Monthly Indicators A research tool provided by the Multiple Listing Service of Hilton Head Island and the Hilton Head Area Association of REALTORS®
September 2010
Contents
With this month’s report, be mindful of the fact that activity was uniquely strong last year at this time due to the approaching deadline for the 2009 tax g an apples-to-oranges pp g comparison p credit. This means that we’re entering period which may make this year’s activity look especially slow for the next few months. Combine that with the fact that this time of year typically endures slowed sales activity and that buyers in 2010 were driven to enter contracts by April 30, 2010, and you'll see that September 2010’s numbers should be taken with a grain of proverbial salt.
New Listings Pending Sales Closed Sales Days On Market Until Sale
Pending Sales in the Hilton Head region increased by 2.3 percent from last September to arrive at 220. New Listings decreased by 6.7 percent since last September and the overall inventory of 3,558 decreased by 8.0 percent. Median Sales Price decreased by 8.6 percent compared to last September, registering in at $218,393. Average Days on Market, at 121, decreased by 25.3 percent versus last year. Months Supply of Inventory decreased by 33.9 percent to weigh in at 16.0 months. For the sake of long-term market stability, be wary of an overabundance of listing activity. If homes aren't selling like they used to, but listings remain fairly flat, inventory will climb and prices may adjust downward. Balanced supply and demand, as always, is the ultimate goal.
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
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
September 552 492
2008
2009
5,406 4,730
459
4,665
One Year Change:
One Year Change:
- 6.7%
- 1.4%
Two Year Change:
Two Year Change:
- 16.8%
- 13.7%
2010
2008
2009
2010
Historical New Listings 800
700
600
500
400
300
200
Jan-07
Jan-08
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Jan-09
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Pending Sales From the Multiple Listing Service of Hilton Head Island and the Hilton Head Area Association of REALTORS速
September
Year to Date 220
215
2,119
163
1,697
1,696
One Year Change:
One Year Change:
+ 24.9%
+ 2.3%
2008
2009
Two Year Change:
Two Year Change:
+ 35.0%
+ 24.9%
2010
2008
2009
2010
Historical Pending Sales 300
250
200
150
100
50
Jan-07
Jan-08
Jan-09
Jan-10
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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
September 221 179
193
1,922 1,664 1,479
2008
2009
One Year Change:
One Year Change:
+ 14.5%
+ 30.0%
Two Year Change:
Two Year Change:
+ 23.5%
+ 15.5%
2010
2008
2009
2010
Historical Closed Sales 300
250
200
150
100
50
Jan-07
Jan-08
Jan-09
Jan-10
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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
September 162
146
149
146
130 121
2008
2009
One Year Change:
One Year Change:
- 25.3%
- 13.0%
Two Year Change:
Two Year Change:
- 17.2%
- 11.0%
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
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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
September $319,000
$325,000 $263,000
$239,000
2008
$232,045
$218,393
2009
One Year Change:
One Year Change:
- 8.6%
- 11.8%
Two Year Change:
Two Year Change:
- 31.5%
- 28.6%
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
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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
September
$474,313 $482,700
$384,145 $349,953 $347,477
$344,085
One Year Change:
2008
2009
One Year Change:
+ 1.0%
- 8.9%
Two Year Change:
Two Year Change:
- 28.0%
- 26.2%
2008
2010
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
September
88.4%
87.7%
87.4% 85.3%
2008
87.7% 84.9%
2009
One Year Change:
One Year Change:
+ 2.8%
+ 3.2%
Two Year Change:
Two Year Change:
+ 0.3%
- 0.8%
2008
2010
2009
2010
Historical Percent of Original List Price Received 94%
92%
90%
88%
86%
84%
82%
Jan-07
Jan-08
Jan-09
Jan-10
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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
September
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.
129
136 118
109
75
76
2008
2009
One Year Change:
One Year Change:
+ 14.7%
+ 18.4%
Two Year Change:
Two Year Change:
+ 78.9%
+ 72.8%
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 Available From the Multiple Listing Service of Hilton Head Island and the Hilton Head Area Association of REALTORS速
September 4,199 3,868 3,558
One Year Change:
- 8.0% Two Year Change:
- 15.3%
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
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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
September 24.3
23.0
16.0
One Year Change:
- 33.9% Two Year Change:
- 30.2%
2008
2009
2010
Historical Months Supply of Inventory 30
25
20
15
10
5
0
Jan-07
Jan-08
Jan-09
Jan-10
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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
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
Jul Aug Sep Jul Aug Sep Jul Aug Sep Jul Aug Sep Jul Aug Sep Jul Aug Sep Jul Aug Sep Jul Aug Sep Jul Aug Sep Jul Aug Sep
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
Year to Date
Current
Prior Year
+/-
Current
Prior Year
+/-
489 510 459 265 228 220 220 215 221 126 126 121 $275,145 $214,000 $218,393 $401,054 $300,997 $347,477 87.6% 88.3% 87.7% 109 138 136 3,645 3,630 3,558 17.0 16.1 16.0
479 475 492 195 222 215 198 204 193 150 151 162 $255,000 $260,000 $239,000 $361,904 $467,169 $344,085 84.7% 86.3% 85.3% 108 109 118 4,119 4,009 3,868 26.5 25.6 24.3
+ 2.1% + 7.4% - 6.7% + 35.9% + 2.7% + 2.3% + 11.1% + 5.4% + 14.5% - 16.5% - 16.9% 16 9% - 25.3% + 7.9% - 17.7% - 8.6% + 10.8% - 35.6% + 1.0% + 3.5% + 2.3% + 2.8% + 0.9% + 26.5% + 14.7% - 11.5% - 9.5% - 8.0% - 36.0% - 36.9% - 33.9%
3,696 4,206 4,665 1,671 1,899 2,119 1,486 1,701 1,922 132 131 130 $237,180 $234,000 $232,045 $357,383 $350,276 $349,953 87.6% 87.7% 87.7% 124 128 129
3,763 4,238 4,730 1,259 1,481 1,696 1,082 1,286 1,479 146 147 149 $267,000 $266,000 $263,000 $375,892 $390,206 $384,145 84.6% 84.9% 84.9% 104 107 109
- 1.8% - 0.8% - 1.4% + 32.7% + 28.2% + 24.9% + 37.3% + 32.3% + 30.0% - 10.0% - 11.0% 11 0% - 13.0% - 11.2% - 12.0% - 11.8% - 4.9% - 10.2% - 8.9% + 3.5% + 3.3% + 3.2% + 19.6% + 19.6% + 18.4%
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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.
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
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