July 2010 What to Watch For July brought a mixed bag of activity to the Hilton Head housing market. Pending sales were up a significant 33.7 percent across the board. The largest increase in sales occurred in the 2 bedroom and smaller condo segment where they jumped 66.0 percent. Inventory was down across the board, but fell the most in the 4 bedroom and larger condo segment which posted a 47.1 percent decrease. This caused Months Supply of Inventory to shrink 57.6 percent to 12.0 months. Inventory shrunk the least in the 3 bedroom condo segment where it decreased by 3.0 percent. Prices were down 9.1 percent for the entire market but condo prices declined 25.0 percent while single-family homes only declined 9.1 percent. Smaller condos faced the largest price drop of 32.9 percent, while 4 bedroom and larger single-family units enjoyed the greatest price gain of 2.9 percent. The price tier for condos with the greatest sales increases is the $100,000 and under range, where Pending Sales increased an astounding 288.3 percent from 173 additional sales. Inventory in that bracket shrunk by 9.4 percent.
Contents Number of Bedrooms Analysis Inventory Months Supply Home Sales Percent of List Price Received Median Sales Price Days on Market Until Sale
2 2 3 3 4 4
Price Range Analysis Inventory Months Supply Home Sales Percent of List Price Received Days on Market Until Sale
5 6 7 8 9
All data provided by Multiple Listing Service of Hilton Head Island Š2010 HHIMLS - powered by 10K Research and Marketing and sponsored by the South Carolina Association of REALTORSŽ
1
Housing Supply Outlook July 2010 Inventory of Homes for Sale 7-2009
7-2010
Change
4,105 2,814 1,291 1,274
3,581 2,472 1,109 1,093
- 12.8% - 12.2% - 14.1% - 14.2%
Single-Family Condo
319 955
295 798
- 7.5% - 16.4%
All Single-Family Condo 2 Bedrooms and Under
3 Bedrooms
1,555
1,410
- 9.3%
Single-Family Condo
1,253 302
1,117 293
- 10.9% - 3.0%
4 Bedrooms or More
1,276
1,078
- 15.5%
Single-Family Condo
1,242 34
1,060 18
- 14.7% - 47.1%
4,105
July 2009
3,581
1,555 1,274
1,410
1,093
7-2010
Change
All Single-Family Condo 2 Bedrooms and Under
26.6 24.1 34.7 26.7
16.9 16.5 18.1 14.9
- 36.5% - 31.6% - 48.0% - 44.3%
Single-Family Condo
16.7 33.3
11.8 16.5
- 29.6% - 50.5%
3 Bedrooms
22.7
16.4
- 27.8%
Single-Family Condo
20.7 37.4
15.1 24.2
- 27.1% - 35.1%
4 Bedrooms or More
33.6
20.8
- 38.2%
Single-Family Condo
33.1 28.3
20.7 12.0
- 37.4% - 57.6%
1,276
1,078
- 12.8%
- 14.2%
- 9.3%
- 15.5%
All
2 Bedrooms and Under
3 Bedrooms
4 Bedrooms or More
Months Supply of Inventory 7-2009
July 2010
July 2009
July 2010
33.6 26.7
26.6
22.7 16.9
20.8 16.4
14.9
- 36.5%
- 44.3%
- 27.8%
- 38.2%
All
2 Bedrooms and Under
3 Bedrooms
4 Bedrooms or More
All data provided by Multiple Listing Service of Hilton Head Island - powered by 10K Research and Marketing and sponsored by the South Carolina Association of REALTORS速
2
Housing Supply Outlook July 2010 Pending Home Sales Last Twelve Months 8-2008 through 7-2009
8-2009 through 7-2010
Change
1,905 1,453 452 585
2,547 1,803 744 882
+ 33.7% + 24.1% + 64.6% + 50.8%
Single-Family Condo
235 350
301 581
+ 28.1% + 66.0%
All Single-Family Condo 2 Bedrooms and Under
3 Bedrooms
836
1,033
+ 23.6%
Single-Family Condo
746 90
888 145
+ 19.0% + 61.1%
4 Bedrooms or More
484
632
+ 30.6%
Single-Family Condo
472 12
614 18
+ 30.1% + 50.0%
August 2008 through July 2009
2,547
August 2009 through July 2010
1,905
882
1,033 836
585
+ 33.7% All
484
632
+ 50.8%
+ 23.6%
+ 30.6%
2 Bedrooms and Under
3 Bedrooms
4 Bedrooms or More
Percent Of List Price Received Last Twelve Months August 2008 through July 2009
8-2008 through 7-2009
8-2009 through 7-2010
Change
All Single-Family Condo 2 Bedrooms and Under
93.4% 91.9% 93.9% 92.4%
93.8% 93.3% 94.1% 93.5%
+ 0.4% + 1.5% + 0.2% + 1.2%
Single-Family Condo
93.4% 91.7%
93.7% 93.4%
+ 0.3% + 1.9%
3 Bedrooms
94.5%
94.4%
- 0.1%
Single-Family Condo
94.7% 92.6%
94.7% 92.5%
+ 0.0% - 0.1%
4 Bedrooms or More
92.9%
93.3%
+ 0.4%
Single-Family Condo
92.9% 94.4%
93.3% 90.2%
+ 0.5% - 4.5%
93.8%
93.4%
+ 0.4% All
92.4%
93.5%
94.5%
+ 1.2% 2 Bedrooms and Under
94.4%
August 2009 through July 2010
92.9%
93.3%
- 0.1%
+ 0.4%
3 Bedrooms
4 Bedrooms or More
All data provided by Multiple Listing Service of Hilton Head Island - powered by 10K Research and Marketing and sponsored by the South Carolina Association of REALTORS速
3
Housing Supply Outlook July 2010 Median Sales Price Last Twelve Months 8-2008 through 7-2009
8-2009 through 7-2010
Change
All Single-Family Condo 2 Bedrooms and Under
$275,000 $285,000 $240,000 $194,000
$250,000 $280,000 $180,000 $168,000
- 9.1% - 1.8% - 25.0% - 13.4%
Single-Family Condo
$185,000 $208,700
$180,000 $140,000
- 2.7% - 32.9%
3 Bedrooms
$289,995 $281,000
- 3.1%
Single-Family Condo
$280,000 $336,000
- 5.9% - 1.8%
4 Bedrooms or More
$509,950 $525,000
+ 3.0%
Single-Family Condo
$508,950 $625,000
+ 2.9% - 2.7%
$263,590 $330,000 $523,500 $608,000
August 2008 through July 2009
$275,000
$509,950 $525,000
August 2009 through July 2010
$289,995 $281,000
$250,000 $194,000
$168,000
- 9.1%
- 13.4%
- 3.1%
All
2 Bedrooms and Under
3 Bedrooms
+ 3.0% 4 Bedrooms or More
Days on Market Until Sale Last Twelve Months 8-2008 through 7-2009
8-2009 through 7-2010
Change
All Single-Family Condo 2 Bedrooms and Under
146 140 167 150
148 150 144 137
+ 1.5% + 7.3% - 13.5% - 8.4%
Single-Family Condo
116 172
132 140
+ 13.8% - 18.8%
August 2008 through July 2009
3 Bedrooms
134
138
+ 2.7%
Single-Family Condo
132 151
133 165
+ 0.9% + 9.2%
4 Bedrooms or More
163
183
+ 12.1%
Single-Family Condo
164 64
183 173
+ 11.6% + 169.8%
August 2009 through July 2010
183 163 148
146
150 137
134
138
+ 1.5%
- 8.4%
+ 2.7%
+ 12.1%
All
2 Bedrooms and Under
3 Bedrooms
4 Bedrooms or More
All data provided by Multiple Listing Service of Hilton Head Island - powered by 10K Research and Marketing and sponsored by the South Carolina Association of REALTORS速
4
Housing Supply Outlook July 2010 Inventory of Homes for Sale All Price Range
7-2009
Single-Family
7-2010
Change
7-2009
Condo
7-2010
Change
7-2009
7-2010
Change
$100,000 and below
224
263
+ 17.4%
54
109
+ 101.9%
170
154
- 9.4%
$100,001 to $225,000
960
792
- 17.5%
624
542
- 13.1%
336
250
- 25.6%
$225,001 to $375,000
815
760
- 6.7%
493
464
- 5.9%
322
296
- 8.1%
$375,001 to $650,000
957
843
- 11.9%
630
555
- 11.9%
327
288
- 11.9%
$650,001 and above
1,160
933
- 19.6%
1,015
803
- 20.9%
145
130
- 10.3%
All Price Ranges
4,116
3,591
- 12.8%
2,816
2,473
- 12.2%
1,300
1,118
- 14.0%
July 2009
1,160
July 2010
960
957 792
224
815
933 843
760
263
+ 17.4% $100,000 and below
- 17.5% $100,001 to $225,000
- 6.7% $225,001 to $375,000
- 11.9%
- 19.6%
$375,001 to $650,000
$650,001 and above
All data provided by Multiple Listing Service of Hilton Head Island - powered by 10K Research and Marketing and sponsored by the South Carolina Association of REALTORS速
5
Housing Supply Outlook July 2010 Months Supply of Inventory All Price Range $100,000 and below
Single-Family
Condo
7-2009
7-2010
Change
7-2009
7-2010
Change
7-2009
7-2010
Change
28.6
9.5
- 66.9%
16.6
13.1
- 21.3%
37.1
7.9
- 78.6%
$100,001 to $225,000
20.1
12.5
- 37.9%
17.1
11.0
- 35.4%
29.6
17.2
- 41.8%
$225,001 to $375,000
20.3
15.6
- 22.9%
16.4
13.9
- 15.1%
31.9
19.4
- 39.2%
$375,001 to $650,000
28.6
20.5
- 28.5%
25.4
17.4
- 31.5%
38.1
31.1
- 18.3%
$650,001 and above
45.9
30.0
- 34.7%
45.3
29.0
- 35.9%
46.9
34.9
- 25.7%
All Price Ranges
26.6
16.9
- 36.5%
24.1
16.5
- 31.6%
34.7
18.1
- 48.0%
45.9 July 2009
July 2010
30.0
28.6
28.6
20.5
20.3
20.1
15.6 12.5 9.5
- 66.9%
- 37.9%
- 22.9%
- 28.5%
- 34.7%
$100,000 and below
$100,001 to $225,000
$225,001 to $375,000
$375,001 to $650,000
$650,001 and above
All data provided by Multiple Listing Service of Hilton Head Island - powered by 10K Research and Marketing and sponsored by the South Carolina Association of REALTORS速
6
Housing Supply Outlook July 2010 Pending Home Sales Last Twelve Months All August 2008 through July 2009
Price Range
Single-Family
August 2009 through July 2010
Change
August 2008 through July 2009
Condo
August 2009 through July 2010
Change
August 2008 through July 2009
August 2009 through July 2010
Change
$100,000 and below
106
333
+ 214.2%
46
100
+ 117.4%
60
233
+ 288.3%
$100,001 to $225,000
598
763
+ 27.6%
461
589
+ 27.8%
137
174
+ 27.0%
$225,001 to $375,000
495
583
+ 17.8%
375
400
+ 6.7%
120
183
+ 52.5%
$375,001 to $650,000
397
494
+ 24.4%
302
383
+ 26.8%
95
111
+ 16.8%
$650,001 and above
307
377
+ 22.7%
270
332
+ 23.0%
37
45
+ 20.6%
1,903
2,550
+ 34.0%
1,454
1,804
+ 24.1%
449
746
+ 66.1%
All Price Ranges
August 2008 through July 2009
763
598
August 2009 through July 2010
583 495
494 397
333
377 307
106
+ 214.2% $100,000 and below
+ 27.6% $100,001 to $225,000
+ 17.8%
+ 24.4%
+ 22.7%
$225,001 to $375,000
$375,001 to $650,000
$650,001 and above
All data provided by Multiple Listing Service of Hilton Head Island - powered by 10K Research and Marketing and sponsored by the South Carolina Association of REALTORS速
7
Housing Supply Outlook July 2010 Percent of List Price Received Last Twelve Months All August 2008 through July 2009
Price Range
August 2009 through July 2010
Single-Family August 2008 through July 2009
Change
Condo
August 2009 through July 2010
Change
August 2008 through July 2009
August 2009 through July 2010
Change
$100,000 and below
92.8%
95.6%
+ 3.0%
94.6%
95.2%
+ 0.6%
91.4%
95.7%
+ 4.8%
$100,001 to $225,000
94.9%
94.9%
+ 0.1%
95.9%
95.8%
- 0.1%
91.3%
92.1%
+ 0.9%
$225,001 to $375,000
93.9%
93.7%
- 0.3%
94.6%
94.4%
- 0.2%
92.0%
92.1%
+ 0.1%
$375,001 to $650,000
93.3%
93.4%
+ 0.1%
93.5%
93.7%
+ 0.3%
92.7%
92.2%
- 0.5%
$650,001 and above
90.3%
91.0%
+ 0.8%
90.0%
90.8%
+ 0.8%
92.1%
92.4%
+ 0.4%
All Price Ranges
93.4%
93.8%
+ 0.4%
91.9%
93.3%
+ 1.5%
93.9%
94.1%
+ 0.2%
August 2008 through July 2009
95.6%
94.9%
August 2009 through July 2010
94.9% 93.9%
93.7%
92.8%
93.3%
93.4%
90.3%
91.0%
+ 3.0%
+ 0.1%
- 0.3%
+ 0.1%
+ 0.8%
$100,000 and below
$100,001 to $225,000
$225,001 to $375,000
$375,001 to $650,000
$650,001 and above
All data provided by Multiple Listing Service of Hilton Head Island - powered by 10K Research and Marketing and sponsored by the South Carolina Association of REALTORS速
8
Housing Supply Outlook July 2010 Days on Market Until Sale Last Twelve Months All August 2008 through July 2009
Price Range
Single-Family
August 2009 through July 2010
Change
August 2008 through July 2009
August 2009 through July 2010
Condo August 2008 through July 2009
Change
August 2009 through July 2010
Change
- 21.6%
$100,000 and below
89
77
- 14.4%
78
75
- 3.2%
98
77
$100,001 to $225,000
121
127
+ 4.9%
113
121
+ 7.1%
150
149
- 0.4%
$225,001 to $375,000
148
139
- 6.2%
134
127
- 4.7%
194
165
- 15.2%
$375,001 to $650,000
155
188
+ 20.9%
143
173
+ 20.8%
193
237
+ 23.1%
$650,001 and above
200
218
+ 9.1%
201
225
+ 11.7%
186
160
- 14.0%
All Price Ranges
146
148
+ 1.5%
140
150
+ 7.3%
167
144
- 13.5%
August 2008 through July 2009
August 2009 through July 2010
218 188
148 121
127
200
155 139
89 77
- 14.4%
+ 4.9%
- 6.2%
+ 20.9%
+ 9.1%
$100,000 and below
$100,001 to $225,000
$225,001 to $375,000
$375,001 to $650,000
$650,001 and above
All data provided by Multiple Listing Service of Hilton Head Island - powered by 10K Research and Marketing and sponsored by the South Carolina Association of REALTORS速
9