THE STATE
Our international reach finds home buyers.
of the Sea Pines Ocean Oriented Beach Homes Real Estate Market
5
May 2017
Continents
37
KEY METRICS
Countries
The First Four Months of 2017 in Review
700+
Shops
In the first four months of 2017, 23 homes closed, compared to 12 last year. The four month’s total dollar volume of homes sold in 2017 was $28.0M, up from $21.8.M in 2016. Supply and demand: there are currently 56 homes listed for sale with an average of 4.7 homes selling per month over the last six months. That translates into a 11.9-month supply, considered by industry experts to be a buyer’s market. As of May, 14, 2017, there were two homes pending/under contract. The graph below represents the Sea Pines ocean oriented homes.
8,500
+
Advisors
How’s the Hilton Head Island - Bluffton Real Estate Market?
International buyers have invested more than $92 billion in U.S. homes (Source: 2014 Profile of International Home Buying Activity). Today’s real estate professionals need to demonstrate international expertise and have the proven ability to promote their properties to buyers worldwide. Engel & Völkers is a revolutionary global brand with more than 700 brokerages and 8,500 advisors in highly desirable markets including the United States, Canada and Europe.
The Hilton Head Island-Bluffton housing market continues to be on fire, setting the all-time record for the first four months of any year in the history of our area according to statistics from the Hilton Head Island-Bluffton Area Multiple Listing Service. In the boom years prior to The Great Recession, home sales in 2005 set a new first four months’ record of 795 homes sold. In the first four months of 2017 though, 937 homes were sold. In other positive news, home values in just the first four months of 2017 were up 3.4% over 2016 prices, but still 23% below the peak set in 2005. If the record-setting pace of sales continues, we could see an annual appreciation rate in the neighborhood of 10%, meaning that a $500,000 home a year from now could sell for $550,000. With today’s historically low interest rates and prices still way below the peak, it is an extraordinary time to purchase real estate in our area. * Sea Pines Beach Homes are all those homes located east of North and South Sea Pines Drive.
A global real estate network with buyer referrals from national and international markets such as Atlanta, New York Metro Area, Canada and Europe.
Industry-leading technology tools that reach home buyers and sellers online where 92% of people begin their home search.
All MLS All of Sea Pines Detached
Historical Median Sales Price Rolling 12-Month Calculation
Source: National Association of Realtors
At Engel & Völkers Hilton Head Island - Bluffton, we are committed to bringing that same revolutionary approach to the Sea Pines real estate market. Our goal is to provide unrivaled service in the residential real estate market as we bring qualified buyers from around the world to unique properties throughout the Lowcountry. Only the most dedicated and professional advisors, with an exclusive clientele built from years of experience, are a part of our brand. By combining the local market expertise of our seasoned team with an exceptional global network, we are able to find buyers for our deserving clients. We believe that discretion is the cornerstone of any trustworthy relationship and that protecting the interests of our clients is a point of honor. At Engel & Völkers, we firmly count on innovation, co-operation, professionalism and reliability to drive success. Our culture of expertise and passion is shared through our proprietary technology which leverages the full power of our network for the clients we serve. In this way, we are truly connected. Let us make the right connections for you. We look forward to working with you closely to examine your real estate goals before developing a strategy to obtain them. Please contact us to schedule a brief introductory meeting and complimentary home valuation.
Inventory of Homes For Sale COMMUNITY SPECIALIST Considering listing your home? Contact me for a complimentary home
value consultation and let me show you how we utilize our digital presence and tailored platforms to sell your home for maximum value.
Number of Closed Home Sales
60
25
48
20
36
15
24
10
12
5
Total Value of Homes Closed $30,000,000 $25,000,000 $20,000,000 $15,000,000
Judy Flanagan, Real Estate Advisor Main Shop | 800 Main Street, Hilton Head Island South Island Lounge | 7 New Orleans Road, Hilton Head Island Historic Bluffton Lounge | 6 Promenade Street, Suite 1001, Bluffton
Telephone: 843-415-3119 Email: judy.flanagan@evusa.com Website: www.judyflanagan.evusa.com ©2016 Engel & Völkers. All rights reserved. Each brokerage is independently owned and operated. All information provided is deemed reliable but is not guaranteed and should be independently verified. If your property is currently represented by a real estate broker, this is not an attempt to solicit your listing. Engel & Völkers and its independent License Partners are Equal Opportunity Employers and fully support the principles of the Fair Housing Act.
PRSRT STD US POSTAGE PAID Permit 73
$10,000,000 $5,000,000
Hilton Head Is., SC
56
0
On 04/30/17
0
12
23
1 Four Months of 2016
1 Four Months of 2017
st
st
0
$21,752,004
$28,014,000
1 Four Months of 2016
1 Four Months of 2017
st
st
This information is based on data provided by Multiple Listing Service of Hilton Head Island, Inc. (“HHIMLS”) for the period January 2017 through May 10, 2017. HHIMLS does not guarantee and is not in any way responsible for its accuracy. Data provided by HHIMLS may not reflect all real estate activity in the market.
Sea Pines Ocean Oriented Beach Home Listings TOTAL YEAR FULL BATHS HALF BATHS TYPE BEDROOMS BUILT Active 17 S Beach Lagoon Drive Ocean 4 5 1 Full Size 2005 Active 21 S Beach Lagoon Drive Ocean 6 7 1 Full Size 1992 Active 26 Wood Ibis Road Ocean 4 6 0 Full Size 1996 Active 26 Sandhill Crane Road Ocean 4 5 1 Full Size 1961 Active 22 Duck Hawk Road Ocean, Pool 5 4 1 Full Size 1983 Active 19 Red Cardinal Road Ocean 5 5 2 Full Size 1985 Active 6 Black Duck Road Ocean 6 5 1 Full Size 1989 Active 16 Grey Widgeon Road Ocean 4 4 2 Full Size 2002 Active 2 E Beach Lagoon Drive Lagoon, Ocean 5 5 0 Full Size 1962 Active 19 Bald Eagle Road Ocean 5 5 2 Full Size 1972 Active 18 Cedar Wax Wing Road Ocean 5 5 0 Full Size 1990 Active 5 Brown Pelican Road Ocean 5 3 1 Full Size 1974 Active 24 Duck Hawk Road Ocean 5 5 1 Full Size 1983 Active 7 Black Duck Road Ocean 6 7 0 Full Size 1981 Active 6 Piping Plover Road Wooded 5 6 1 Full Size 2008 Active 28 Duck Hawk Road Ocean 5 5 1 Full Size 1985 Active 11 Cedar Wax Wing Road Ocean 5 6 0 Full Size 1965 Active 8 W Beach Lagoon Road Golf, Lagoon 5 5 2 Full Size 2001 Active 23 Ruddy Turnstone Road Pool 5 5 1 Full Size 1962 Active 2 Bald Eagle Road W Harbor, Marsh 4 5 1 Full Size 2001 Active 1 Surf Scoter Road Landscape 4 5 1 Full Size 1989 Active 10 Laughing Gull Road Pool 5 5 0 Full Size 1994 Active 9 Piping Plover Road Ocean 6 6 1 Full Size 2002 Active 24 Red Cardinal Road Ocean, Pool 4 4 1 Full Size 1982 Active 47 Lands End Road Deep Water, Ocean 4 4 0 Townhouse 1980 Active 5 Bald Eagle Road Landscape, Pool 5 5 1 Full Size 1993 Active 8 Wood Ibis Road Pool 6 4 0 Full Size 1980 Active 10 Seaside Sparrow Road Wooded 4 4 0 Full Size 1967 Active 15 Duck Hawk Road Pool 4 4 1 Full Size 1984 Active 15 Black Skimmer Road Pool 4 4 1 Full Size 1988 Active 2 Gadwall Road Landscape, Tennis Court 4 3 1 Full Size 1981 Active 6 Red Cardinal Road Landscape, Pool 5 5 1 Full Size 1994 Active 11 Lands End Way Deep Water, Ocean 3 3 0 Townhouse 1979 Active 2 Oyster Catcher Road Landscape, Pool 4 4 0 Full Size 1995 Active 23 W Beach Lagoon Road Lagoon, Pool 3 4 0 Full Size 1963 Active 57 N Sea Pines Drive Landscape, Pool 4 3 1 Full Size 1994 Active 15 Beachside Drive Ocean 4 4 0 Full Size 1989 Active 2 Laughing Gull Road Landscape 4 4 0 Full Size 1978 Active 12 Braddock Cove Harbor, Marsh 4 4 1 Townhouse 2007 Active 7 Whistling Swan Road Landscape, Pool 4 4 0 Full Size 1981 Active 11 Beachside Drive Ocean 4 4 0 Patio 1987 Active 2 Canvasback Road Landscape 6 6 0 Full Size 1999 Active 2 Lands End Court Deep Water, River 3 3 0 Patio 1979 Active 6 Bald Eagle Road W Marsh, Pool 4 3 0 Full Size 1979 Active 4 Oyster Catcher Road Landscape, Wooded 4 4 0 Full Size 1981 Active 2 Killdeer Lane Landscape, Pool 3 3 0 Full Size 1980 Active 6 Green Heron Road Landscape 3 3 0 Full Size 1973 Active 8 Beachside Drive Ocean, Pool 3 2 0 Patio 1987 Active 55 S Sea Pines Drive Lagoon 4 4 1 Full Size 1974 Active 63 S Sea Pines Drive Lagoon, Pool 4 2 0 Full Size 1973 Active 18 Bald Eagle Road W Marsh 4 3 0 Full Size 1978 Active 2 Beachside Drive Landscape, Tennis Court 4 4 0 Full Size 1993 Active 3 Grey Widgeon Road Landscape 3 2 1 Full Size 1976 Active 2 Surf Scoter Road Landscape, Pool 4 4 0 Full Size 1966 Active 28 Ruddy Turnstone Road Wooded 3 3 0 Full Size 1980 Active 4 Pintail Court Lagoon, Pool 3 3 0 Patio 1972 Pending 32 E Beach Lagoon Drive Ocean 4 4 0 Full Size 1967 Pending 21 Canvasback Road Landscape, Wooded 4 4 0 Full Size 1977 Sold 6 Seaside Sparrow Road Landscape, Pool 6 7 0 Full Size 2016 Sold 5 Grey Widgeon Road Pool 6 6 1 Full Size 2016 Sold 147 N Sea Pines Drive Golf, Lagoon 5 5 1 Full Size 2016 Sold 7 Marsh Wren Road Landscape, Pool 5 5 2 Full Size 2001 Sold 43 Sea Pines Drive Lake 5 5 0 Full Size 2013 Sold 5 Laughing Gull Road Wooded 4 4 1 Full Size 2002 Sold 22 Ruddy Turnstone Road Wooded 4 4 1 Full Size 1994 Sold 29 Ruddy Turnstone Road Ocean 6 5 0 Full Size 1962 Sold 14 Sandhill Crane Road Landscape, Pool 5 4 0 Full Size 1962 Sold 29 S Beach Lane Landscape, Wooded 4 4 1 Full Size 1989 Sold 11 Beach Lagoon Road Lagoon 3 2 0 Full Size 1966 Sold 7 Bald Eagle Road Pool 3 3 0 Full Size 1980 Sold 107 N Sea Pines Drive Lagoon 4 4 0 Full Size 1976 Sold 16 Wood Ibis Road Landscape, Wooded 3 2 0 Full Size 1966 Sold 6 Black Skimmer Road Landscape 4 3 0 Full Size 1969 Sold 27 Ruddy Turnstone Road Landscape 3 2 0 Full Size 1971 Sold 163 N Sea Pines Drive Golf, Lagoon 3 2 0 Full Size 1965 Sold 13 Bald Eagle Road W Pool 4 3 1 Full Size 1985 Sold 5 N Sea Pines Drive Pool, Wooded 3 3 0 Full Size 1973 Sold 78 S Sea Pines Drive Landscape, Pool 4 3 0 Full Size 1972
STATUS
ADDRESS
VIEW
Definitions for Listings Active - On the Market Pending - Under Contract Sold - Closed Between February 1, 2017 and April 30, 2017
APPROX. SQ. FOOTAGE 6,100 6,020 5,544 6,134 3,680 5,200 6,465 4,771 4,122 5,943 4,504 3,877 3,490 5,469 5,046 4,067 4,075 6,209 3,618 3,952 5,281 3,541 3,618 3,160 1,844 3,309 3,622 2,982 3,925 3,420 3,304 3,446 1,800 2,415 2,626 2,834 2,004 1,973 2,657 2,100 2,100 2,424 2,042 2,712 2,581 2,141 2,255 1,349 3,538 2,634 4,064 2,006 2,189 2,286 2,214 1,970 2,768 2,530 4,420 4,253 5,200 5,097 3,127 3,330 3,606 4,114 3,686 3,523 2,134 2,168 2,083 1,631 3,327 1,802 1,900 1,986 1,846 2,150
Urgency! Home Buyers and Sellers, Now’s The Perfect Time to Get Low Interest Rates
LIST PRICE CLOSE PRICE $7,950,000 $5,950,000 $5,500,000 $5,450,000 $4,999,999 $4,999,000 $4,999,000 $4,999,000 $4,200,000 $3,999,000 $3,495,000 $3,350,000 $3,290,000 $2,995,000 $2,795,000 $2,599,000 $2,595,000 $2,395,000 $1,995,000 $1,995,000 $1,795,000 $1,649,000 $1,649,000 $1,590,000 $1,500,000 $1,499,000 $1,418,000 $1,399,000 $1,325,000 $1,299,000 $1,295,000 $1,295,000 $1,285,000 $1,195,000 $1,195,000 $1,190,000 $1,075,000 $1,050,000 $999,900 $998,000 $969,000 $950,000 $949,000 $935,000 $925,000 $924,995 $900,000 $895,000 $879,000 $875,000 $870,000 $849,000 $849,000 $849,000 $799,000 $699,000 $3,195,000 $575,000 $2,876,500 $2,499,000 $2,095,000 $1,975,000 $1,715,000 $1,595,000 $1,349,999 $1,295,000 $1,275,000 $1,250,000 $1,179,000 $995,000 $985,000 $884,000 $849,000 $769,000 $750,000 $729,000 $724,900 $600,000
--------------------------------------------------------------------------------------------------------------------$2,775,000 $2,400,000 $2,050,000 $1,790,000 $1,600,000 $1,415,000 $1,250,000 $1,050,000 $1,210,000 $1,180,000 $1,170,000 $950,000 $975,000 $840,000 $780,000 $705,000 $715,000 $699,000 $695,000 $610,000
KEY TRENDS
Source: Freddie Mac, May 2017
30 YEAR FIXED RATE MORTGAGES FROM FREDDIE MAC
Freddie Mac, 05/2017
MORTGAGE RATE PROJECTIONS QUARTER
FANNIE MAE
MORTGAGE BANKERS ASSOCIATION
NATIONAL ASSOCIATION OF REALTORS
AVERAGE OF ALL THREE
2017 3Q
4.2%
4.4%
4.3%
4.30%
2017 4Q
4.3%
4.6%
4.5%
4.47%
2018 1Q
4.3%
4.7%
4.7%
4.57%
2018 2Q
4.3%
4.9%
4.9%
4.70%
As you can see from the 30 Year Fixed Rate Mortgages graph, mortgage rates have taken a dip here recently. Wow, what a privilege to get a 30 year fixed rate mortgage at 4.02%! However, it’s the second graphic, the Mortgage Rate Projections chart, which puts the “fear of throwing money away” into our hearts. Waiting a year to buy a $500,000 house could, according to this chart, cost a home buyer about $2000 extra interest per year on an 80% mortgage. That feels like “throwing money away” to us. At Engel & Völkers these two charts say to us that with these historic interest rates so low, now is an excellent time to either sell or buy whether that’s here in the Hilton Head Island-Bluffton area or in another part of the country. If you as a seller or buyer do want to take advantage of these interest rates, please call your Engel & Völkers Advisor today and they will provide you with expert advice on the wisest course of action for you.
Sea Pines Ocean Oriented Beach Home Listings TOTAL YEAR FULL BATHS HALF BATHS TYPE BEDROOMS BUILT Active 17 S Beach Lagoon Drive Ocean 4 5 1 Full Size 2005 Active 21 S Beach Lagoon Drive Ocean 6 7 1 Full Size 1992 Active 26 Wood Ibis Road Ocean 4 6 0 Full Size 1996 Active 26 Sandhill Crane Road Ocean 4 5 1 Full Size 1961 Active 22 Duck Hawk Road Ocean, Pool 5 4 1 Full Size 1983 Active 19 Red Cardinal Road Ocean 5 5 2 Full Size 1985 Active 6 Black Duck Road Ocean 6 5 1 Full Size 1989 Active 16 Grey Widgeon Road Ocean 4 4 2 Full Size 2002 Active 2 E Beach Lagoon Drive Lagoon, Ocean 5 5 0 Full Size 1962 Active 19 Bald Eagle Road Ocean 5 5 2 Full Size 1972 Active 18 Cedar Wax Wing Road Ocean 5 5 0 Full Size 1990 Active 5 Brown Pelican Road Ocean 5 3 1 Full Size 1974 Active 24 Duck Hawk Road Ocean 5 5 1 Full Size 1983 Active 7 Black Duck Road Ocean 6 7 0 Full Size 1981 Active 6 Piping Plover Road Wooded 5 6 1 Full Size 2008 Active 28 Duck Hawk Road Ocean 5 5 1 Full Size 1985 Active 11 Cedar Wax Wing Road Ocean 5 6 0 Full Size 1965 Active 8 W Beach Lagoon Road Golf, Lagoon 5 5 2 Full Size 2001 Active 23 Ruddy Turnstone Road Pool 5 5 1 Full Size 1962 Active 2 Bald Eagle Road W Harbor, Marsh 4 5 1 Full Size 2001 Active 1 Surf Scoter Road Landscape 4 5 1 Full Size 1989 Active 10 Laughing Gull Road Pool 5 5 0 Full Size 1994 Active 9 Piping Plover Road Ocean 6 6 1 Full Size 2002 Active 24 Red Cardinal Road Ocean, Pool 4 4 1 Full Size 1982 Active 47 Lands End Road Deep Water, Ocean 4 4 0 Townhouse 1980 Active 5 Bald Eagle Road Landscape, Pool 5 5 1 Full Size 1993 Active 8 Wood Ibis Road Pool 6 4 0 Full Size 1980 Active 10 Seaside Sparrow Road Wooded 4 4 0 Full Size 1967 Active 15 Duck Hawk Road Pool 4 4 1 Full Size 1984 Active 15 Black Skimmer Road Pool 4 4 1 Full Size 1988 Active 2 Gadwall Road Landscape, Tennis Court 4 3 1 Full Size 1981 Active 6 Red Cardinal Road Landscape, Pool 5 5 1 Full Size 1994 Active 11 Lands End Way Deep Water, Ocean 3 3 0 Townhouse 1979 Active 2 Oyster Catcher Road Landscape, Pool 4 4 0 Full Size 1995 Active 23 W Beach Lagoon Road Lagoon, Pool 3 4 0 Full Size 1963 Active 57 N Sea Pines Drive Landscape, Pool 4 3 1 Full Size 1994 Active 15 Beachside Drive Ocean 4 4 0 Full Size 1989 Active 2 Laughing Gull Road Landscape 4 4 0 Full Size 1978 Active 12 Braddock Cove Harbor, Marsh 4 4 1 Townhouse 2007 Active 7 Whistling Swan Road Landscape, Pool 4 4 0 Full Size 1981 Active 11 Beachside Drive Ocean 4 4 0 Patio 1987 Active 2 Canvasback Road Landscape 6 6 0 Full Size 1999 Active 2 Lands End Court Deep Water, River 3 3 0 Patio 1979 Active 6 Bald Eagle Road W Marsh, Pool 4 3 0 Full Size 1979 Active 4 Oyster Catcher Road Landscape, Wooded 4 4 0 Full Size 1981 Active 2 Killdeer Lane Landscape, Pool 3 3 0 Full Size 1980 Active 6 Green Heron Road Landscape 3 3 0 Full Size 1973 Active 8 Beachside Drive Ocean, Pool 3 2 0 Patio 1987 Active 55 S Sea Pines Drive Lagoon 4 4 1 Full Size 1974 Active 63 S Sea Pines Drive Lagoon, Pool 4 2 0 Full Size 1973 Active 18 Bald Eagle Road W Marsh 4 3 0 Full Size 1978 Active 2 Beachside Drive Landscape, Tennis Court 4 4 0 Full Size 1993 Active 3 Grey Widgeon Road Landscape 3 2 1 Full Size 1976 Active 2 Surf Scoter Road Landscape, Pool 4 4 0 Full Size 1966 Active 28 Ruddy Turnstone Road Wooded 3 3 0 Full Size 1980 Active 4 Pintail Court Lagoon, Pool 3 3 0 Patio 1972 Pending 32 E Beach Lagoon Drive Ocean 4 4 0 Full Size 1967 Pending 21 Canvasback Road Landscape, Wooded 4 4 0 Full Size 1977 Sold 6 Seaside Sparrow Road Landscape, Pool 6 7 0 Full Size 2016 Sold 5 Grey Widgeon Road Pool 6 6 1 Full Size 2016 Sold 147 N Sea Pines Drive Golf, Lagoon 5 5 1 Full Size 2016 Sold 7 Marsh Wren Road Landscape, Pool 5 5 2 Full Size 2001 Sold 43 Sea Pines Drive Lake 5 5 0 Full Size 2013 Sold 5 Laughing Gull Road Wooded 4 4 1 Full Size 2002 Sold 22 Ruddy Turnstone Road Wooded 4 4 1 Full Size 1994 Sold 29 Ruddy Turnstone Road Ocean 6 5 0 Full Size 1962 Sold 14 Sandhill Crane Road Landscape, Pool 5 4 0 Full Size 1962 Sold 29 S Beach Lane Landscape, Wooded 4 4 1 Full Size 1989 Sold 11 Beach Lagoon Road Lagoon 3 2 0 Full Size 1966 Sold 7 Bald Eagle Road Pool 3 3 0 Full Size 1980 Sold 107 N Sea Pines Drive Lagoon 4 4 0 Full Size 1976 Sold 16 Wood Ibis Road Landscape, Wooded 3 2 0 Full Size 1966 Sold 6 Black Skimmer Road Landscape 4 3 0 Full Size 1969 Sold 27 Ruddy Turnstone Road Landscape 3 2 0 Full Size 1971 Sold 163 N Sea Pines Drive Golf, Lagoon 3 2 0 Full Size 1965 Sold 13 Bald Eagle Road W Pool 4 3 1 Full Size 1985 Sold 5 N Sea Pines Drive Pool, Wooded 3 3 0 Full Size 1973 Sold 78 S Sea Pines Drive Landscape, Pool 4 3 0 Full Size 1972
STATUS
ADDRESS
VIEW
Definitions for Listings Active - On the Market Pending - Under Contract Sold - Closed Between February 1, 2017 and April 30, 2017
APPROX. SQ. FOOTAGE 6,100 6,020 5,544 6,134 3,680 5,200 6,465 4,771 4,122 5,943 4,504 3,877 3,490 5,469 5,046 4,067 4,075 6,209 3,618 3,952 5,281 3,541 3,618 3,160 1,844 3,309 3,622 2,982 3,925 3,420 3,304 3,446 1,800 2,415 2,626 2,834 2,004 1,973 2,657 2,100 2,100 2,424 2,042 2,712 2,581 2,141 2,255 1,349 3,538 2,634 4,064 2,006 2,189 2,286 2,214 1,970 2,768 2,530 4,420 4,253 5,200 5,097 3,127 3,330 3,606 4,114 3,686 3,523 2,134 2,168 2,083 1,631 3,327 1,802 1,900 1,986 1,846 2,150
Urgency! Home Buyers and Sellers, Now’s The Perfect Time to Get Low Interest Rates
LIST PRICE CLOSE PRICE $7,950,000 $5,950,000 $5,500,000 $5,450,000 $4,999,999 $4,999,000 $4,999,000 $4,999,000 $4,200,000 $3,999,000 $3,495,000 $3,350,000 $3,290,000 $2,995,000 $2,795,000 $2,599,000 $2,595,000 $2,395,000 $1,995,000 $1,995,000 $1,795,000 $1,649,000 $1,649,000 $1,590,000 $1,500,000 $1,499,000 $1,418,000 $1,399,000 $1,325,000 $1,299,000 $1,295,000 $1,295,000 $1,285,000 $1,195,000 $1,195,000 $1,190,000 $1,075,000 $1,050,000 $999,900 $998,000 $969,000 $950,000 $949,000 $935,000 $925,000 $924,995 $900,000 $895,000 $879,000 $875,000 $870,000 $849,000 $849,000 $849,000 $799,000 $699,000 $3,195,000 $575,000 $2,876,500 $2,499,000 $2,095,000 $1,975,000 $1,715,000 $1,595,000 $1,349,999 $1,295,000 $1,275,000 $1,250,000 $1,179,000 $995,000 $985,000 $884,000 $849,000 $769,000 $750,000 $729,000 $724,900 $600,000
--------------------------------------------------------------------------------------------------------------------$2,775,000 $2,400,000 $2,050,000 $1,790,000 $1,600,000 $1,415,000 $1,250,000 $1,050,000 $1,210,000 $1,180,000 $1,170,000 $950,000 $975,000 $840,000 $780,000 $705,000 $715,000 $699,000 $695,000 $610,000
KEY TRENDS
Source: Freddie Mac, May 2017
30 YEAR FIXED RATE MORTGAGES FROM FREDDIE MAC
Freddie Mac, 05/2017
MORTGAGE RATE PROJECTIONS QUARTER
FANNIE MAE
MORTGAGE BANKERS ASSOCIATION
NATIONAL ASSOCIATION OF REALTORS
AVERAGE OF ALL THREE
2017 3Q
4.2%
4.4%
4.3%
4.30%
2017 4Q
4.3%
4.6%
4.5%
4.47%
2018 1Q
4.3%
4.7%
4.7%
4.57%
2018 2Q
4.3%
4.9%
4.9%
4.70%
As you can see from the 30 Year Fixed Rate Mortgages graph, mortgage rates have taken a dip here recently. Wow, what a privilege to get a 30 year fixed rate mortgage at 4.02%! However, it’s the second graphic, the Mortgage Rate Projections chart, which puts the “fear of throwing money away” into our hearts. Waiting a year to buy a $500,000 house could, according to this chart, cost a home buyer about $2000 extra interest per year on an 80% mortgage. That feels like “throwing money away” to us. At Engel & Völkers these two charts say to us that with these historic interest rates so low, now is an excellent time to either sell or buy whether that’s here in the Hilton Head Island-Bluffton area or in another part of the country. If you as a seller or buyer do want to take advantage of these interest rates, please call your Engel & Völkers Advisor today and they will provide you with expert advice on the wisest course of action for you.
THE STATE
Our international reach finds home buyers.
of the Sea Pines Ocean Oriented Beach Homes Real Estate Market
5
May 2017
Continents
37
KEY METRICS
Countries
The First Four Months of 2017 in Review
700+
Shops
In the first four months of 2017, 23 homes closed, compared to 12 last year. The four month’s total dollar volume of homes sold in 2017 was $28.0M, up from $21.8.M in 2016. Supply and demand: there are currently 56 homes listed for sale with an average of 4.7 homes selling per month over the last six months. That translates into a 11.9-month supply, considered by industry experts to be a buyer’s market. As of May, 14, 2017, there were two homes pending/under contract. The graph below represents the Sea Pines ocean oriented homes.
8,500
+
Advisors
How’s the Hilton Head Island - Bluffton Real Estate Market?
International buyers have invested more than $92 billion in U.S. homes (Source: 2014 Profile of International Home Buying Activity). Today’s real estate professionals need to demonstrate international expertise and have the proven ability to promote their properties to buyers worldwide. Engel & Völkers is a revolutionary global brand with more than 700 brokerages and 8,500 advisors in highly desirable markets including the United States, Canada and Europe.
The Hilton Head Island-Bluffton housing market continues to be on fire, setting the all-time record for the first four months of any year in the history of our area according to statistics from the Hilton Head Island-Bluffton Area Multiple Listing Service. In the boom years prior to The Great Recession, home sales in 2005 set a new first four months’ record of 795 homes sold. In the first four months of 2017 though, 937 homes were sold. In other positive news, home values in just the first four months of 2017 were up 3.4% over 2016 prices, but still 23% below the peak set in 2005. If the record-setting pace of sales continues, we could see an annual appreciation rate in the neighborhood of 10%, meaning that a $500,000 home a year from now could sell for $550,000. With today’s historically low interest rates and prices still way below the peak, it is an extraordinary time to purchase real estate in our area. * Sea Pines Beach Homes are all those homes located east of North and South Sea Pines Drive.
A global real estate network with buyer referrals from national and international markets such as Atlanta, New York Metro Area, Canada and Europe.
Industry-leading technology tools that reach home buyers and sellers online where 92% of people begin their home search.
All MLS All of Sea Pines Detached
Historical Median Sales Price Rolling 12-Month Calculation
Source: National Association of Realtors
At Engel & Völkers Hilton Head Island - Bluffton, we are committed to bringing that same revolutionary approach to the Sea Pines real estate market. Our goal is to provide unrivaled service in the residential real estate market as we bring qualified buyers from around the world to unique properties throughout the Lowcountry. Only the most dedicated and professional advisors, with an exclusive clientele built from years of experience, are a part of our brand. By combining the local market expertise of our seasoned team with an exceptional global network, we are able to find buyers for our deserving clients. We believe that discretion is the cornerstone of any trustworthy relationship and that protecting the interests of our clients is a point of honor. At Engel & Völkers, we firmly count on innovation, co-operation, professionalism and reliability to drive success. Our culture of expertise and passion is shared through our proprietary technology which leverages the full power of our network for the clients we serve. In this way, we are truly connected. Let us make the right connections for you. We look forward to working with you closely to examine your real estate goals before developing a strategy to obtain them. Please contact us to schedule a brief introductory meeting and complimentary home valuation.
Inventory of Homes For Sale COMMUNITY SPECIALIST Considering listing your home? Contact me for a complimentary home
value consultation and let me show you how we utilize our digital presence and tailored platforms to sell your home for maximum value.
Number of Closed Home Sales
60
25
48
20
36
15
24
10
12
5
Total Value of Homes Closed $30,000,000 $25,000,000 $20,000,000 $15,000,000
Judy Flanagan, Real Estate Advisor Main Shop | 800 Main Street, Hilton Head Island South Island Lounge | 7 New Orleans Road, Hilton Head Island Historic Bluffton Lounge | 6 Promenade Street, Suite 1001, Bluffton
Telephone: 843-415-3119 Email: judy.flanagan@evusa.com Website: www.judyflanagan.evusa.com ©2016 Engel & Völkers. All rights reserved. Each brokerage is independently owned and operated. All information provided is deemed reliable but is not guaranteed and should be independently verified. If your property is currently represented by a real estate broker, this is not an attempt to solicit your listing. Engel & Völkers and its independent License Partners are Equal Opportunity Employers and fully support the principles of the Fair Housing Act.
PRSRT STD US POSTAGE PAID Permit 73
$10,000,000 $5,000,000
Hilton Head Is., SC
56
0
On 04/30/17
0
12
23
1 Four Months of 2016
1 Four Months of 2017
st
st
0
$21,752,004
$28,014,000
1 Four Months of 2016
1 Four Months of 2017
st
st
This information is based on data provided by Multiple Listing Service of Hilton Head Island, Inc. (“HHIMLS”) for the period January 2017 through May 10, 2017. HHIMLS does not guarantee and is not in any way responsible for its accuracy. Data provided by HHIMLS may not reflect all real estate activity in the market.