THE STATE
of the Sea Pines Ocean Oriented Beach Homes Real Estate Market
January 2017
KEY METRICS 2016 in Review
Sea Pines Beach Homes* - Prices Up, Sales Down
Sea Pines beach homes for 2016 are down compared to 2015: 32 homes closed compared to 37 sold a year ago. However, the dollar volume is up to $54.2M from $52.2M. The average price of the beach homes sold so far in 2016 is $1.69M, versus $1.41M in 2015. Supply and demand: there are currently 52 homes listed for sale with an average of 2.6 selling per month over the last twelve months. That translates into a 22-month supply, considered by industry experts to be a strong buyer’s market. As of January 7th, 2017, there were seven homes pending/under contract. The graph below represents the Sea Pines ocean-oriented homes.
How’s the Hilton Head Island - Bluffton Real Estate Market?
The Hilton Head Island-Bluffton housing market is on fire. Home sales continue to set all-time records according to statistics from the Hilton Head Area Multiple Listing Service, which includes Hilton Head Island, Bluffton, Okatie, Daufuskie Island, Hardeeville and parts of Beaufort and Ridgeland. In the Boom Years of 2004-2006 prior to The Great Recession, home sales in 2005 set a new annual record of 2631 homes sold. In 2016, though, that record was shattered with 3194 homes sold, the highest year on record. In other positive news, home values in 2016 have appreciated 5.6% from last year. However, they are still 25.1% below the peak set in 2005. 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.
All MLS All of Sea Pines Detached
Historical Median Sales Price Rolling 12-Month Calculation
Inventory of Homes For Sale
Number of Closed Home Sales 40
60 50
$40,000,000
24
$30,000,000
16
20
$20,000,000
8
10
On 12/31/16
$10,000,000 37
52
0
$50,000,000
30
C
$60,000,000
32
40
Total Value of Homes Closed
0
32
1st Twelve Months of 2015 1st Twelve Months of 2016
$52,200,000
0
$54,200,000
1st Twelve Months of 2015 1st Twelve Months of 2016
This information is based on data provided by Multiple Listing Service of Hilton Head Island, Inc. (“HHIMLS”) for the period January 2016 through January 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.
This has been the best year for home sales...ever! Homes Sold Each Year, 2005-2016 Hilton Head Island/Bluffton
2683
3010
2737
2354
2053
1782
1600
1917
1588
2031
2631
1000
20
20
1500
20
20
2000
20
2500
20
Number of Homes Sold
3000
3194
3500
500
0 16
20
15
20
14
13
12
20
11
20
10
20
09
08
07
06
05
20
KEY TRENDS
2016 Sales At An All Time High
Home sales in the Hilton Head Island-Bluffton area in 2016 were the best ever according to historical MLS records.
As depicted in the chart, 3194 homes sold in 2016 far surpassing even the pre-recession peak year of 2005. For the first time ever in the Hilton Head Island-Bluffton area, over 3100 homes were purchased, a new all-time record. If there was ever a good time to sell your house, now is one of those times since the market is so strong. If you want to sell, call your Engel & Völkers Advisor today to get it on the market. Your Engel & Völkers Advisor will not merely list your home, he/she will actually “launch” it with a passionate, aggressive digital marketing plan. There’s nothing like an Engel & Völkers launch!
The Matthew Effect:
Will It Effect Homes Values in Hilton Head and Bluffton? No. While there may be a slight decrease in home sales for a month or two, overall we anticipate minimal impact to what has been a very strong real estate market. Sellers may experience tougher negotiations on price or more questions about their home’s integrity, but there are many things a home seller can do to position their property effectively in the market to maximize value. If your home was not impacted by Hurricane Matthew, or has been repaired to the same or better than before, you should expect to sell if priced right. We have prepared a number of ‘Matthew Effect’ strategies for home sellers that we would be happy to share with you. Feel free to contact me at any time. My information is on the back of this report, or you can download a copy at HiltonHeadBluffton.evusa.com in the Resources section.
Sea Pines Ocean Oriented Beach Home Listings STATUS
ADDRESS
Active Active Active Active Active Active Active Active Active Active Active Active Active Active Active Active Active Active Active Active Active Active Active Active Active Active Active Active Active Active Active Active Active Active Active Active Active Active Active Active Active Active Active Active Active Active Active Active Active Active Active Active Pending Pending Pending Pending Pending Pending Pending Sold Sold Sold Sold Sold Sold
17 S Beach Lagoon Drive 21 S Beach Lagoon Drive 26 Wood Ibis Road 22 Duck Hawk Road 19 Red Cardinal Road 6 Black Duck Road 16 Grey Widgeon Road 2 E Beach Lagoon Drive 24 Duck Hawk Road 19 Bald Eagle Road 18 Cedar Wax Wing Road 7 Black Duck Road 5 Brown Pelican Road 32 E Beach Lagoon Drive 6 Seaside Sparrow Road 11 Cedar Wax Wing Road 6 Piping Plover Road 28 Duck Hawk Road 5 Grey Widgeon Road 8 Whistling Swan Road 8 W Beach Lagoon Road 23 Ruddy Turnstone Road 7 Marsh Wren Road 10 Laughing Gull Road 9 Piping Plover Road 10 Seaside Sparrow Road 47 Lands End Road 5 Bald Eagle Road 8 Wood Ibis Road 15 Black Skimmer Road 29 Ruddy Turnstone Road 57 N Sea Pines Drive 14 Sandhill Crane Road 29 S Beach Lane 2 Oyster Catcher Road 12 Braddock Cove 11 Lands End Way 7 Whistling Swan Road 15 Beachside Drive 2 Laughing Gull Road 11 Beachside Drive 2 Canvasback Road 2 Lands End Court 4 Oyster Catcher Road 6 Black Skimmer Road 2 Beachside Drive 3 Grey Widgeon Road 8 Beachside Drive 16 Wood Ibis Road 27 Ruddy Turnstone Road 163 N Sea Pines Drive 78 S Sea Pines Drive 147 N Sea Pines Drive 43 Sea Pines Drive 4 Red Cardinal Road 10 Oyster Catcher Road 14 Canvasback Road 7 Bald Eagle Road 13 Bald Eagle Road W 21 Atlantic Pointe Drive 32 Ruddy Turnstone Road 18 Duck Hawk Road 17 W Beach Lagoon Road 19 Lands End Road 9 Bald Eagle Road W
TOTAL YEAR APPROX. FULL BATHS HALF BATHS FURNISHED LIST PRICE CLOSE PRICE BEDROOMS BUILT SQ. FOOTAGE Ocean 4 5 1 2005 6,100 No $8,700,000 --Ocean 6 7 1 1992 6,020 Yes $5,950,000 --Ocean 4 6 0 1996 5,544 Yes $5,900,000 --Ocean, Pool 5 4 1 1983 3,680 Yes $5,399,000 --Ocean 5 5 2 1985 5,200 No $4,999,000 --Ocean 6 5 1 1989 6,465 No $4,999,000 --Ocean 4 4 2 2002 4,771 No $4,999,000 --Lagoon, Ocean 5 5 0 1962 4,122 No $4,500,000 --Ocean 5 5 1 1983 3,490 Yes $4,150,000 --Ocean 5 5 2 1972 5,943 Yes $3,999,000 --Ocean, Pool 5 5 0 1990 4,504 Yes $3,695,000 --Ocean 6 7 0 1981 5,469 Yes $3,595,000 --Ocean 5 3 1 1974 4,100 No $3,550,000 --Ocean 4 4 0 1967 2,768 Yes $3,195,000 --Landscape, Pool 6 7 0 2016 4,420 Yes $2,895,000 --Ocean 5 6 0 1965 4,075 Yes $2,800,000 --Wooded 5 6 1 2008 5,046 Yes $2,795,000 --Ocean 5 5 1 1985 4,067 Yes $2,650,000 --Pool 6 6 1 2016 4,253 No $2,499,000 --Pool 6 5 1 2006 4,474 Yes $2,495,000 --Golf, Lagoon 5 5 2 2001 6,209 No $2,399,000 --Pool 5 5 1 1962 3,618 Yes $2,395,000 --Landscape, Pool 5 5 2 2001 5,097 Yes $2,299,000 --Pool 5 5 0 1994 3,541 Yes $1,699,000 --Ocean 6 6 1 2002 3,618 Yes $1,649,000 --Ocean 4 4 0 1967 3,716 No $1,550,000 --Deep Water, Ocean 4 4 0 1980 1,844 No $1,500,000 --Landscape, Pool 5 5 1 1993 3,309 Yes $1,499,000 --Pool 6 4 0 1980 3,622 Yes $1,498,000 --Pool 4 4 1 1988 3,420 Yes $1,299,000 --Ocean 6 5 0 1962 4,114 Yes $1,295,000 --Landscape, Pool 4 3 1 1994 2,834 Yes $1,290,000 --Landscape, Pool 5 4 0 1962 3,686 Yes $1,275,000 --Landscape, Wooded 4 4 1 1989 3,523 Yes $1,275,000 --Landscape, Pool 4 4 0 1995 2,415 Yes $1,255,000 --Harbor, Marsh 4 4 1 2007 2,657 Yes $1,200,000 --Deep Water, Ocean 3 3 0 1979 1,635 Yes $1,195,000 --Landscape, Pool 4 4 0 1981 2,100 Yes $1,159,000 --Ocean 4 4 0 1989 2,004 Yes $1,100,000 --Landscape 4 4 0 1978 1,973 Yes $1,075,000 --Ocean 4 4 0 1987 2,100 Yes $969,000 --Landscape 6 6 0 1999 2,424 Yes $950,000 --Deep Water, River 3 3 0 1979 2,042 Yes $949,000 --Landscape, Wooded 4 4 0 1981 2,581 Yes $939,000 --Landscape 4 3 0 1969 3,327 No $899,000 --Landscape, Tennis Court 4 4 0 1993 2,006 Yes $899,000 --Landscape 3 2 1 1976 2,189 No $899,000 --Landscape, Pool 3 2 0 1987 1,349 Yes $895,000 --Landscape, Wooded 3 2 0 1966 1,631 Yes $884,000 --Landscape 3 2 0 1971 1,802 Yes $769,000 --Golf, Lagoon 3 2 0 1965 1,900 Yes $750,000 --Landscape, Pool 4 3 0 1972 2,150 Yes $649,000 --Golf, Lagoon 5 5 1 2016 5,200 No $2,095,000 --Lake 5 5 0 2013 3,127 Yes $1,715,000 --Pool 4 4 1 1990 3,272 Yes $1,249,000 --Landscape 4 3 0 1972 3,372 Yes $1,099,000 --Pool, Wooded 4 4 0 1988 2,236 Yes $995,000 --Pool 3 3 0 1980 2,168 Yes $995,000 --Pool 4 3 1 1985 1,986 Yes $729,000 --Golf, Ocean 4 4 1 1994 4,721 Yes $3,200,000 $2,500,000 Ocean, Pool 4 4 2 1999 4,246 No $2,699,000 $2,400,000 Landscape 4 4 0 1982 2,973 Yes $1,199,000 $1,050,000 Lagoon, Landscape 4 3 0 1971 2,942 No $988,000 $1,000,000 Deep Water, Ocean 3 3 0 1979 1,500 Yes $899,000 $850,000 Pool 3 3 1 1984 2,186 Yes $899,000 $830,000 VIEW
Definitions for Listings Active - On the Market Pending - Under Contract Sold - Closed Between October 1, 2016 and December 31, 2016
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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 7,000 advisors in highly desirable markets including the United States, Canada and Europe.
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Industry-leading technology tools that reach home buyers and sellers online where 92% of people begin their home search. 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.
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.
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Judy Flanagan, Real Estate Advisor
Hilton Head Is., SC
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
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