Monthly Indicators A research tool provided by the Multiple Listing Service of Hilton Head Island and the Hilton Head Area Association of REALTORS®
July 2010
Contents
"Recovery loses steam." "Housing demand in a slump." "Tax credit leaves mess in its wake." We're bombarded with headlines like these every day. g the Some have merit,, some don't. The truth is,, the economyy is now driving housing market and not vice versa.
New Listings Pending Sales Closed Sales Days On Market Until Sale
Pending Sales in the Hilton Head region skyrocketed by 33.3 percent from last July to arrive at 260. New Listings dipped slightly by 3.1 percent since last July and overall inventory declined by 12.8 percent. Median Sales Price increased by 10.0 percent over last July to arrive at $275,000. However, buyers were only willing to pay 87.6 percent of a seller's asking price and market times declined by 16.5 percent compared to last year. Months Supply of Inventory dropped by 34.5 percent to arrive at 17.6 months, given current demand.
Median Sales Price Average Sales Price Percent of Original List Price Received at Sale Housing Affordability Index Inventory of Homes Available Months Supply of Inventory Market Overview Explanation Page
2 3 4 5 6 7 8 9 10 11 12 13
In sum, the housing market is trying to hold its ground until the job situation improves. Only after widespread, private-sector hiring will demand be restored to the market and prices continue to stabilize. Until then, it's a hurry up and wait game.
All data provided by Multiple Listing Service of Hilton Head Island ©2010 HHIMLS - powered by 10K Research and Marketing and sponsored by the South Carolina Association of REALTORS®
1
New Listings From the Multiple Listing Service of Hilton Head Island and the Hilton Head Area Association of REALTORS速
Year to Date
July 528 479
4,315 464
3,762
3,652
One Year Change:
2008
2009
One Year Change:
- 3.1%
- 2.9%
Two Year Change:
Two Year Change:
- 12.1%
- 15.4%
2010
2008
2009
2010
Historical New Listings 800
700
600
500
400
300
200
Jan-07
Jan-08
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
Jan-09
2
Pending Sales From the Multiple Listing Service of Hilton Head Island and the Hilton Head Area Association of REALTORS速
July
Year to Date 1,678
260 1,362 195
1,260
155 One Year Change:
One Year Change:
+ 33.2%
+ 33.3%
2008
2009
Two Year Change:
Two Year Change:
+ 67.7%
+ 23.2%
2010
2008
2009
2010
Historical Pending Sales 300
250
200
150
100
50
0
Jan-07
Jan-08
Jan-09
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
Jan-10
3
Closed Sales From the Multiple Listing Service of Hilton Head Island and the Hilton Head Area Association of REALTORS速
Year to Date
July
1,486
220
214
1,327
198
1,082
2008
2009
One Year Change:
One Year Change:
+ 11.1%
+ 37.3%
Two Year Change:
Two Year Change:
+ 2.8%
+ 12.0%
2010
2008
2009
2010
Historical Closed Sales 300
250
200
150
100
50
Jan-07
Jan-08
Jan-09
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
Jan-10
4
Days on Market Until Sale From the Multiple Listing Service of Hilton Head Island and the Hilton Head Area Association of REALTORS速
Year to Date
July 151
2008
150
145
2009
146
126
132
One Year Change:
One Year Change:
- 16.5%
- 10.0%
Two Year Change:
Two Year Change:
- 17.0%
- 9.4%
2010
2008
2009
2010
Historical Days on Market Until Sale 175
165
155
145
135
125
115
105
95
Jan-07
Jan-08
Jan-09
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
Jan-10
5
Median Sales Price From the Multiple Listing Service of Hilton Head Island and the Hilton Head Area Association of REALTORS速
Year to Date
July
$325,000
$309,500 $275,000
$267,250
$250,000
2008
$237,180
2009
One Year Change:
One Year Change:
+ 10.0%
- 11.3%
Two Year Change:
Two Year Change:
- 11.1%
- 27.0%
2010
2008
2009
2010
Historical Median Sales Price $450,000
$400,000
$350,000
$300,000
$250,000
$200,000
Jan-07
Jan-08
Jan-09
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
Jan-10
6
Average Sales Price From the Multiple Listing Service of Hilton Head Island and the Hilton Head Area Association of REALTORS速
Year to Date
July $424,565 $395,628
$367,530
$475,860 $377,733
$357,580
One Year Change:
2008
2009
One Year Change:
+ 7.6%
- 5.3%
Two Year Change:
Two Year Change:
- 6.8%
- 24.9%
2010
2008
2009
2010
Historical Average Sales Price $620,000
$570,000
$520,000
$470,000
$420,000
$370,000
$320,000
Jan-07
Jan-08
Jan-09
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
Jan-10
7
Percent of Original List Price Received From the Multiple Listing Service of Hilton Head Island and the Hilton Head Area Association of REALTORS速
Year to Date
July
88.1%
87.6%
88.6%
84.7%
2008
87.6% 84.6%
2009
One Year Change:
One Year Change:
+ 3.5%
+ 3.5%
Two Year Change:
Two Year Change:
- 0.6%
- 1.2%
2010
2008
2009
2010
Historical Percent of Original List Price Received 94%
92%
90%
88%
86%
84%
82%
Jan-07
Jan-08
Jan-09
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
Jan-10
8
Housing Affordability Index From the Multiple Listing Service of Hilton Head Island and the Hilton Head Area Association of REALTORS速
Year to Date
July 110
The HAI formula measures housing affordability. An HAI of 120 means the median family income in the region is 120% of the necessary income to qualify for the median priced home using a 20% down, 30-year fixed rate mortgage.
109
124 104 76
73
2008
2009
One Year Change:
One Year Change:
- 0.8%
+ 19.7%
Two Year Change:
Two Year Change:
+ 44.2%
+ 71.6%
2010
2008
2009
2010
Historical Housing Affordability Index 140
125
110
95
80
65
50
Jan-07
Jan-08
Jan-09
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
Jan-10
9
Inventory of Homes Available From the Multiple Listing Service of Hilton Head Island and the Hilton Head Area Association of REALTORS速
July 4,253
4,116 3,591
One Year Change:
- 12.8% Two Year Change:
- 15.6%
2008
2009
2010
Historical Inventory of Homes Available 5,000
4,500
4,000
3,500
3,000
2,500
2,000
1,500
1,000
Jan-07
Jan-08
Jan-09
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
Jan-10
10
Months Supply of Inventory From the Multiple Listing Service of Hilton Head Island and the Hilton Head Area Association of REALTORS速
July 26.8 22.0 17.6
One Year Change:
- 34.5% Two Year Change:
- 20.1%
2008
2009
2010
Historical Months Supply of Inventory 30
25
20
15
10
5
0
Jan-07
Jan-08
Jan-09
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
Jan-10
11
Market Overview From the Multiple Listing Service of Hilton Head Island and the Hilton Head Area Association of REALTORS速
Monthly Current Prior Year New Listings
Pending Sales
Closed Sales
Days on Market Until Sale
Median Sales Price
Average Sales Price
Percent of Original List Price Received at Sale Housing Affordability Index
Total Active Listings Available at Month End Months Supply of Inventory
May Jun Jul May Jun Jul May Jun Jul May Jun Jul May Jun Jul May Jun Jul May Jun Jul May Jun Jul May Jun Jul May Jun Jul
2010 2010 2010 2010 2010 2010 2010 2010 2010 2010 2010 2010 2010 2010 2010 2010 2010 2010 2010 2010 2010 2010 2010 2010 2010 2010 2010 2010 2010 2010
467 502 464 243 236 260 212 261 220 113 141 126 $235,995 $240,000 $275,000 $363,236 $331,625 $395,628 89.7% 87.8% 87.6% 122 121 109 3,695 3,695 3,591 18.1 17.9 17.6
439 530 479 211 202 195 187 210 198 144 151 150 $275,000 $284,500 $250,000 $368,758 $384,898 $367,530 84.8% 84.4% 84.7% 101 98 110 4,178 4,178 4,116 26.9 26.8 26.8
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
Year to Date +/+ 6.4% - 5.3% - 3.1% + 15.2% + 16.8% + 33.3% + 13.4% + 24.3% + 11.1% - 21.2% - 6.5% 6 5% - 16.5% - 14.2% - 15.6% + 10.0% - 1.5% - 13.8% + 7.6% + 5.8% + 4.0% + 3.5% + 20.8% + 23.6% - 0.8% - 11.6% - 11.6% - 12.8% - 32.6% - 33.2% - 34.5%
Current Prior Year
+/-
2,686 3,188 3,652 1,182 1,418 1,678 1,005 1,266 1,486 131 133 132 $231,000 $232,040 $237,180 $355,966 $350,963 $357,580 87.5% 87.6% 87.6% 124 124 124
2,753 3,283 3,762 863 1,065 1,260 674 884 1,082 144 145 146 $265,000 $270,000 $267,250 $378,498 $380,018 $377,733 84.7% 84.6% 84.6% 104 102 104
- 2.4% - 2.9% - 2.9% + 37.0% + 33.1% + 33.2% + 49.1% + 43.2% + 37.3% - 9.2% - 8.7% 8 7% - 10.0% - 12.8% - 14.1% - 11.3% - 6.0% - 7.6% - 5.3% + 3.4% + 3.5% + 3.5% + 19.1% + 21.4% + 19.7%
--
--
--
--
--
--
12
Explanation of Methodology From the Multiple Listing Service of Hilton Head Island and the Hilton Head Area Association of REALTORS速
New Listings
A count of the properties that have been newly listed on the market in a given month, regardless of what status they're currently in.
Pending Sales
A count of the properties that have offers accepted on them in a given month, regardless of whether or not the sale closes.
Closed Sales
A count of the properties that have had closed sales in a given month.
Days on Market Until Sale
The average number of days between when a property is first listed and when it is closed, sold properties only.
Median Sales Price
The median sales price for all closed sales in a given month month, sold properties only only.
Average Sales Price
The average sales price for all closed sales in a given month, sold properties only.
Percent of Original List Price Received at Sale
The average percentage found when dividing a property's sales price by the original list price, sold properties only.
Housing Affordability Index
Measures the affordability of the region's homes. An index of 120 would mean that the median family income in the region is 120% of what's necessary to qualify for the median priced home.
Total Active Listings Available at Month End
The number of properties available for sale in active status at the end of the month.
Months Supply of Inventory
Compares the number of active listings available to the average monthly pending sales for the last twelve months.
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
13