THE STATE
N T
Our Portfolio of Fine Homes in Leamington and Palmetto Dunes R PR O I V C E E M E
of the Leamington Real Estate Market
IM
P
April 2018
KEY METRICS
22 Arthur Hills Court, Palmetto Dunes
4 Bedrooms | 3.5 Bathrooms | 3,500 Htd. SqFt | Lagoon/Golf View | $895,000
Million Dollar Views Located on a quiet cul-de-sac in Leamington Plantation, between the 11-mile lagoon and the 2nd and 3rd holes of the Arthur Hills Golf Course, is this magnificent home. Plentiful windows beckon sunlight to dance at your feet as you sashay through the formal living room and dining room down the hallway to an open family area, year-round Carolina room, and deck. The family room adjoins an oversized kitchen with a breakfast nook and extra large island. Abundant storage holds every woman’s treasures, and the oversized garage makes for the perfect ‘man-cave.’ This picturesque home is framed by lush landscaping and a wrap-around deck.
First Quarter of 2018 in Review
Leamington’s first quarter of 2018 sales are slightly behind last year: two homes closed this year compared to the three homes which closed last year. The first quarter’s total dollar volume of homes sold in 2018 was $1,287,000, down from $2,220,000 in 2017. Supply and demand: there are currently 12 homes listed for sale with an average of 0.67 homes selling per month over the past three months. That translates into a 18-month supply, considered by industry experts to be a buyer’s market. As of April 1st, 2018, there are three homes pending/under contract. In the lot realm, one lot closed this year with four lots marketed for sale.
2
$643,500
86.17%
343
Total Sales
Median Price
Sale to List Price
Median Days on Market
Hilton Head Island Real Estate Market Overview
47 Ocean Lane # 5108, Palmetto Dunes (Hampton Place Villas) 3 Bedrooms | 3 Bathrooms | 1,971 Htd. SqFt | Ocean View | $1,275,000 Direct Oceanfront Views Await You! This beautiful 1st-floor villa offers breathtaking views of the Atlantic Ocean. Fabulous open floor plan with family room, dining area, breakfast nook, and kitchen with stainless steel appliances and granite counters. Luxury vinyl floors throughout main living area, travertine in the bathrooms, and carpet in bedrooms. Private balcony off the bedroom and family rooms. Hampton Place Villas offers residents two oceanfront swimming pools with sun decks, a spa, a fitness center, and a grill area. Under garage parking and private locked storage for your convenience. It’s a great investment property and can generate $85K - $90K of rental income a year.
COMMUNITY SPECIALIST The Clarke Team is your Leamington Real Estate Specialist. Are you considering listing your home? Please
contact us for a complimentary, no-obligation home value consultation and let us show you how we utilize our digital presence, tailored platforms, and global network of advisors and premium buyers to sell your home.
Larry and Karen Clarke, Real Estate Advisors 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 • 843-290-5828 Email • clarketeam@evusa.com Website • www.clarketeam.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
Hilton Head Is., SC
ACTIVE LISTINGS ON HILTON HEAD ISLAND
636 How’s the Hilton Head Island Real Estate Market Doing?
YTD Hilton Head Island Home Sales 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.
Leamington Home Listings STATUS Active Active Active Active Active Active Active Active Active Active Active Active Pending Pending Pending Sold Sold
TOTAL APPROX. ADDRESS VIEW FULL BATHS HALF BATHS YEAR BUILT BEDROOMS SQ. FOOTAGE 15 S Shore Place Lagoon, Pool 4 4 1 2010 5,450 4 Fairway Court Golf, Lagoon 4 4 1 2004 5,000 11 Leamington Lane Lagoon 5 5 1 2002 4,140 81 Leamington Lane Golf 4 4 1 1989 4,055 22 Arthur Hills Court Golf, Lagoon 4 3 1 1993 3,500 6 Covington Court Lagoon, Landscape 4 4 0 1989 2,479 10 Arthur Hills Court Golf, Lagoon 4 3 0 1992 3,251 73 Leamington Lane Golf, Landscape 4 4 0 1992 3,400 18 Leamington Lane Golf 4 3 0 1989 2,788 17 Interlochen Drive Landscape, Pool 5 4 1 2002 3,400 13 Interlochen Drive Landscape 4 3 1 1999 2,807 47 Queens Way Golf 3 2 1 1993 3,003 55 Heath Court W Golf, Lagoon 3 4 1 1990 3,524 4 Covington Place Lagoon, Landscape 3 3 1 1990 2,504 2 Merion Court Landscape 3 2 0 1980 1,698 85 Leamington Lane Golf 4 3 1 1995 3,328 51 Heath Court W Golf 4 4 0 1990 4,335
Home Equity Growing Across America
LIST PRICE CLOSE PRICE $1,995,000 $1,390,000 $1,279,000 $999,999 $895,000 $875,000 $827,500 $799,000 $799,000 $790,000 $716,500 $699,500 $929,000 $869,900 $529,000 $784,500 $699,000
------------------------------$755,000 $532,000
Definitions for Listings
KEY TRENDS
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%
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%
DC (3.7%)
2. You can also see that the equity in your house might be more than you think.
NC 3.8%
TN
SC 4.0%
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%
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%
Active - On the Market Pending - Under Contract Sold - Closed Between January 1, 2018 and March 31, 2018
4. Now is the perfect time to sell, buy and/or invest as the market is strong.
< 0.0% 0.0% to 1.9% 2.0% to 3.9% 4.0% to 5.9%
KEY TRENDS
HI 5.1%
Rising Mortgage Rates Do Not Lead to Falling Home Prices Source: Keeping Current Matters, March 2018
Actual Year Over Year % Change in Price by State WA 12.0%
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.” 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.”
OR 6.9%
PRICES*
ID 10.7%
NV 11.0% CA 8.2%
UT 10.7%
AZ 6.3%
+13%
CO 8.0%
MN 5.7%
WI 5.9%
SD 4.3% IA 3.8%
NE 5.3%
OK 1.7%
NM 3.5%
MI 7.1%
IL 3.5%
5.3%
KY 5.6% 6.6%
TX 5.7%
WV 5.0%
NH (5.8%) MA (6.2%)
VA 2.7%
CT (1.9%) NJ (3.5%) DE (3.9%) MD (3.6%) DC (2.5%)
NC 5.5%
TN
SC 5.3%
AR 3.5% MS 3.8%
ME 8.1%
RI (8.2%) PA 3.8% OH 6.2%
IN
MO 5.6%
KS 3.9%
NY 5.3%
AL 4.4%
GA 5.8%
LA 5.1% FL 5.8%
AK
+7%
RATES
ND 5.4%
WY 3.3%
+11%
+3%
VT (4.1%) MT 6.2%
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%.
+13%
> 6.0%
1.6%
UNITED STATES 6.6%
+2%
< 0.0% 0.0% to 1.9% 2.0% to 3.9% 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%
Leamington Home Listings STATUS Active Active Active Active Active Active Active Active Active Active Active Active Pending Pending Pending Sold Sold
TOTAL APPROX. ADDRESS VIEW FULL BATHS HALF BATHS YEAR BUILT BEDROOMS SQ. FOOTAGE 15 S Shore Place Lagoon, Pool 4 4 1 2010 5,450 4 Fairway Court Golf, Lagoon 4 4 1 2004 5,000 11 Leamington Lane Lagoon 5 5 1 2002 4,140 81 Leamington Lane Golf 4 4 1 1989 4,055 22 Arthur Hills Court Golf, Lagoon 4 3 1 1993 3,500 6 Covington Court Lagoon, Landscape 4 4 0 1989 2,479 10 Arthur Hills Court Golf, Lagoon 4 3 0 1992 3,251 73 Leamington Lane Golf, Landscape 4 4 0 1992 3,400 18 Leamington Lane Golf 4 3 0 1989 2,788 17 Interlochen Drive Landscape, Pool 5 4 1 2002 3,400 13 Interlochen Drive Landscape 4 3 1 1999 2,807 47 Queens Way Golf 3 2 1 1993 3,003 55 Heath Court W Golf, Lagoon 3 4 1 1990 3,524 4 Covington Place Lagoon, Landscape 3 3 1 1990 2,504 2 Merion Court Landscape 3 2 0 1980 1,698 85 Leamington Lane Golf 4 3 1 1995 3,328 51 Heath Court W Golf 4 4 0 1990 4,335
Home Equity Growing Across America
LIST PRICE CLOSE PRICE $1,995,000 $1,390,000 $1,279,000 $999,999 $895,000 $875,000 $827,500 $799,000 $799,000 $790,000 $716,500 $699,500 $929,000 $869,900 $529,000 $784,500 $699,000
------------------------------$755,000 $532,000
Definitions for Listings
KEY TRENDS
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%
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%
DC (3.7%)
2. You can also see that the equity in your house might be more than you think.
NC 3.8%
TN
SC 4.0%
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%
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%
Active - On the Market Pending - Under Contract Sold - Closed Between January 1, 2018 and March 31, 2018
4. Now is the perfect time to sell, buy and/or invest as the market is strong.
< 0.0% 0.0% to 1.9% 2.0% to 3.9% 4.0% to 5.9%
KEY TRENDS
HI 5.1%
Rising Mortgage Rates Do Not Lead to Falling Home Prices Source: Keeping Current Matters, March 2018
Actual Year Over Year % Change in Price by State WA 12.0%
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.” 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.”
OR 6.9%
PRICES*
ID 10.7%
NV 11.0% CA 8.2%
UT 10.7%
AZ 6.3%
+13%
CO 8.0%
MN 5.7%
WI 5.9%
SD 4.3% IA 3.8%
NE 5.3%
OK 1.7%
NM 3.5%
MI 7.1%
IL 3.5%
5.3%
KY 5.6% 6.6%
TX 5.7%
WV 5.0%
NH (5.8%) MA (6.2%)
VA 2.7%
CT (1.9%) NJ (3.5%) DE (3.9%) MD (3.6%) DC (2.5%)
NC 5.5%
TN
SC 5.3%
AR 3.5% MS 3.8%
ME 8.1%
RI (8.2%) PA 3.8% OH 6.2%
IN
MO 5.6%
KS 3.9%
NY 5.3%
AL 4.4%
GA 5.8%
LA 5.1% FL 5.8%
AK
+7%
RATES
ND 5.4%
WY 3.3%
+11%
+3%
VT (4.1%) MT 6.2%
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%.
+13%
> 6.0%
1.6%
UNITED STATES 6.6%
+2%
< 0.0% 0.0% to 1.9% 2.0% to 3.9% 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
N T
Our Portfolio of Fine Homes in Leamington and Palmetto Dunes R PR O I V C E E M E
of the Leamington Real Estate Market
IM
P
April 2018
KEY METRICS
22 Arthur Hills Court, Palmetto Dunes
4 Bedrooms | 3.5 Bathrooms | 3,500 Htd. SqFt | Lagoon/Golf View | $895,000
Million Dollar Views Located on a quiet cul-de-sac in Leamington Plantation, between the 11-mile lagoon and the 2nd and 3rd holes of the Arthur Hills Golf Course, is this magnificent home. Plentiful windows beckon sunlight to dance at your feet as you sashay through the formal living room and dining room down the hallway to an open family area, year-round Carolina room, and deck. The family room adjoins an oversized kitchen with a breakfast nook and extra large island. Abundant storage holds every woman’s treasures, and the oversized garage makes for the perfect ‘man-cave.’ This picturesque home is framed by lush landscaping and a wrap-around deck.
First Quarter of 2018 in Review
Leamington’s first quarter of 2018 sales are slightly behind last year: two homes closed this year compared to the three homes which closed last year. The first quarter’s total dollar volume of homes sold in 2018 was $1,287,000, down from $2,220,000 in 2017. Supply and demand: there are currently 12 homes listed for sale with an average of 0.67 homes selling per month over the past three months. That translates into a 18-month supply, considered by industry experts to be a buyer’s market. As of April 1st, 2018, there are three homes pending/under contract. In the lot realm, one lot closed this year with four lots marketed for sale.
2
$643,500
86.17%
343
Total Sales
Median Price
Sale to List Price
Median Days on Market
Hilton Head Island Real Estate Market Overview
47 Ocean Lane # 5108, Palmetto Dunes (Hampton Place Villas) 3 Bedrooms | 3 Bathrooms | 1,971 Htd. SqFt | Ocean View | $1,275,000 Direct Oceanfront Views Await You! This beautiful 1st-floor villa offers breathtaking views of the Atlantic Ocean. Fabulous open floor plan with family room, dining area, breakfast nook, and kitchen with stainless steel appliances and granite counters. Luxury vinyl floors throughout main living area, travertine in the bathrooms, and carpet in bedrooms. Private balcony off the bedroom and family rooms. Hampton Place Villas offers residents two oceanfront swimming pools with sun decks, a spa, a fitness center, and a grill area. Under garage parking and private locked storage for your convenience. It’s a great investment property and can generate $85K - $90K of rental income a year.
COMMUNITY SPECIALIST The Clarke Team is your Leamington Real Estate Specialist. Are you considering listing your home? Please
contact us for a complimentary, no-obligation home value consultation and let us show you how we utilize our digital presence, tailored platforms, and global network of advisors and premium buyers to sell your home.
Larry and Karen Clarke, Real Estate Advisors 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 • 843-290-5828 Email • clarketeam@evusa.com Website • www.clarketeam.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
Hilton Head Is., SC
ACTIVE LISTINGS ON HILTON HEAD ISLAND
636 How’s the Hilton Head Island Real Estate Market Doing?
YTD Hilton Head Island Home Sales 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.