Monthly Indicators A RESEARCH TOOL PROVIDED BY THE HILTON HEAD AREA ASSOCIATION OF REALTORS速
September 2013
Quick Facts
Do you hear that? Hummmmm. That's the delightful sound of normalcy. Buyers are buying, sellers are selling, lenders are lending and builders are building. Sure, this varies from region to region and even city to city within a region or state, but by and large, things are returning to normal. All major indices showcase fairly robust price recovery. Consumer confidence isn't what it could be, but it's sufficient for now. New Listings in the Hilton Head region decreased 14.7 percent to 378. Pending Sales were up 16.5 percent to 283. Inventory levels shrank 17.0 percent to 2,382 units. Prices got a lift. The Median Sales Price increased 6.5 percent to $245,000. Days on Market was down 13.2 percent to 105 days. Absorption rates improved as Months Supply of Inventory was down 28.0 percent to 7.5 months. There's some evidence that it's not just first-time home buyers fueling the recovery. Move-up buyers are also pulling their weight. Some baby-boomers are ready to look for less space, nudging Junior out of the basement. The pizza boxes and late-night video games get old, plus there's a fresh crop of buyers looking for a bigger space to raise their own little darlings.
+ 17.1%
+ 6.5%
- 17.0%
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 9-2010
9-2011
9-2012
9-2011
9-2012
9-2011
9-2012
9-2011
9-2012
9-2011
9-2012
9-2011
9-2012
9-2011
9-2012
9-2011
9-2012
9-2011
9-2012
9-2011
9-2012
4,191
- 1.1%
243
283
+ 16.5%
2,621
3,013
+ 15.0%
252
295
+ 17.1%
2,468
2,750
+ 11.4%
121
105
- 13.2%
128
119
- 7.4%
$230,000
$245,000
+ 6.5%
$225,000
$255,000
+ 13.3%
$358,255
$338,314
- 5.6%
$314,213
$340,775
+ 8.5%
94.0%
95.5%
+ 1.6%
94.4%
95.4%
+ 1.1%
150
131
- 12.4%
153
127
- 17.0%
2,870
2,382
- 17.0%
--
--
--
10.4
7.5
- 28.0%
--
--
--
9-2013
Months Supply of Homes for Sale 9-2010
4,236
9-2013
Inventory of Homes for Sale 9-2010
- 14.7%
9-2013
Housing Affordability Index 9-2010
378
9-2013
Percent of List Price Received 9-2010
443
9-2013
Average Sales Price 9-2010
+/–
9-2013
Median Sales Price 9-2010
YTD 2012 YTD 2013
9-2013
Days on Market Until Sale 9-2010
+/–
9-2013
Closed Sales 9-2010
9-2013
9-2013
Pending Sales 9-2010
9-2012
9-2013
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.
September 424
Year To Date 4,241
443
4,236
4,191
378
2011
+4.5%
-14.7%
2012
2013
2011
Prior Year
Current Year
+/–
October
399
428
+7.3%
November
372
365
-1.9%
Month
-0.1%
-1.1%
2012
2013
December
294
283
-3.7%
January
494
501
+1.4%
February
476
514
+8.0%
March
555
557
+0.4%
April
548
512
-6.6%
May
448
445
-0.7%
June
417
421
+1.0%
July
400
438
+9.5%
August
455
425
-6.6%
September
443
378
-14.7%
12-Month Avg
442
439
-0.6%
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.
September
Year To Date 283 3,013
243 2,621 194
2011
2,260
+25.3%
+16.5%
2012
2013
Prior Year
Current Year
+/–
October
238
307
+29.0%
November
224
276
+23.2%
December
223
213
-4.5%
January
239
299
+25.1%
February
265
329
+24.2%
March
323
325
+0.6%
April
352
348
-1.1%
May
315
352
+11.7%
June
303
363
+19.8%
July
273
389
+42.5%
August
308
325
+5.5%
September
243
283
+16.5%
12-Month Avg
276
317
+15.2%
Month
+16.0%
+15.0%
2012
2013
2011
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.
September
Year To Date 2,750 295
2,468
252 2,033
218
2011
+15.6%
+17.1%
2012
2013
Prior Year
Current Year
+/–
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%
September
252
295
+17.1%
12-Month Avg
263
299
+15.0%
Month
+21.4%
+11.4%
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.
September
Year To Date 140
137
128
121
119 105
2011
-11.3%
-13.2%
2012
2013
2011
Prior Year
Current Year
+/–
October
138
130
-6.2%
November
132
122
-7.7%
Month
-8.0%
-7.4%
2012
2013
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
122
-5.4%
June
125
118
-5.1%
July
124
125
+0.6%
August
110
111
+1.1%
September
121
105
-13.2%
12-Month Avg
130
120
-8.1%
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.
September
$218,000
2011
Year To Date
$230,000
$255,000
$245,000 $225,000
+5.5%
+6.5%
2012
2013
2011
Prior Year
Current Year
+/–
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%
September
$230,000
$245,000
+6.5%
12-Month Med
$225,000
$250,000
+11.1%
Month
$225,000
0.0%
+13.3%
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.
September
Year To Date $358,255
$322,931
2011
$338,314
+ 10.9%
- 5.6%
2012
2013
$324,785
2011
Prior Year
Current Year
+/–
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%
September
$358,255
$338,314
-5.6%
12-Month Avg
$316,514
$336,389
+6.3%
Month
$340,775 $314,213
- 3.3%
+ 8.5%
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.
September
94.2%
2011
Year To Date
94.0%
95.5%
-0.2%
+1.6%
2012
2013
93.7%
94.4%
95.4%
+0.7%
+1.1%
2012
2013
2011
Month
Prior Year
Current Year
+/–
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%
September
94.0%
95.5%
+1.6%
12-Month Avg
94.3%
95.4%
+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.
September
Year To Date 150
142 153
131 138
127
2011
+5.6% +5 6%
-12.4% 12 4%
2012
2013
Prior Year
Current Year
+/–
October
130
147
+12.6%
November
136
148
+9.2%
December
136
147
+8.0%
Month
+10.5% +10 5%
-17.0% 17 0%
2012
2013
2011
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%
September
150
131
-12.4%
12-Month Avg
146
136
-5.7%
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.
September 3,298 2,870 2,382
2011
-13.0%
-17.0%
2012
2013
Month
Prior Year
Current Year
+/–
October
3,218
2,822
-12.3%
November
3,152
2,753
-12.7%
December
2,972
2,590
-12.9%
January
2,988
2,617
-12.4%
February
3,030
2,671
-11.8%
March
3,066
2,763
-9.9%
April
3,100
2,793
-9.9%
May
3,040
2,733
-10.1%
June
2,952
2,639
-10.6%
July
2,895
2,533
-12.5%
August
2,854
2,470
-13.5%
September
2,870
2,382
-17.0%
12-Month Avg
3,011
2,647
-12.1%
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.
September 14.0 10.4 7.5
2011
-25.8%
-28.0%
2012
2013
Month
Prior Year
Current Year
+/–
October
13.4
10.0
-25.3%
November
13.1
9.6
-26.2%
December
12.1
9.1
-24.9%
January
12.2
9.0
-25.8%
February
12.3
9.1
-26.6%
March
12.4
9.4
-24.3%
April
12.1
9.5
-21.6%
May
11.6
9.2
-21.0%
June
11.1
8.7
-21.9%
July
10.9
8.1
-25.9%
August
10.5
7.9
-25.2%
September
10.4
7.5
-28.0%
12-Month Avg
11.8
8.9
-24.7%
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