THE STATE
Our international reach finds buyers.
of the Bradley, Burkes & Singleton Beach Real Estate Market
April 2018
KEY METRICS
Last Six Months in Review
In the Bradley, Burkes and Singleton Beach areas, seven homes closed in the last six months. Only one home closed during the same time last year. During the last 180 days, the total dollar volume in closed sales was $10,555,097, significantly up compared to October 2016-March of 2017 with only $435,000 in total dollar volume selling for the six-month span. Supply/Demand/Absorption rate: As of April 2nd, 2018, there are 12 homes listed for sale. There has been an average of one home selling per month over the last six months. This translates into a 10-month supply of available home inventory on the market in the Bradley, Burkes, and Singleton Beach areas. Industry experts would translate these statistics and state the BBS area to be a buyer’s market at this time. There is one home under contract in this area at print time. Two home sites have sold in the last six months, with three home sites sold during the same time last year. Two home sites are under contract and five home sites are currently on the market in Bradley, Burkes and Singleton Beach areas. At Engel & Völkers Hilton Head Island - Bluffton, we are committed to bringing a revolutionary approach to the Bradley, Burkes and Singleton Beach 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. We look forward to working with you closely to examine your real estate goals before developing a strategy to obtain them.
7
$1,650,000
90.83%
670
Total Sales
Median Price
Sale to List Price
Median Days on Market
Please contact us to schedule a brief introductory meeting and complimentary home valuation.
S
O
L
D
Located in fabulous Folly Field Beach on Hilton Head Island, this versatile two-story home is situated on an oversized homesite which is close to a half-acre. The living room, dining room and kitchen all offer spectacular views to the ocean through floor to ceiling windows. A two-story deck is the perfect setting and allows for plenty of outdoor entertaining around the sparkling pool. The yard is private and offers a private boardwalk which leads straight to the white sand beach. An incredible rental machine, this beach home boasts rental incomes in excess of $130,000 a year. Incredibly priced and offering a truly desirable beach lifestyle, it’s no wonder this incredible home sold! 4 Bedrooms | 4 Bathrooms | 2,898 Htd. SqFt | $1,750,000
The Chafer Sutphin Group is your Bradley, Burkes and Singleton Beach Real Estate Specialist having helped 15 clients buy and sell properties in the community. Contact us for a complimentary home valuation and discover how we can increase your property’s visibility both nationally and internationally through Engel & Völkers global real estate network, unique digital platforms, social media presence, and local market expertise.
Tisha Chafer, Real Estate Advisor Tanner Sutphin, 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 • 843-384-1645 | 843-384-3006 Email • tisha.chafer@evusa.com tanner.sutphin@evusa.com Website • www.chafersutphingroup.evusa.com ©2018 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
CHAFER SUTPHIN GROUP
ACTIVE LISTINGS ON HILTON HEAD ISLAND
636 How’s the Hilton Head Island Real Estate Market Doing?
YTD Hilton Head Island Home Sales
32 Sand Dollar Road, Folly Field Beach
COMMUNITY SPECIALIST
Hilton Head Island Real Estate Market Overview
Hilton Head Is., SC
YTD Through March 31 for Each Year
Year
Number of Homes Sold
Median Price
2013
149
$470,000
2014
169
$485,000
2015
181
$531,000
2016
183
$500,000
2017
177
$520,000
2018
211
$532,000
In 2018 the Hilton Head Island housing market enjoyed its best first quarter in 13 years, according to statistics from the Hilton Head Area Multiple Listing Service. As you can see from the chart to the left, the number of sales in the first quarter are up to 211, a 19% increase from 2017. The median price is also up, 2.2% above the 2017 first quarter median price, but is still 28% below the peak set in 2006. The median price of homes selling in the US is at its highest ever. It is expected that Island prices in the next several years will also rise into record setting territory. Thus, with prices still way below the peak and today’s historically low interest rates, it is an exceptional time to invest in real estate on the Island.
This information is based on data provided by Multiple Listing Service of Hilton Head Island, Inc. (“HHIMLS”) for the period January 2018 through April 4, 2018. 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.
CHAFER SUTPHIN GROUP
Bradley, Burkes and Singleton Beach Home Listings STATUS
ADDRESS
ROW
Active Active Active Active Active Active Active Active Active Active Active Pending Sold Sold Sold Sold Sold Sold Sold
30 Crabline Court 91 Singleton Beach Road 95 Singleton Beach Road 3 Collier Court 14 Singleton Shores Manor 12 Collier Beach Road 10 Collier Beach Road 3 Urchin Manor 14 Whelk Street 6 Collier Beach Road 9 Singleton Beach Place 19 Crabline Court 41 Crabline Court 12 Crabline Court 20 Horvaths Peninsula 6 Collier Court 16 Whelk Street 19 Singleton Beach Place 27 Singleton Beach Place
12 Over 12 2 2 4 1 1 3 1 1 1 12 Over 12 12 1 3 1 1
Home Equity Growing Across America
TOTAL APPROX. SQ. DAYS ON FULL BATHS HALF BATHS LIST PRICE CLOSE PRICE BEDROOMS FOOTAGE MARKET 4 4 4 6 6 6 5 7 5 6 7 6 5 6 5 4 5 6 6
4 4 4 5 6 5 5 6 5 6 5 6 4 6 5 4 5 6 6
1 0 1 1 1 1 1 2 0 2 1 0 1 1 0 1 1 1 2
3,056 2,930 3,250 5,938 4,830 3,858 3,274 4,501 3,541 4,513 4,561 4,098 3,000 3,750 3,942 5,036 3,625 4,232 5,000
$659,000 $1,250,000 $1,350,000 $1,400,000 $1,695,000 $1,699,000 $1,800,000 $1,850,000 $2,100,000 $2,295,000 $2,395,000 $600,000 $609,000 $950,000 $1,495,000 $1,799,000 $1,950,000 $2,750,000 $2,895,000
------------------------$575,000 $655,000 $1,100,000 $1,650,000 $1,675,000 $2,300,100 $2,600,000
81 261 169 1,561 63 67 1,640 196 169 67 323 2 1,063 161 169 1,157 2 670 945
Source: Keeping Current Matters, March 2018
Forecasted Year Over Year % Change in Price by State KEY TAKEAWAYS WA 4.9%
VT (6.2%) ND 2.5%
MT 3.1% OR 5.7%
ID 4.0%
UT 3.8%
CA 9.1%
AZ 6.0%
WI 4.1%
SD 3.5%
WY 3.1% NV 7.8%
MN 3.4%
IA 4.1%
NE 3.9%
CO 5.2%
KS 4.1%
KY 3.8% 2.9%
OK 3.0%
NM 3.7%
4.8%
MO 4.6%
RI (3.4%) PA 4.6% OH 4.2%
IN
TX 2.1%
WV 4.0%
ADDRESS ROW LIST PRICE CLOSE PRICE DAYS ON MARKET 603 William Hilton ParkwayOver 12 $135,000 --365 4 Abalone Lane 8 $178,000 --629 21 Bradley Circle 3 $299,000 --370 23 Corrine Lane Over 12 $149,000 $145,000 108 21 Bradley Circle 4 $299,000 $275,000 370
KEY TRENDS
DC (3.7%)
2. You can also see that the equity in your house might be more than you think.
NC 3.8% SC 4.0%
AL 4.4%
3. CoreLogic, the leading provider of real estate data and analytics, is forecasting a year-over-year 4.3% level of appreciation across the country.
GA 3.8%
LA 2.6% FL 6.4%
AK 4.7%
UNITED STATES 4.3%
0.0% to 1.9%
4.0% to 5.9%
Definitions for Listings Active - On the Market Pending - Under Contract Sold - Closed Between September 1, 2017 and March 31, 2018
HI 5.1%
Recently, Freddie Mac published an Insight Report titled Nowhere to Go but Up? How Increasing Mortgage Rates Could Affect Housing. The report focused on the impact that the projected rise in mortgage rates might have on the housing market this year.
Many believe that an increase in mortgage rates will cause a slowdown in purchases which would, in turn, lead to a fall in house values. Ultimately, however, prices are determined by supply and demand and while rising mortgage rates may slow demand, they also affect supply. From the report: “For current homeowners, the decision to buy a new home is typically linked to their decision to sell their current home...Because of this link, the financing costs of the existing mortgage are part of the homeowners decision of whether and when to move. Once financing costs for a new mortgage rise above the rate borrowers are paying for their current mortgage, borrowers would have to give up below-market financing to sell their home. Instead, they may choose to delay both the sale of their existing home and the purchase of a new home to maintain the advantageous financing.”
> 6.0%
Actual Year Over Year % Change in Price by State WA 12.0%
Source: Keeping Current Matters, March 2018
VT (4.1%) ND 5.4%
MT 6.2% OR 6.9%
ID 10.7% WY 3.3% NV 11.0%
CA 8.2%
They went on to reveal that the Freddie Mac National House Price Index is “unresponsive to movements in interest rates. In the current housing market, the driving force behind the increase in prices is a low supply of both new and existing homes combined with historically low rates. As mortgage rates increase, the demand for home purchases will likely remain strong relative to the constrained supply and continue to put upward pressure on home prices.”
UT 10.7%
AZ 6.3%
The graph below, based on data from the Insight Report, reveals what happened to home prices the last six times mortgage rates rose by at least 1%.
CO 8.0%
MN 5.7%
WI 5.9%
SD 4.3% IA 3.8%
NE 5.3% KS 3.9% OK 1.7%
NM 3.5%
NY 5.3%
MI 7.1%
IL 3.5%
5.3%
KY 5.6% 6.6%
PRICES*
VA 2.7%
CT (1.9%) NJ (3.5%) DE (3.9%) MD (3.6%) DC (2.5%)
NC 5.5%
AL 4.4%
GA 5.8%
LA 5.1% FL 5.8%
AK
UNITED STATES 6.6%
+7%
RATES
NH (5.8%) MA (6.2%)
SC 5.3%
1.6%
+3%
WV 5.0%
TN
AR 3.5% MS 3.8%
ME 8.1%
RI (8.2%) PA 3.8% OH 6.2%
IN
MO 5.6%
TX 5.7%
+13% +11%
4. Now is the perfect time to sell, buy and/or invest as the market is strong.
< 0.0%
2.0% to 3.9%
Rising Mortgage Rates Do Not Lead to Falling Home Prices
+13%
1. You can see that the real estate market is very strong across the whole country.
CT (6.1%) NJ (5.3%) DE (3.9%) MD (4.1%)
VA 4.1%
TN
AR 4.5% MS 3.1%
These two maps are very insightful for a number of reasons:
NH (5.8%) MA (4.7%)
NY 4.8%
MI 6.0%
IL 4.8%
ME 5.7%
Bradley, Burkes and Singleton Beach Lot Listings STATUS Active Active Pending Sold Sold
KEY TRENDS
< 0.0% 0.0% to 1.9% 2.0% to 3.9%
+2%
4.0% to 5.9%
10/1993 to 12/1994
01/1996 to 11/1996
10/1995 to 05/2005
06/2003 to 06/2004
06/2006 to 07/2006
11/2012 to 12/2013
+2.38%
+1.20%
+1.81%
+1.06%
+1.18%
+1.11%
*SEASONALLY ADJUSTED RATE BETWEEN START AND END DATES
HI 3.9%
> 6.0%
Bradley, Burkes and Singleton Beach Home Listings STATUS
ADDRESS
ROW
Active Active Active Active Active Active Active Active Active Active Active Pending Sold Sold Sold Sold Sold Sold Sold
30 Crabline Court 91 Singleton Beach Road 95 Singleton Beach Road 3 Collier Court 14 Singleton Shores Manor 12 Collier Beach Road 10 Collier Beach Road 3 Urchin Manor 14 Whelk Street 6 Collier Beach Road 9 Singleton Beach Place 19 Crabline Court 41 Crabline Court 12 Crabline Court 20 Horvaths Peninsula 6 Collier Court 16 Whelk Street 19 Singleton Beach Place 27 Singleton Beach Place
12 Over 12 2 2 4 1 1 3 1 1 1 12 Over 12 12 1 3 1 1
Home Equity Growing Across America
TOTAL APPROX. SQ. DAYS ON FULL BATHS HALF BATHS LIST PRICE CLOSE PRICE BEDROOMS FOOTAGE MARKET 4 4 4 6 6 6 5 7 5 6 7 6 5 6 5 4 5 6 6
4 4 4 5 6 5 5 6 5 6 5 6 4 6 5 4 5 6 6
1 0 1 1 1 1 1 2 0 2 1 0 1 1 0 1 1 1 2
3,056 2,930 3,250 5,938 4,830 3,858 3,274 4,501 3,541 4,513 4,561 4,098 3,000 3,750 3,942 5,036 3,625 4,232 5,000
$659,000 $1,250,000 $1,350,000 $1,400,000 $1,695,000 $1,699,000 $1,800,000 $1,850,000 $2,100,000 $2,295,000 $2,395,000 $600,000 $609,000 $950,000 $1,495,000 $1,799,000 $1,950,000 $2,750,000 $2,895,000
------------------------$575,000 $655,000 $1,100,000 $1,650,000 $1,675,000 $2,300,100 $2,600,000
81 261 169 1,561 63 67 1,640 196 169 67 323 2 1,063 161 169 1,157 2 670 945
Source: Keeping Current Matters, March 2018
Forecasted Year Over Year % Change in Price by State KEY TAKEAWAYS WA 4.9%
VT (6.2%) ND 2.5%
MT 3.1% OR 5.7%
ID 4.0%
UT 3.8%
CA 9.1%
AZ 6.0%
WI 4.1%
SD 3.5%
WY 3.1% NV 7.8%
MN 3.4%
IA 4.1%
NE 3.9%
CO 5.2%
KS 4.1%
KY 3.8% 2.9%
OK 3.0%
NM 3.7%
4.8%
MO 4.6%
RI (3.4%) PA 4.6% OH 4.2%
IN
TX 2.1%
WV 4.0%
ADDRESS ROW LIST PRICE CLOSE PRICE DAYS ON MARKET 603 William Hilton ParkwayOver 12 $135,000 --365 4 Abalone Lane 8 $178,000 --629 21 Bradley Circle 3 $299,000 --370 23 Corrine Lane Over 12 $149,000 $145,000 108 21 Bradley Circle 4 $299,000 $275,000 370
KEY TRENDS
DC (3.7%)
2. You can also see that the equity in your house might be more than you think.
NC 3.8% SC 4.0%
AL 4.4%
3. CoreLogic, the leading provider of real estate data and analytics, is forecasting a year-over-year 4.3% level of appreciation across the country.
GA 3.8%
LA 2.6% FL 6.4%
AK 4.7%
UNITED STATES 4.3%
0.0% to 1.9%
4.0% to 5.9%
Definitions for Listings Active - On the Market Pending - Under Contract Sold - Closed Between September 1, 2017 and March 31, 2018
HI 5.1%
Recently, Freddie Mac published an Insight Report titled Nowhere to Go but Up? How Increasing Mortgage Rates Could Affect Housing. The report focused on the impact that the projected rise in mortgage rates might have on the housing market this year.
Many believe that an increase in mortgage rates will cause a slowdown in purchases which would, in turn, lead to a fall in house values. Ultimately, however, prices are determined by supply and demand and while rising mortgage rates may slow demand, they also affect supply. From the report: “For current homeowners, the decision to buy a new home is typically linked to their decision to sell their current home...Because of this link, the financing costs of the existing mortgage are part of the homeowners decision of whether and when to move. Once financing costs for a new mortgage rise above the rate borrowers are paying for their current mortgage, borrowers would have to give up below-market financing to sell their home. Instead, they may choose to delay both the sale of their existing home and the purchase of a new home to maintain the advantageous financing.”
> 6.0%
Actual Year Over Year % Change in Price by State WA 12.0%
Source: Keeping Current Matters, March 2018
VT (4.1%) ND 5.4%
MT 6.2% OR 6.9%
ID 10.7% WY 3.3% NV 11.0%
CA 8.2%
They went on to reveal that the Freddie Mac National House Price Index is “unresponsive to movements in interest rates. In the current housing market, the driving force behind the increase in prices is a low supply of both new and existing homes combined with historically low rates. As mortgage rates increase, the demand for home purchases will likely remain strong relative to the constrained supply and continue to put upward pressure on home prices.”
UT 10.7%
AZ 6.3%
The graph below, based on data from the Insight Report, reveals what happened to home prices the last six times mortgage rates rose by at least 1%.
CO 8.0%
MN 5.7%
WI 5.9%
SD 4.3% IA 3.8%
NE 5.3% KS 3.9% OK 1.7%
NM 3.5%
NY 5.3%
MI 7.1%
IL 3.5%
5.3%
KY 5.6% 6.6%
PRICES*
VA 2.7%
CT (1.9%) NJ (3.5%) DE (3.9%) MD (3.6%) DC (2.5%)
NC 5.5%
AL 4.4%
GA 5.8%
LA 5.1% FL 5.8%
AK
UNITED STATES 6.6%
+7%
RATES
NH (5.8%) MA (6.2%)
SC 5.3%
1.6%
+3%
WV 5.0%
TN
AR 3.5% MS 3.8%
ME 8.1%
RI (8.2%) PA 3.8% OH 6.2%
IN
MO 5.6%
TX 5.7%
+13% +11%
4. Now is the perfect time to sell, buy and/or invest as the market is strong.
< 0.0%
2.0% to 3.9%
Rising Mortgage Rates Do Not Lead to Falling Home Prices
+13%
1. You can see that the real estate market is very strong across the whole country.
CT (6.1%) NJ (5.3%) DE (3.9%) MD (4.1%)
VA 4.1%
TN
AR 4.5% MS 3.1%
These two maps are very insightful for a number of reasons:
NH (5.8%) MA (4.7%)
NY 4.8%
MI 6.0%
IL 4.8%
ME 5.7%
Bradley, Burkes and Singleton Beach Lot Listings STATUS Active Active Pending Sold Sold
KEY TRENDS
< 0.0% 0.0% to 1.9% 2.0% to 3.9%
+2%
4.0% to 5.9%
10/1993 to 12/1994
01/1996 to 11/1996
10/1995 to 05/2005
06/2003 to 06/2004
06/2006 to 07/2006
11/2012 to 12/2013
+2.38%
+1.20%
+1.81%
+1.06%
+1.18%
+1.11%
*SEASONALLY ADJUSTED RATE BETWEEN START AND END DATES
HI 3.9%
> 6.0%
THE STATE
Our international reach finds buyers.
of the Bradley, Burkes & Singleton Beach Real Estate Market
April 2018
KEY METRICS
Last Six Months in Review
In the Bradley, Burkes and Singleton Beach areas, seven homes closed in the last six months. Only one home closed during the same time last year. During the last 180 days, the total dollar volume in closed sales was $10,555,097, significantly up compared to October 2016-March of 2017 with only $435,000 in total dollar volume selling for the six-month span. Supply/Demand/Absorption rate: As of April 2nd, 2018, there are 12 homes listed for sale. There has been an average of one home selling per month over the last six months. This translates into a 10-month supply of available home inventory on the market in the Bradley, Burkes, and Singleton Beach areas. Industry experts would translate these statistics and state the BBS area to be a buyer’s market at this time. There is one home under contract in this area at print time. Two home sites have sold in the last six months, with three home sites sold during the same time last year. Two home sites are under contract and five home sites are currently on the market in Bradley, Burkes and Singleton Beach areas. At Engel & Völkers Hilton Head Island - Bluffton, we are committed to bringing a revolutionary approach to the Bradley, Burkes and Singleton Beach 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. We look forward to working with you closely to examine your real estate goals before developing a strategy to obtain them.
7
$1,650,000
90.83%
670
Total Sales
Median Price
Sale to List Price
Median Days on Market
Please contact us to schedule a brief introductory meeting and complimentary home valuation.
S
O
L
D
Located in fabulous Folly Field Beach on Hilton Head Island, this versatile two-story home is situated on an oversized homesite which is close to a half-acre. The living room, dining room and kitchen all offer spectacular views to the ocean through floor to ceiling windows. A two-story deck is the perfect setting and allows for plenty of outdoor entertaining around the sparkling pool. The yard is private and offers a private boardwalk which leads straight to the white sand beach. An incredible rental machine, this beach home boasts rental incomes in excess of $130,000 a year. Incredibly priced and offering a truly desirable beach lifestyle, it’s no wonder this incredible home sold! 4 Bedrooms | 4 Bathrooms | 2,898 Htd. SqFt | $1,750,000
The Chafer Sutphin Group is your Bradley, Burkes and Singleton Beach Real Estate Specialist having helped 15 clients buy and sell properties in the community. Contact us for a complimentary home valuation and discover how we can increase your property’s visibility both nationally and internationally through Engel & Völkers global real estate network, unique digital platforms, social media presence, and local market expertise.
Tisha Chafer, Real Estate Advisor Tanner Sutphin, 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 • 843-384-1645 | 843-384-3006 Email • tisha.chafer@evusa.com tanner.sutphin@evusa.com Website • www.chafersutphingroup.evusa.com ©2018 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
CHAFER SUTPHIN GROUP
ACTIVE LISTINGS ON HILTON HEAD ISLAND
636 How’s the Hilton Head Island Real Estate Market Doing?
YTD Hilton Head Island Home Sales
32 Sand Dollar Road, Folly Field Beach
COMMUNITY SPECIALIST
Hilton Head Island Real Estate Market Overview
Hilton Head Is., SC
YTD Through March 31 for Each Year
Year
Number of Homes Sold
Median Price
2013
149
$470,000
2014
169
$485,000
2015
181
$531,000
2016
183
$500,000
2017
177
$520,000
2018
211
$532,000
In 2018 the Hilton Head Island housing market enjoyed its best first quarter in 13 years, according to statistics from the Hilton Head Area Multiple Listing Service. As you can see from the chart to the left, the number of sales in the first quarter are up to 211, a 19% increase from 2017. The median price is also up, 2.2% above the 2017 first quarter median price, but is still 28% below the peak set in 2006. The median price of homes selling in the US is at its highest ever. It is expected that Island prices in the next several years will also rise into record setting territory. Thus, with prices still way below the peak and today’s historically low interest rates, it is an exceptional time to invest in real estate on the Island.
This information is based on data provided by Multiple Listing Service of Hilton Head Island, Inc. (“HHIMLS”) for the period January 2018 through April 4, 2018. 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.
CHAFER SUTPHIN GROUP