Island and the Hilton Head Area Association of REALTORS速
New Listings
A count of the properties that have been newly listed on the market in a given month, regardless of what status they're currently in.
Pending Sales
A count of the properties that have offers accepted on them in a given month, regardless of whether or not the sale closes.
Closed Sales
A count of the properties that have closed in a given month.
Days on Market Until Sale
The average number of days between when a property is first listed and when it is closed, sold properties only.
Median Sales Price
The median sales price for all closed sales in a given month month, sold properties only only.
Average Sales Price
The average sales price for all closed sales in a given month, sold properties only.
Percent of Original List Price Received at Sale
The average percentage found when dividing a property's sales price by the original list price, sold properties only.
Housing Affordability Index
Measures the affordability of the region's homes. An index of 120 would mean that the median family income in the region is 120% of what's necessary to qualify for the median priced home.
Total Active Listings Available at Month End
The number of properties available for sale in active status at the end of the month.
Months Supply of Inventory
Compares the number of active listings available to the average monthly pending sales for the last twelve months.
All data provided by Multiple Listing Service of Hilton Head Island - powered by 10K Research and Marketing and sponsored by the South Carolina Association of REALTORS速
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