Monthly Indicators A RESEARCH TOOL PROVIDED BY THE HILTON HEAD AREA ASSOCIATION OF REALTORS®
June 2013
Quick Facts
As potentially the brightest sun in the current economic recovery, housing activity has followed the mercury higher this summer. Interest rates and new construction activity have been in the spotlight lately, fueled by concerns over tapering Federal Reserve activity and ongoing inventory constraints. Watch for indications that more homes are selling in less time and at higher price points. Also watch for sellers returning to an inviting marketplace, marketplace which will help replenish neighborhoods with new listings. New Listings in the Hilton Head region decreased 13.5 percent to 360. Pending Sales were up 20.8 percent to 366. Inventory levels shrank 15.9 percent to 2,474 units. Prices followed the mercury higher. The Median Sales Price increased 9.8 percent to $252,500. Days on Market was down 5.1 percent to 118 days. Absorption rates improved as Months Supply of Inventory was down 27.2 percent to 8.1 months. The economy – which generates the jobs that fuel housing demand – continued to improve at a moderate pace during the second quarter of 2013. Budget sequesters and sluggish export growth have taken a back seat to housing recovery and stronger consumer spending. Interest rates could flirt with 4.0 or 4.25 percent again but the days of 3.3 percent interest are likely behind us.
- 1.4%
+ 9.8%
- 15.9%
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® and South Carolina REALTORS®. 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 6-2010
6-2011
6-2012
6-2011
6-2012
6-2011
6-2012
6-2011
6-2012
6-2011
6-2012
6-2011
6-2012
6-2011
6-2012
6-2011
6-2012
6-2011
6-2012
6-2011
6-2012
2,847
- 3.0%
303
366
+ 20.8%
1,799
2,046
+ 13.7%
346
341
- 1.4%
1,633
1,748
+ 7.0%
125
118
- 5.1%
134
122
- 8.8%
$230,000
$252,500
+ 9.8%
$225,440
$250,000
+ 10.9%
$310,184
$337,647
+ 8.9%
$321,177
$335,010
+ 4.3%
94.9%
95.2%
+ 0.3%
94.3%
95.5%
+ 1.2%
146
127
- 13.2%
149
128
- 13.9%
2,943
2,474
- 15.9%
--
--
--
11.1
8.1
- 27.2%
--
--
--
6-2013
Months Supply of Homes for Sale 6-2010
2,936
6-2013
Inventory of Homes for Sale 6-2010
- 13.5%
6-2013
Housing Affordability Index 6-2010
360
6-2013
Percent of List Price Received 6-2010
416
6-2013
Average Sales Price 6-2010
+/–
6-2013
Median Sales Price 6-2010
YTD 2012 YTD 2013
6-2013
Days on Market Until Sale 6-2010
+/–
6-2013
Closed Sales 6-2010
6-2013
6-2013
Pending Sales 6-2010
6-2012
6-2013
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.
June
Year To Date 435
2,972
416
2,936
2,847
360
2011
-4.4%
-13.5%
2012
2013
2011
Prior Year
Current Year
+/–
July
385
399
+3.6%
August
458
453
-1.1%
Month
-1.2%
-3.0%
2012
2013
September
424
443
+4.5%
October
399
426
+6.8%
November
372
363
-2.4%
December
294
283
-3.7%
January
494
493
-0.2%
February
475
509
+7.2%
March
555
548
-1.3%
April
548
507
-7.5%
May
448
430
-4.0%
June
416
360
-13.5%
12-Month Avg
439
435
-1.0%
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.
June
Year To Date 366 2,046 303 1,799
268 1,564
2011
+13.1%
+20.8%
2012
2013
2011
Prior Year
Current Year
+/–
July
274
273
-0.4%
August
228
309
+35.5%
September
194
246
+26.8%
October
238
309
+29.8%
November
224
278
+24.1%
December
223
213
-4.5%
January
239
302
+26.4%
February
266
332
+24.8%
March
323
328
+1.5%
April
353
351
-0.6%
May
315
367
+16.5%
June
303
366
+20.8%
12-Month Avg
265
306
+15.5%
Month
+15.0%
+13.7%
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.
June
Year To Date 346
1,748
341 1,633 1,331
215
2011
+60.9%
-1.4%
2012
2013
2011
Prior Year
Current Year
+/–
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%
June
346
341
-1.4%
12-Month Avg
252
285
+14.8%
Month
+22.7%
+7.0%
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.
June
Year To Date 146
158
134 122 125
2011
118
-20.9%
-5.1%
2012
2013
2011
Prior Year
Current Year
+/–
July
140
124
-11.5%
August
110
110
+0.4%
September
137
121
-11.3%
October
138
130
-6.2%
November
132
122
-7.7%
December
141
115
-18.6%
January
134
127
-5.5%
Month
-8.2%
-8.8%
2012
2013
February
130
124
-4.8%
March
136
121
-10.5%
April
152
121
-20.0%
May
129
123
-4.6%
June
125
118
-5.1%
12-Month Avg
133
121
-9.0%
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.
June
Year To Date
$252,500 $233,000
2011
$250,000 $229,900
$230,000
-1.3%
+9.8%
2012
2013
2011
Prior Year
Current Year
+/–
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%
June
$230,000
$252,500
+9.8%
12-Month Med
$225,220
$237,500
+5.5%
Month
$225,440
-1.9%
+10.9%
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.
June
Year To Date
$353,623
$337,647
$330,386
$310,184
2011
- 12.3%
+ 8.9%
2012
2013
2011
Prior Year
Current Year
+/–
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%
June
$310,184
$337,647
+8.9%
12-Month Avg
$320,393
$323,416
+0.9%
Month
$321,177
$335,010
- 2.8%
+ 4.3%
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.
June 94.3%
Year To Date 94.9%
95.2% 93.6%
2011
+0.7%
+0.3%
2012
2013
2011
94.3%
95.5%
+0.8%
+1.2%
2012
2013
Month
Prior Year
Current Year
+/–
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%
June
94.9%
95.2%
+0.3%
12-Month Avg
94.1%
95.2%
+1.1%
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.
June
Year To Date 149
146 129
2011
131
127
+13 1% +13.1%
13 2% -13.2%
2012
2013
2011
Prior Year
Current Year
+/–
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%
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%
Month
128
+13 7% +13.7%
13 9% -13.9%
2012
2013
June
146
127
-13.2%
12-Month Avg
141
144
+3.3%
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.
June 3,355 2,943 2,474
2011
-12.3%
-15.9%
2012
2013
Month
Prior Year
Current Year
+/–
July
3,281
2,884
-12.1%
August
3,283
2,839
-13.5%
September
3,295
2,852
-13.4%
October
3,215
2,800
-12.9%
November
3,149
2,727
-13.4%
December
2,969
2,563
-13.7%
January
2,985
2,579
-13.6%
February
3,025
2,625
-13.2%
March
3,061
2,704
-11.7%
April
3,094
2,726
-11.9%
May
3,034
2,636
-13.1%
June
2,943
2,474
-15.9%
12-Month Avg
3,111
2,701
-13.2%
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.
June 14.4 11.1 8.1
2011
-22.9%
-27.2%
2012
2013
Month
Prior Year
Current Year
+/–
July
14.0
10.9
-22.2%
August
13.9
10.5
-24.7%
September
14.0
10.3
-26.3%
October
13.4
9.9
-26.0%
November
13.1
9.5
-27.1%
December
12.1
9.0
-25.8%
January
12.2
8.9
-27.1%
February
12.3
8.9
-28.0%
March
12.3
9.1
-26.1%
April
12.1
9.2
-23.8%
May
11.6
8.8
-24.3%
June
11.1
8.1
-27.2%
12-Month Avg
12.7
9.4
-25.7%
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