Monthly Indicators A RESEARCH TOOL PROVIDED BY THE HILTON HEAD AREA ASSOCIATION OF REALTORS速
May 2013
Quick Facts
We're halfway through the year and it seems our collective attention has shifted from monitoring price and sales gains to eagerly anticipating more new listing activity on the part of sellers. This shift is the result of an imbalance between strong demand for homes and constrained supply. In some markets, purchase agreements are being written up directly after a showing. Your experience and local market conditions may differ differ, but the market as a whole has summertime heat heat. New Listings in the Hilton Head region decreased 13.8 percent to 386. Pending Sales were up 13.3 percent to 358. Inventory levels shrank 15.7 percent to 2,552 units. Prices turned higher. The Median Sales Price increased 18.0 percent to $275,000. Days on Market was down 4.6 percent to 123 days. Absorption rates improved as Months Supply of Inventory was down 26.8 percent to 8.4 months. Interest rate risk is back in the headlines after Fed chief Ben Bernanke's latest testimony on Capitol Hill. The Federal Reserve Bank is considering decreasing its $85 billion a month bond asset purchases, which have been holding interest rates at or near historic lows. This is mostly the result of an improving jobs market, which is a good thing for real estate.
+ 6.0%
+ 18.0%
- 15.7%
Change in Closed Sales
Change in Median Sales Price
Change in Inventory
Market Overview New Listings Pending Sales Closed Sales Days On Market Until Sale Median Sales Price Average Sales Price Percent of List Price Received Housing Affordability Index Inventory of Homes for Sale Months Supply of Inventory
2 3 4 5 6 7 8 9 10 11 12
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All data from the Multiple Listing Service of Hilton Head Island. Provided by the Hilton Head Area Association of REALTORS速 and South Carolina REALTORS速. Powered by 10K Research and Marketing. | 1
Market Overview Key market metrics for the current month and year-to-date figures.
Key Metrics
Historical Sparklines
New Listings 5-2010
5-2011
5-2012
5-2011
5-2012
5-2011
5-2012
5-2011
5-2012
5-2011
5-2012
5-2011
5-2012
5-2011
5-2012
5-2011
5-2012
5-2011
5-2012
5-2011
5-2012
2,433
- 3.5%
316
358
+ 13.3%
1,498
1,692
+ 13.0%
332
352
+ 6.0%
1,287
1,407
+ 9.3%
129
123
- 4.6%
136
123
- 9.7%
$233,000
$275,000
+ 18.0%
$225,000
$249,983
+ 11.1%
$311,333
$372,688
+ 19.7%
$324,128
$334,372
+ 3.2%
94.9%
95.8%
+ 1.0%
94.1%
95.5%
+ 1.5%
144
125
- 13.1%
148
136
- 8.4%
3,026
2,552
- 15.7%
--
--
--
11.5
8.4
- 26.8%
--
--
--
5-2013
Months Supply of Homes for Sale 5-2010
2,520
5-2013
Inventory of Homes for Sale 5-2010
- 13.8%
5-2013
Housing Affordability Index 5-2010
386
5-2013
Percent of List Price Received 5-2010
448
5-2013
Average Sales Price 5-2010
+/–
5-2013
Median Sales Price 5-2010
YTD 2012 YTD 2013
5-2013
Days on Market Until Sale 5-2010
+/–
5-2013
Closed Sales 5-2010
5-2013
5-2013
Pending Sales 5-2010
5-2012
5-2013
All data from the Multiple Listing Service 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
New Listings A count of the properties that have been newly listed on the market in a given month.
May
Year To Date 460
448 2,537
2,520
386
2011
-2.6%
-13.8%
2012
2013
2011
Prior Year
Current Year
+/–
June
434
415
-4.4%
July
385
398
+3.4%
Month
2,433
-0.7%
-3.5%
2012
2013
August
458
453
-1.1%
September
424
441
+4.0%
October
399
426
+6.8%
November
372
363
-2.4%
December
292
283
-3.1%
January
494
491
-0.6%
February
475
509
+7.2%
March
555
545
-1.8%
April
548
502
-8.4%
May
448
386
-13.8%
12-Month Avg
440
434
-1.4%
Historical New Listing Activity 800 700 600 500 400 300 200 100 0 1-2007
1-2008
1-2009
1-2010
1-2011
1-2012
1-2013
All data from the Multiple Listing Service 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
Pending Sales A count of the properties on which contracts have been accepted in a given month.
May
Year To Date 1,692
358 1,498
316 1,297 251
2011
+25.9%
+13.3%
2012
2013
2011
Prior Year
Current Year
+/–
June
268
303
+13.1%
July
274
273
-0.4%
August
228
310
+36.0%
September
195
246
+26.2%
October
238
309
+29.8%
November
225
279
+24.0%
December
223
214
-4.0%
January
240
303
+26.3%
February
266
338
+27.1%
March
323
332
+2.8%
April
353
361
+2.3%
May
316
358
+13.3%
12-Month Avg
262
302
+15.1%
Month
+15.5%
+13.0%
2012
2013
Historical Pending Sales Activity 400 350 300 250 200 150 100 50 0 1-2007
1-2008
1-2009
1-2010
1-2011
1-2012
1-2013
All data from the Multiple Listing Service 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
Closed Sales A count of the actual sales that have closed in a given month.
May
Year To Date 352
1,407
332
1,287 1,116
261
2011
+27.2%
+6.0%
2012
2013
2011
Prior Year
Current Year
+/–
June
215
346
+60.9%
July
222
279
+25.7%
August
262
304
+16.0%
September
218
252
+15.6%
October
220
283
+28.6%
November
212
307
+44.8%
December
253
247
-2.4%
January
220
217
-1.4%
February
181
229
+26.5%
March
280
306
+9.3%
April
274
303
+10.6%
May
332
352
+6.0%
12-Month Avg
241
285
+20.0%
Month
+15.3%
+9.3%
2012
2013
Historical Closed Sales Activity 400 350 300 250 200 150 100 50 0 1-2007
1-2008
1-2009
1-2010
1-2011
1-2012
1-2013
All data from the Multiple Listing Service 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
Days on Market Until Sale Average number of days between when a property is listed and when an offer is accepted in a given month.
May
Year To Date 133
129
143
123
136 123
2011
-3.6%
-4.6%
2012
2013
2011
Prior Year
Current Year
+/–
June
158
125
-20.9%
July
140
124
-11.5%
August
110
110
+0.4%
September
137
121
-11.3%
Month
-5.1%
-9.7%
2012
2013
October
138
130
-6.2%
November
132
122
-7.7%
December
141
115
-18.6%
January
134
127
-5.5%
February
130
124
-4.8%
March
136
121
-10.5%
April
152
121
-20.0%
May
129
123
-4.6%
12-Month Avg
136
122
-10.4%
Historical Days on Market Until Sale 180
160
140
120
100
80
60 1-2007
1-2008
1-2009
1-2010
1-2011
1-2012
1-2013
All data from the Multiple Listing Service 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
Median Sales Price Median price point for all closed sales, not accounting for seller concessions, in a given month.
May
Year To Date $275,000 $249,983
$250,000 $233,000
2011
$228,000
-6.8%
+18.0%
2012
2013
2011
Prior Year
Current Year
+/–
June
$233,000
$230,000
-1.3%
July
$213,750
$220,000
+2.9%
August
$255,000
$212,500
-16.7%
September
$218,000
$230,000
+5.5%
October
$239,133
$235,000
-1.7%
November
$230,000
$233,000
+1.3%
December
$229,700
$238,070
+3.6%
January
$238,750
$245,745
+2.9%
February
$238,000
$228,000
-4.2%
March
$191,750
$225,000
+17.3%
April
$210,000
$263,000
+25.2%
May
$233,000
$275,000
+18.0%
12-Month Med
$225,000
$235,000
+4.4%
Month
$225,000
-1.3%
+11.1%
2012
2013
Historical Median Sales Price $450,000 $400,000 $350,000 $300,000 $250,000 $200,000 $150,000 $100,000 1-2007
1-2008
1-2009
1-2010
1-2011
1-2012
1-2013
All data from the Multiple Listing Service 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
Average Sales Price Average sales price for all closed sales, not accounting for seller concessions, in a given month.
May
Year To Date $372,688
$339,727
$325,837
$311,333
2011
- 8.4%
+ 19.7%
2012
2013
2011
Prior Year
Current Year
+/–
June
$353,623
$310,184
-12.3%
July
$298,544
$286,352
-4.1%
August
$320,250
$266,470
-16.8%
September
$322,931
$358,255
+10.9%
October
$342,260
$347,171
+1.4%
November
$319,573
$296,461
-7.2%
December
$314,152
$324,491
+3.3%
January
$327,373
$322,692
-1.4%
February
$300,293
$294,120
-2.1%
March
$331,155
$304,274
-8.1%
April
$345,660
$359,394
+4.0%
May
$311,333
$372,688
+19.7%
12-Month Avg
$324,098
$320,671
-1.1%
Month
$324,128
$334,372
- 0.5%
+ 3.2%
2012
2013
Historical Average Sales Price $700,000 $600,000 $500,000 $400,000 $300,000 $200,000 $100,000 $0 1-2007
1-2008
1-2009
1-2010
1-2011
1-2012
1-2013
All data from the Multiple Listing Service 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
Percent of List Price Received 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.
May
Year To Date
93.5%
2011
94.9%
95.8%
+1.4%
+1.0%
2012
2013
93.4%
2011
94.1%
95.5%
+0.7%
+1.5%
2012
2013
Month
Prior Year
Current Year
+/–
June
94.3%
94.9%
+0.7%
July
93.6%
94.8%
+1.3%
August
94.2%
94.8%
+0.6%
September
94.2%
94.0%
-0.2%
October
94.0%
95.0%
+1.1%
November
93.5%
95.5%
+2.1%
December
94.1%
95.2%
+1.2%
January
93.8%
95.1%
+1.3%
February
93.9%
95.3%
+1.5%
March
94.1%
96.1%
+2.1%
April
93.7%
95.1%
+1.6%
May
94.9%
95.8%
+1.0%
12-Month Avg
94.0%
95.2%
+1.2%
Historical Percent of List Price Received 100% 99% 98% 97% 96% 95% 94% 93% 92% 91% 90% 1-2007
1-2008
1-2009
1-2010
1-2011
1-2012
1-2013
All data from the Multiple Listing Service 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
Housing Affordability Index This index measures housing affordability for the region. An index of 120 means the median household income was 120% of what is necessary to qualify for the median-priced home under prevailing interest rates. A higher number means greater affordability.
May
Year To Date 148
144
2011
+19 6% +19.6%
13 1% -13.1%
2012
2013
136
130
125
120
2011
Prior Year
Current Year
+/–
June
129
146
+13.1%
July
139
154
+10.8%
August
122
158
+28.6%
September
142
150
+5.6%
October
130
147
+12.6%
November
136
148
+9.2%
Month
+13 7% +13.7%
8 4% -8.4%
2012
2013
December
136
147
+8.0%
January
137
144
+4.9%
February
139
150
+8.0%
March
165
151
-8.2%
April
155
135
-13.2%
May
144
125
-13.1%
12-Month Avg
139
146
+5.5%
Historical Housing Affordability Index 180 160 140 120 100 80 60 40 20 0 1-2007
1-2008
1-2009
1-2010
1-2011
1-2012
1-2013
All data from the Multiple Listing Service 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
Inventory of Homes for Sale The number of properties available for sale in active status at the end of a given month.
May 3,403 3,026 2,552
2011
-11.1%
-15.7%
2012
2013
Month
Prior Year
Current Year
+/–
June
3,353
2,934
-12.5%
July
3,279
2,874
-12.4%
August
3,281
2,828
-13.8%
September
3,292
2,839
-13.8%
October
3,212
2,787
-13.2%
November
3,145
2,713
-13.7%
December
2,963
2,547
-14.0%
January
2,978
2,559
-14.1%
February
3,018
2,598
-13.9%
March
3,054
2,670
-12.6%
April
3,087
2,677
-13.3%
May
3,026
2,552
-15.7%
12-Month Avg
3,141
2,715
-13.6%
Historical Inventory of Homes for Sale 5,000 4,500 4,000 3,500 3,000 2,500 2,000 1,500 1,000 500 0 1-2007
1-2008
1-2009
1-2010
1-2011
1-2012
1-2013
All data from the Multiple Listing Service 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
Months Supply of Inventory 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.
May 14.8 11.5 8.4
2011
-22.3%
-26.8%
2012
2013
Month
Prior Year
Current Year
+/–
June
14.4
11.1
-23.2%
July
14.0
10.8
-22.5%
August
13.9
10.4
-25.1%
September
14.0
10.3
-26.6%
October
13.4
9.9
-26.3%
November
13.0
9.5
-27.4%
December
12.1
8.9
-26.2%
January
12.1
8.8
-27.5%
February
12.3
8.7
-28.7%
March
12.3
9.0
-27.1%
April
12.0
9.0
-25.4%
May
11.5
8.4
-26.8%
12-Month Avg
12.9
9.6
-26.0%
Historical Months Supply of Inventory 30
25
20
15
10
5
0 1-2007
1-2008
1-2009
1-2010
1-2011
1-2012
1-2013
All data from the Multiple Listing Service 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