Monthly Indicators A RESEARCH TOOL PROVIDED BY THE HILTON HEAD AREA ASSOCIATION OF REALTORS速
August 2013
Quick Facts
Strong demand for a limited supply of homes for sale has seemingly outweighed higher mortgage rates, at least for the time being. The idea that mortgage rates may rise further is likely spurring some of this demand. The dream of homeownership is very much intact, but buyers should be prepared with competitive offers, since every measure of market health is pointing upwards. New Listings in the Hilton Head region decreased 11.7 percent to 401. Pending Sales were up 2.6 percent to 316. Inventory levels shrank 15.7 percent to 2,401 units. Prices got a lift. The Median Sales Price increased 22.8 percent to $260,964. Days on Market was up 1.1 percent to 111 days. Absorption rates improved as Months Supply of Inventory was down 27.4 percent to 7.6 months. Eyes continue to fixate on the Federal Reserve and its policy inclinations related to stimulus tapering. Labor market growth is positive but still tepid. Things like gas prices, stock market shifts and global economics have a tendency to sway consumer sentiment. At the moment, U.S. housing continues to be a bright spot.
+ 23.0%
+ 22.8%
- 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 8-2010
8-2011
8-2012
8-2011
8-2012
8-2011
8-2012
8-2011
8-2012
8-2011
8-2012
8-2011
8-2012
8-2011
8-2012
8-2011
8-2012
8-2011
8-2012
8-2011
8-2012
3,767
- 0.7%
308
316
+ 2.6%
2,379
2,743
+ 15.3%
304
374
+ 23.0%
2,216
2,455
+ 10.8%
110
111
+ 1.1%
129
121
- 6.7%
$212,500
$260,964
+ 22.8%
$222,000
$256,765
+ 15.7%
$266,470
$348,269
+ 30.7%
$309,208
$341,072
+ 10.3%
94.8%
95.5%
+ 0.7%
94.4%
95.4%
+ 1.0%
158
123
- 22.2%
152
124
- 18.2%
2,848
2,401
- 15.7%
--
--
--
10.5
7.6
- 27.4%
--
--
--
8-2013
Months Supply of Homes for Sale 8-2010
3,792
8-2013
Inventory of Homes for Sale 8-2010
- 11.7%
8-2013
Housing Affordability Index 8-2010
401
8-2013
Percent of List Price Received 8-2010
454
8-2013
Average Sales Price 8-2010
+/–
8-2013
Median Sales Price 8-2010
YTD 2012 YTD 2013
8-2013
Days on Market Until Sale 8-2010
+/–
8-2013
Closed Sales 8-2010
8-2013
8-2013
Pending Sales 8-2010
8-2012
8-2013
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.
August 459
Year To Date 454 3,816
401
2011
-1.1%
-11.7%
2012
2013
Prior Year
Current Year
+/–
September
424
443
+4.5%
October
399
428
+7.3%
Month
3,792
3,767
-0.6%
-0.7%
2012
2013
2011
November
372
365
-1.9%
December
294
283
-3.7%
January
494
499
+1.0%
February
476
514
+8.0%
March
555
554
-0.2%
April
548
511
-6.8%
May
448
442
-1.3%
June
417
414
-0.7%
July
400
432
+8.0%
August
454
401
-11.7%
12-Month Avg
440
441
+0.1%
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.
August
Year To Date 308
316
2,743 2,379 2,066
228
2011
+35.1%
+2.6%
2012
2013
Prior Year
Current Year
+/–
September
194
246
+26.8%
October
238
307
+29.0%
November
224
276
+23.2%
December
223
213
-4.5%
January
239
300
+25.5%
February
266
331
+24.4%
March
323
325
+0.6%
Month
+15.2%
+15.3%
2012
2013
2011
April
352
349
-0.9%
May
315
354
+12.4%
June
303
368
+21.5%
July
273
400
+46.5%
August
308
316
+2.6%
12-Month Avg
272
315
+16.2%
Historical Pending Sales Activity 450 400 350 300 250 200 150 100 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.
August
Year To Date 374 2,455
304
2,216
262 1,815
2011
+16.0%
+23.0%
2012
2013
Prior Year
Current Year
+/–
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
351
+5.7%
June
346
341
-1.4%
July
279
334
+19.7%
August
304
374
+23.0%
12-Month Avg
260
295
+14.9%
Month
+22.1%
+10.8%
2012
2013
2011
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.
August 110
Year To Date 110
111 140 129 121
2011
+0.4%
+1.1%
2012
2013
Prior Year
Current Year
+/–
September
137
121
-11.3%
October
138
130
-6.2%
November
132
122
-7.7%
December
141
115
-18.6%
Month
-7.6%
-6.7%
2012
2013
2011
January
134
127
-5.5%
February
130
124
-4.8%
March
136
121
-10.5%
April
152
121
-20.0%
May
129
122
-5.4%
June
125
118
-5.1%
July
124
125
+0.6%
August
110
111
+1.1%
12-Month Avg
132
121
-7.9%
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.
August
Year To Date $260,964
$255,000
$256,765 $228,000
$212,500
2011
-16.7%
+22.8%
2012
2013
2011
Prior Year
Current Year
+/–
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
$275,625
+18.3%
June
$230,000
$252,500
+9.8%
July
$220,000
$299,000
+35.9%
August
$212,500
$260,964
+22.8%
12-Month Med
$225,000
$249,783
+11.0%
Month
$222,000
-2.6%
+15.7%
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.
August
Year To Date $348,269 $325,011
$320,250
$341,072 $309,208
$266,470
2011
- 16.8%
+ 30.7%
2012
2013
2011
Prior Year
Current Year
+/–
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
$373,557
+20.0%
June
$310,184
$337,647
+8.9%
July
$286,352
$363,957
+27.1%
August
$266,470
$348,269
+30.7%
12-Month Avg
$313,592
$337,782
+7.7%
Month
- 4.9%
+ 10.3%
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.
August
94.2%
2011
Year To Date
94.8%
95.5%
+0.6%
+0.7%
2012
2013
93.7%
2011
94.4%
95.4%
+0.8%
+1.0%
2012
2013
Month
Prior Year
Current Year
+/–
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%
July
94.8%
95.1%
+0.4%
August
94.8%
95.5%
+0.7%
12-Month Avg
94.3%
95.3%
+1.0%
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.
August
Year To Date 152 158
135 124
122
2011
123
+28 6% +28.6%
22 2% -22.2%
2012
2013
Prior Year
Current Year
September
142
150
+5.6%
October
130
147
+12.6%
November
136
148
+9.2%
Month
+12 6% +12.6%
18 2% -18.2%
2012
2013
2011
+/–
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
-13.3%
June
146
127
-13.2%
July
154
110
-28.3%
August
158
123
-22.2%
12-Month Avg
145
138
-4.2%
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.
August 3,285 2,848 2,401
2011
-13.3%
-15.7%
2012
2013
Month
Prior Year
Current Year
+/–
September
3,297
2,861
-13.2%
October
3,217
2,813
-12.6%
November
3,151
2,744
-12.9%
December
2,971
2,581
-13.1%
January
2,987
2,605
-12.8%
February
3,028
2,657
-12.3%
March
3,064
2,746
-10.4%
April
3,098
2,774
-10.5%
May
3,038
2,709
-10.8%
June
2,948
2,602
-11.7%
July
2,891
2,479
-14.3%
August
2,848
2,401
-15.7%
12-Month Avg
3,045
2,664
-12.5%
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.
August 13.9 10.5 7.6
2011
-24.5%
-27.4%
2012
2013
Month
Prior Year
Current Year
+/–
September
14.0
10.4
-26.1%
October
13.4
10.0
-25.7%
November
13.1
9.6
-26.5%
December
12.1
9.1
-25.2%
January
12.2
9.0
-26.2%
February
12.3
9.0
-27.0%
March
12.3
9.3
-24.8%
April
12.1
9.4
-22.3%
May
11.6
9.1
-21.8%
June
11.1
8.6
-23.1%
July
10.9
7.9
-27.9%
August
10.5
7.6
-27.4%
12-Month Avg
12.1
9.1
-25.3%
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