Monthly Indicators A RESEARCH TOOL PROVIDED BY THE HILTON HEAD AREA ASSOCIATION OF REALTORS速
May 2014
Quick Facts
Some have noted a slight pause in the housing recovery this year. The American Dream of homeownership is alive and well, but it must still contend with market fluctuations. Buyers need homes for sale if they're expected to buy said homes. They also need reliable financing, better jobs and stronger wage growth. The opportunities are out there. Now we need people to take advantage of them. New Listings in the Hilton Head region decreased 10.9 percent to 401. Pending Sales were down 4.9 percent to 331. Inventory levels shrank 4.0 percent to 2,687 units. Prices weakened somewhat. The Median Sales Price decreased 9.7 percent to $249,000. Days on Market was down 11.2 percent to 108 days. Absorption rates improved as Months Supply of Inventory was down 9.0 percent to 8.6 months. We've had a mixed bag of economic news lately. As expected, national GDP contracted slightly during Q1-2014, which most economists attribute to impermanent factors like the harsh winter. We've now had more than four straight years of monthly private sector job growth. It hasn't been extraordinary growth, but it sure beats mass layoffs. Buoyed by an improving sales mix, home prices continue their ascent despite erratic demand indicators. More inventory, more high-skilled job growth, and less economic and political uncertainty are still top priorities.
- 11.1%
- 9.7%
- 4.0%
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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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 5-2011
5-2012
5-2013
5-2012
5-2013
5-2012
5-2013
5-2012
5-2013
5-2012
5-2013
5-2012
5-2013
5-2012
5-2013
5-2012
5-2013
5-2012
5-2013
5-2012
5-2013
2,570
+ 0.4%
348
331
- 4.9%
1,638
1,625
- 0.8%
351
312
- 11.1%
1,406
1,302
- 7.4%
122
108
- 11.2%
123
110
- 10.6%
$275,625
$249,000
- 9.7%
$250,000
$250,000
0.0%
$373,557
$326,511
- 12.6%
$334,561
$331,572
- 0.9%
95.8%
94.8%
- 1.1%
95.5%
95.3%
- 0.3%
120
126
+ 4.6%
133
125
- 5.5%
2,798
2,687
- 4.0%
--
--
--
9.4
8.6
- 9.0%
--
--
--
5-2014
Months Supply of Homes for Sale 5-2011
2,559
5-2014
Inventory of Homes for Sale 5-2011
- 10.9%
5-2014
Housing Affordability Index 5-2011
401
5-2014
Percent of List Price Received 5-2011
450
5-2014
Average Sales Price 5-2011
+/–
5-2014
Median Sales Price 5-2011
YTD 2013 YTD 2014
5-2014
Days on Market Until Sale 5-2011
+/–
5-2014
Closed Sales 5-2011
5-2014
5-2014
Pending Sales 5-2011
5-2013
5-2014
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 | 2
New Listings A count of the properties that have been newly listed on the market in a given month.
May
Year To Date 448
450 2,524
401
2012
+0.4%
-10.9%
2013
2014
2012
Prior Year
Current Year
+/–
June
417
428
+2.6%
July
401
448
+11.7%
August
456
447
-2.0%
September
445
433
-2.7%
October
429
507
+18.2%
November
367
373
+1.6%
December
283
275
-2.8%
January
507
482
-4.9%
February
518
476
-8.1%
March
562
611
+8.7%
April
522
600
+14.9%
May
450
401
-10.9%
12-Month Avg
446
457
+2.3%
Month 2,570
2,559
+1.4%
+0.4%
2013
2014
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.
May
Year To Date 348 315
2012
1,638 331
1,625
1,494
+10.5%
-4.9%
2013
2014
2012
Prior Year
Current Year
+/–
June
303
354
+16.8%
July
273
373
+36.6%
August
307
308
+0.3%
September
243
304
+25.1%
October
308
322
+4.5%
November
274
266
-2.9%
December
212
201
-5.2%
January
296
257
-13.2%
February
325
302
-7.1%
March
324
368
+13.6%
April
345
367
+6.4%
May
348
331
-4.9%
12-Month Avg
297
313
+5.5%
Month
+9.6%
-0.8%
2013
2014
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
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 | 4
Closed Sales A count of the actual sales that have closed in a given month.
May
Year To Date 351
1,406
332
2012
1,302
1,287
312
+5.7%
-11.1%
2013
2014
2012
Prior Year
Current Year
+/–
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%
November
307
271
-11.7%
December
247
283
+14.6%
Month
+9.2%
-7.4%
2013
2014
January
217
232
+6.9%
February
229
188
-17.9%
March
306
262
-14.4%
April
303
308
+1.7%
May
351
312
-11.1%
12-Month Avg
285
293
+3.2%
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.
May
Year To Date 129 122
136 108
123 110
2012
-5.4%
-11.2%
2013
2014
2012
Prior Year
Current Year
+/–
June
125
118
-5.1%
July
124
125
+0.6%
Month
-9.9%
-10.6%
2013
2014
August
110
111
+1.1%
September
121
105
-13.2%
October
130
117
-9.7%
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%
April
121
105
-13.8%
May
122
108
-11.2%
12-Month Avg
122
112
-7.7%
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.
May
Year To Date $275,625 $250,000
$249,000 $233,000
2012
$250,000
$225,000
+18.3%
-9.7%
2013
2014
2012
Prior Year
Current Year
+/–
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%
April
$263,000
$279,500
+6.3%
May
$275,625
$249,000
-9.7%
12-Month Med
$235,000
$256,000
+8.9%
Month
+11.1%
0.0%
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.
May
Year To Date $373,557 $326,511
$311,333
2012
+ 20.0%
- 12.6%
2013
2014
$324,128
2012
Prior Year
Current Year
+/–
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%
April
$359,394
$348,056
-3.2%
May
$373,557
$326,511
-12.6%
12-Month Avg
$320,744
$338,980
+5.7%
Month
$334,561
$331,572
+ 3.2%
- 0.9%
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
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 | 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
94.9%
2012
95.8%
94.8%
+1.0%
-1.1%
2013
2014
94.1%
2012
95.5%
95.3%
+1.5%
-0.3%
2013
2014
Month
Prior Year
Current Year
+/–
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%
April
95.1%
96.0%
+0.9%
May
95.8%
94.8%
-1.1%
12-Month Avg
95.2%
95.2%
+0.1%
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
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 | 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
June
145
140 120
2012
Month
133
126
-14.2%
+4.6%
2013
2014
2012
125
-8.7%
-5.5%
2013
2014
Prior Year
Current Year
+/–
143
124
-13.1%
July
151
106
-30.2%
August
156
119
-23.4%
September
147
129
-11.9%
October
143
127
-11.3%
November
145
134
-7.5%
December
143
128
-10.4%
January
141
137
-3.0%
February
148
122
-17.8%
March
150
118
-21.2%
April
131
109
-16.4%
May
120
126
+4.6%
12-Month Avg
143
123
-13.5%
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
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 | 10
Inventory of Homes for Sale The number of properties available for sale in active status at the end of a given month.
May 3,046 2,798
2012
2,687
-8.1%
-4.0%
2013
2014
Month
Prior Year
Current Year
+/–
June
2,958
2,721
-8.0%
July
2,902
2,642
-9.0%
August
2,863
2,619
-8.5%
September
2,881
2,566
-10.9%
October
2,834
2,577
-9.1%
November
2,769
2,527
-8.7%
December
2,608
2,424
-7.1%
January
2,644
2,492
-5.7%
February
2,706
2,546
-5.9%
March
2,805
2,668
-4.9%
April
2,849
2,761
-3.1%
May
2,798
2,687
-4.0%
12-Month Avg
2,801
2,603
-7.1%
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
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.
May
11.6 9.4
8.6
-18.9%
-9.0%
2013
2014
2012
Month
Prior Year
Current Year
+/–
June
11.2
9.0
-19.0%
July
11.0
8.5
-22.0%
August
10.6
8.5
-19.7%
September
10.5
8.2
-21.9%
October
10.1
8.2
-18.9%
November
9.7
8.0
-17.2%
December
9.2
7.7
-15.7%
January
9.1
8.0
-12.2%
February
9.2
8.2
-10.3%
March
9.5
8.5
-10.4%
April
9.7
8.8
-9.4%
May
9.4
8.6
-9.0%
12-Month Avg
9.9
8.4
-15.7%
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
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