Monthly Indicators A research tool provided by the Multiple Listing Service of Hilton Head Island and the Hilton Head Area Association of REALTORS®
October 2010
Contents
What can we say that we haven't said before? Newspapers warn of possible foreclosure moratoria, job growth is just barely in the black ink and the y g new leadership p to Washington, g , DC. Buyers y midterm election cycle brought are still armed with access to cheap loans and strong negotiating power. Recovery continues to crawl forward nationally; let's take a look at what's happening locally amidst all this news.
New Listings Pending Sales Closed Sales Days On Market Until Sale
Pending Sales in the Hilton Head region decreased by 22.6 percent from last October to arrive at 182. Looking at the year-to-date trends, however, sales were actually up 19.1 percent. New Listings decreased by 16.9 percent to land at 375 and the overall inventory of 3,444 decreased by 7.4 percent. Prices lost some ground. Median Sales Price decreased by 17.2 percent, registering in at $240,000. Percent of List Price Received at Sale held even with last year at 86.4 percent, indicating that buyers are still able to negotiate their final price. Several months of private sector job growth weren’t sufficient to lower the stubbornly high 9.6 percent unemployment rate. Our recovery is moving at a sloth's pace, but at least it's moving forward. A stronger labor market will drive new household formations and instill the confidence needed for current homeowners to move up and for renters to consider ownership.
Median Sales Price Average Sales Price Percent of Original List Price Received at Sale Housing Affordability Index Inventory of Homes and Condominiums Available Months Supply of Inventory Market Overview Explanation Page
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®
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New Listings From the Multiple Listing Service of Hilton Head Island and the Hilton Head Area Association of REALTORS速
Year to Date
October 526
5,933 451
5,181
5,062
375
One Year Change:
2008
2009
One Year Change:
- 16.9%
- 2.3%
Two Year Change:
Two Year Change:
- 28.7%
- 14.7%
2010
2008
2009
2010
Historical New Listings 800
700
600
500
400
300
200
Jan-07
Jan-08
Jan-09
Jan-10
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
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Pending Sales From the Multiple Listing Service of Hilton Head Island and the Hilton Head Area Association of REALTORS速
October
Year to Date 235
2,300 182
1,813
1,931
117 One Year Change:
One Year Change:
+ 19.1%
- 22.6%
2008
2009
Two Year Change:
Two Year Change:
+ 55.6%
+ 26.9%
2008
2010
2009
2010
Historical Pending Sales 300
250
200
150
100
50
Jan-07
Jan-08
Jan-09
Jan-10
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
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Closed Sales From the Multiple Listing Service of Hilton Head Island and the Hilton Head Area Association of REALTORS速
Year to Date
October 231
2,084 1,825 162
161
2008
2009
1,710
One Year Change:
One Year Change:
- 29.9%
+ 21.9%
Two Year Change:
Two Year Change:
+ 0.6%
+ 14.2%
2010
2008
2009
2010
Historical Closed Sales 300
250
200
150
100
50
Jan-07
Jan-08
Jan-09
Jan-10
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
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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
October
145
2008
146
153
2009
150
144
131
One Year Change:
One Year Change:
- 5.6%
- 12.5%
Two Year Change:
Two Year Change:
- 0.4%
- 10 2%
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
Jan-10
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
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Median Sales Price From the Multiple Listing Service of Hilton Head Island and the Hilton Head Area Association of REALTORS速
Year to Date
October
$325,000
$318,000 $290,000
$266,000
$240,000
2008
2009
$233,832
One Year Change:
One Year Change:
- 17.2%
- 12.1%
Two Year Change:
Two Year Change:
- 24.5%
- 28.1%
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
Jan-10
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
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Average Sales Price From the Multiple Listing Service of Hilton Head Island and the Hilton Head Area Association of REALTORS速
Year to Date
October $465,214
$473,513 $394,110
$385,470 $347,775
$321,857
One Year Change:
2008
2009
One Year Change:
- 18.3%
- 9.8%
Two Year Change:
Two Year Change:
- 30.8%
- 26 6%
2010
2008
2009
2010
Historical Average Sales Price $650,000
$600,000
$550,000
$500,000
$450,000
$400,000
$350,000
$300,000
$250,000
Jan-07
Jan-08
Jan-09
Jan-10
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
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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
October
88.2%
2008
88.4%
86.4%
86.4%
2009
87.6% 85.1%
One Year Change:
One Year Change:
+ 0.0%
+ 2.9%
Two Year Change:
Two Year Change:
- 2.0%
- 0.9%
2010
2008
2009
2010
Historical Percent of Original List Price Received 94%
92%
90%
88%
86%
84%
82%
Jan-07
Jan-08
Jan-09
Jan-10
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
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Housing Affordability Index From the Multiple Listing Service of Hilton Head Island and the Hilton Head Area Association of REALTORS速
Year to Date
October
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.
126
129 108
100 75
2008
73
2009
One Year Change:
One Year Change:
+ 26.1%
+ 19.5%
Two Year Change:
Two Year Change:
+ 68.4%
+ 75.7%
2010
2008
2009
2010
Historical Housing Affordability Index 140
125
110
95
80
65
50
Jan-07
Jan-08
Jan-09
Jan-10
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
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Inventory of Homes and Condominiums Available From the Multiple Listing Service of Hilton Head Island and the Hilton Head Area Association of REALTORS速
October 4,130 3,721
3,444
One Year Change:
- 7.4% Two Year Change:
- 16.6%
2008
2009
2010
Hi t i l IInventory Historical t off Homes H Available A il bl 5,000
4,500
4,000
3,500
3,000
2,500
2,000
1,500
1,000
Jan-07
Jan-08
Jan-09
Jan-10
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
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Months Supply of Inventory From the Multiple Listing Service of Hilton Head Island and the Hilton Head Area Association of REALTORS速
October 23.1
22.8
15.8
One Year Change:
- 30.8% Two Year Change:
- 31.5%
2008
2009
2010
Historical Months Supply of Inventory 30
25
20
15
10
5
0
Jan-07
Jan-08
Jan-09
Jan-10
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
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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
Inventory of Homes and Condominiums Available Months Supply of Inventory
Aug Sep Oct Aug Sep Oct Aug Sep Oct Aug Sep Oct Aug Sep Oct Aug Sep Oct Aug Sep Oct Aug Sep Oct Aug Sep Oct Aug Sep Oct
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
511 468 375 225 225 182 215 221 162 126 121 144 $214,000 $218,393 $240,000 $300,997 $347,477 $321,857 88.3% 87.7% 86.4% 138 136 126 3,654 3,582 3,444 16.2 16.2 15.8
475 492 451 222 215 235 204 193 231 151 162 153 $260,000 $239,000 $290,000 $467,169 $344,085 $394,110 86.3% 85.3% 86.4% 109 118 100 4,011 3,870 3,721 25.6 24.3 22.8
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 +/+ 7.6% - 4.9% - 16.9% + 1.4% + 4.7% - 22.6% + 5.4% + 14.5% - 29.9% - 16.9% - 25.3% 25 3% - 5.6% - 17.7% - 8.6% - 17.2% - 35.6% + 1.0% - 18.3% + 2.3% + 2.8% + 0.0% + 26.5% + 14.7% + 26.1% - 8.9% - 7.4% - 7.4% - 36.5% - 33.3% - 30.8%
Current Prior Year
+/-
4,219 4,687 5,062 1,893 2,118 2,300 1,701 1,922 2,084 131 130 131 $234,000 $232,045 $233,832 $350,276 $349,953 $347,775 87.7% 87.7% 87.6% 128 129 129
4,238 4,730 5,181 1,481 1,696 1,931 1,286 1,479 1,710 147 149 150 $266,000 $263,000 $266,000 $390,206 $384,145 $385,470 84.9% 84.9% 85.1% 107 109 108
- 0.4% - 0.9% - 2.3% + 27.8% + 24.9% + 19.1% + 32.3% + 30.0% + 21.9% - 11.0% - 13.0% 13 0% - 12.5% - 12.0% - 11.8% - 12.1% - 10.2% - 8.9% - 9.8% + 3.3% + 3.2% + 2.9% + 19.6% + 18.4% + 19.5%
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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 closed 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.
Inventory of Homes and Condominiums Available
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
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