Monthly Indicators A RESEARCH TOOL PROVIDED BY THE HILTON HEAD AREA ASSOCIATION OF REALTORS速
March 2014
Quick Facts
During this year's spring refresh, seller activity is the first item on the watch list. Low inventory has been a national headline grabber, and many are eager to see if this is the year that brings a bevy of new properties to market for ready-to-buyers. Investor activity and cash purchases should be monitored, as well, along with any increases in new construction. And although interest rates are up from their all-time lows, borrowing costs are still remarkably affordable affordable. It's It s cheaper to own than to rent in most of the country. New Listings in the Hilton Head region decreased 1.1 percent to 555. Pending Sales were up 10.2 percent to 357. Inventory levels shrank 8.2 percent to 2,570 units. Prices marched higher. The Median Sales Price increased 15.1 percent to $259,000. Days on Market was down 2.6 percent to 118 days. Absorption rates improved as Months Supply of Inventory was down 13.8 percent to 8.2 months. Consumers are in better shape for the current financial landscape, just in time for the primary home-buying season. Along with an uptick in consumer confidence, GDP growth was revised up to 2.6 percent by the Commerce Department. Consumer spending has risen and claims for unemployment benefits have decreased. Economic health fuels housing market growth. Employed, confident people with rising incomes tend to purchase real property.
- 14.4%
+ 15.1%
- 8.2%
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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Data is Copyright 息 2014 All Rights Reserved. MLS 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 3-2011
3-2012
3-2013
3-2012
3-2013
3-2012
3-2013
3-2012
3-2013
3-2012
3-2013
3-2012
3-2013
3-2012
3-2013
3-2012
3-2013
3-2012
3-2013
3-2012
3-2013
1,500
- 5.4%
324
357
+ 10.2%
946
928
- 1.9%
306
262
- 14.4%
752
682
- 9.3%
121
118
- 2.6%
124
113
- 8.9%
$225,000
$259,000
+ 15.1%
$232,000
$245,000
+ 5.6%
$304,274
$352,004
+ 15.7%
$306,454
$326,401
+ 6.5%
96.1%
95.1%
- 1.1%
95.6%
95.2%
- 0.4%
153
123
- 19.7%
149
129
- 13.5%
2,801
2,570
- 8.2%
--
--
--
9.5
8.2
- 13.8%
--
--
--
3-2014
Months Supply of Homes for Sale 3-2011
1,586
3-2014
Inventory of Homes for Sale 3-2011
- 1.1%
3-2014
Housing Affordability Index 3-2011
555
3-2014
Percent of List Price Received 3-2011
561
3-2014
Average Sales Price 3-2011
+/–
3-2014
Median Sales Price 3-2011
YTD 2013 YTD 2014
3-2014
Days on Market Until Sale 3-2011
+/–
3-2014
Closed Sales 3-2011
3-2014
3-2014
Pending Sales 3-2011
3-2013
3-2014
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New Listings A count of the properties that have been newly listed on the market in a given month.
March 555
Year To Date 561
555 1,586
1,527
2012
+1.1%
-1.1%
2013
2014
1,500
2012
Prior Year
Current Year
+/–
April
548
522
-4.7%
May
448
450
+0.4%
June
417
428
+2.6%
July
401
448
+11.7%
August
456
445
-2.4%
September
445
432
-2.9%
October
429
506
+17.9%
November
367
370
+0.8%
December
283
274
-3.2%
January
507
479
-5.5%
Month
+3.9%
-5.4%
2013
2014
February
518
466
-10.0%
March
561
555
-1.1%
12-Month Avg
448
448
-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
1-2014
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Pending Sales A count of the properties on which contracts have been accepted in a given month.
March
Year To Date 946
357 323
2012
928
827
324
+0.3%
+10.2%
2013
2014
2012
Prior Year
Current Year
+/–
April
352
345
-2.0%
May
315
348
+10.5%
June
303
356
+17.5%
July
273
374
+37.0%
August
307
310
+1.0%
September
243
305
+25.5%
October
308
325
+5.5%
November
274
266
-2.9%
December
212
202
-4.7%
January
296
263
-11.1%
Month
+14.4%
-1.9%
2013
2014
February
326
308
-5.5%
March
324
357
+10.2%
12-Month Avg
294
313
+6.4%
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
1-2014
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Closed Sales A count of the actual sales that have closed in a given month.
March
Year To Date 752 306
682
681
280 262
2012
+9.3%
-14.4%
2013
2014
2012
Prior Year
Current Year
+/–
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%
October
283
316
+11.7%
Month
+10.4%
-9.3%
2013
2014
November
307
271
-11.7%
December
247
283
+14.6%
January
217
232
+6.9%
February
229
188
-17.9%
March
306
262
-14.4%
12-Month Avg
281
296
+5.3%
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
1-2014
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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.
March
Year To Date
136
134 121
2012
124
118
-10.5%
-2.6%
2013
2014
113
2012
Prior Year
Current Year
+/–
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%
October
130
117
-9.7%
Month
-7.5%
-8.9%
2013
2014
November
122
124
+1.7%
December
115
95
-17.4%
January
127
107
-15.5%
February
124
112
-9.7%
March
121
118
-2.6%
12-Month Avg
125
115
-7.8%
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
1-2014
Data is Copyright © 2014 All Rights Reserved. MLS 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.
March
Year To Date $259,000 $232,000
$228,000
$225,000
$245,000
$191,750
2012
+17.3%
+15.1%
2013
2014
2012
Prior Year
Current Year
+/–
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%
October
$235,000
$249,833
+6.3%
November
$233,000
$250,000
+7.3%
December
$238,070
$250,000
+5.0%
January
$245,745
$220,600
-10.2%
February
$228,000
$250,483
+9.9%
March
$225,000
$259,000
+15.1%
12-Month Med
$228,125
$259,250
+13.6%
Month
+1.8%
+5.6%
2013
2014
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
1-2014
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Average Sales Price Average sales price for all closed sales, not accounting for seller concessions, in a given month.
March
Year To Date $326,401
$321,768
$352,004
$306,454
$331,155 $304,274
2012
- 8.1%
+ 15.7%
2013
2014
2012
Prior Year
Current Year
+/–
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%
October
$347,171
$329,877
-5.0%
November
$296,461
$341,307
+15.1%
December
$324,491
$341,476
+5.2%
January
$322,692
$290,536
-10.0%
February
$294,120
$335,751
+14.2%
March
$304,274
$352,004
+15.7%
12-Month Avg
$312,878
$344,452
+10.1%
Month
- 4.8%
+ 6.5%
2013
2014
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
1-2014
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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.
March
94.1%
2012
Year To Date
96.1%
95.1%
+2.1%
-1.1%
2013
2014
95.6%
94.0%
2012
95.2%
+1.7%
-0.4%
2013
2014
Month
Prior Year
Current Year
+/–
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%
October
95.0%
95.6%
+0.6%
November
95.5%
94.6%
-0.9%
December
95.2%
95.0%
-0.3%
January
95.1%
95.2%
+0.2%
February
95.3%
95.2%
-0.1%
March
96.1%
95.1%
-1.1%
12-Month Avg
94.9%
95.3%
+0.3%
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
1-2014
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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.
March
Year To Date
165
149
142
153
Month April 129
123
2012
-7.0%
-19.7%
2013
2014
2012
+4.8%
-13.5%
2013
2014
Prior Year
Current Year
+/–
155
136
-12.0%
May
144
126
-12.2%
June
146
128
-12.1%
July
154
112
-27.4%
August
158
124
-21.2%
September
150
133
-11.3%
October
147
131
-10.7%
November
148
138
-6.6%
December
147
132
-10.0%
January
146
139
-4.8%
February
152
126
-16.8%
March
153
123
-19.7%
12-Month Avg
150
129
-13.7%
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
1-2014
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Inventory of Homes for Sale The number of properties available for sale in active status at the end of a given month.
March 3,070 2,801
2012
2,570
-8.8%
-8.2%
2013
2014
Month
Prior Year
Current Year
+/–
April
3,104
2,845
-8.3%
May
3,044
2,794
-8.2%
June
2,956
2,715
-8.2%
July
2,900
2,635
-9.1%
August
2,861
2,608
-8.8%
September
2,879
2,553
-11.3%
October
2,832
2,560
-9.6%
November
2,767
2,506
-9.4%
December
2,606
2,400
-7.9%
January
2,642
2,458
-7.0%
February
2,703
2,495
-7.7%
March
2,801
2,570
-8.2%
12-Month Avg
2,841
2,595
-8.7%
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
1-2014
Data is Copyright © 2014 All Rights Reserved. MLS 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.
March 12.4 9.5 8.2
2012
-23.1%
-13.8%
2013
2014
Month
Prior Year
Current Year
+/–
April
12.1
9.7
-20.0%
May
11.6
9.4
-18.9%
June
11.2
9.0
-19.2%
July
11.0
8.5
-22.3%
August
10.5
8.4
-20.1%
September
10.5
8.1
-22.4%
October
10.1
8.1
-19.6%
November
9.7
7.9
-18.1%
December
9.2
7.6
-16.8%
January
9.1
7.9
-13.7%
February
9.2
8.0
-12.5%
March
9.5
8.2
-13.8%
12-Month Avg
10.3
8.4
-18.3%
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
1-2014
Data is Copyright © 2014 All Rights Reserved. MLS 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