Monthly Indicators A RESEARCH TOOL PROVIDED BY THE HILTON HEAD AREA ASSOCIATION OF REALTORS速
June 2014
Quick Facts
Housing seemed to have a slow start to the spring selling season, but appearances deceive. Dig into that spring soil and you begin to unearth differences in individual areas and market segments. Inventory is slowly rising in some areas. Activity is picking up in the upper price tiers. Rents continue to climb in most metros. And interest rates are generally lower than a year ago, to the surprise of some and the delight of others. New Listings in the Hilton Head region decreased 4.7 percent to 408. Pending Sales were down 4.5 percent to 337. Inventory levels fell 3.3 percent to 2,636 units. Prices forged onward. The Median Sales Price increased 13.3 percent to $286,000. Days on Market was down 7.9 percent to 109 days. Absorption rates improved as Months Supply of Inventory was down 6.6 percent to 8.5 months. Housing is one part of a broader ecosystem that thrives on a strong economy that churns out good jobs. First-quarter employment figures were adequate but not thrilling, but second-quarter numbers figure to be more positive. Access to mortgage capital remains an ongoing concern. As cash and investor deals fade, first-time buyers typically step to the forefront, but tight credit can and has been a real hurdle.
+ 0.6%
+ 13.3%
- 3.3%
Change in Closed Sales
Change in Median Sales Price
Change in Inventory
Market Overview New Listings Pending Sales Closed Sales Days On Market Until Sale Median Sales Price Average Sales Price Percent of List Price Received Housing Affordability Index Inventory of Homes for Sale Months Supply of Inventory
2 3 4 5 6 7 8 9 10 11 12
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Data is Copyright 息 2014 All Rights Reserved. MLS of Hilton Head Island. Provided by the Hilton Head Area Association of REALTORS速 and South Carolina REALTORS速. Powered by 10K Research and Marketing. | 1
Market Overview Key market metrics for the current month and year-to-date figures.
Key Metrics
Historical Sparklines
New Listings 6-2011
6-2012
6-2013
6-2012
6-2013
6-2012
6-2013
6-2012
6-2013
6-2012
6-2013
6-2012
6-2013
6-2012
6-2013
6-2012
6-2013
6-2012
6-2013
6-2012
6-2013
3,011
+ 0.7%
353
337
- 4.5%
1,991
1,968
- 1.2%
341
343
+ 0.6%
1,747
1,645
- 5.8%
118
109
- 7.9%
122
110
- 10.1%
$252,500
$286,000
+ 13.3%
$250,000
$256,250
+ 2.5%
$337,647
$383,359
+ 13.5%
$335,162
$342,363
+ 2.1%
95.2%
95.7%
+ 0.5%
95.5%
95.3%
- 0.1%
124
109
- 12.0%
125
122
- 2.7%
2,725
2,636
- 3.3%
--
--
--
9.1
8.5
- 6.6%
--
--
--
6-2014
Months Supply of Homes for Sale 6-2011
2,989
6-2014
Inventory of Homes for Sale 6-2011
- 4.7%
6-2014
Housing Affordability Index 6-2011
408
6-2014
Percent of List Price Received 6-2011
428
6-2014
Average Sales Price 6-2011
+/–
6-2014
Median Sales Price 6-2011
YTD 2013 YTD 2014
6-2014
Days on Market Until Sale 6-2011
+/–
6-2014
Closed Sales 6-2011
6-2014
6-2014
Pending Sales 6-2011
6-2013
6-2014
Data is Copyright © 2014 All Rights Reserved. MLS of Hilton Head Island. Provided by the Hilton Head Area Association of REALTORS® and South Carolina REALTORS®. Powered by 10K Research and Marketing. | Click for Cover Page | 2
New Listings A count of the properties that have been newly listed on the market in a given month.
June
Year To Date 417
428
408 2,941
2012
+2.6%
-4.7%
2013
2014
2012
Prior Year
Current Year
+/–
July
401
449
+12.0%
August
456
447
-2.0%
September
445
433
-2.7%
October
429
507
+18.2%
November
367
373
+1.6%
December
283
275
-2.8%
January
507
483
-4.7%
February
518
477
-7.9%
March
564
611
+8.3%
April
522
611
+17.0%
May
450
421
-6.4%
June
428
408
-4.7%
12-Month Avg
448
458
+2.3%
Month 3,011
2,989
+1.6%
+0.7%
2013
2014
Historical New Listing Activity 800
700
600
500
400
300
200 1-2007
1-2008
1-2009
1-2010
1-2011
1-2012
1-2013
1-2014
Data is Copyright © 2014 All Rights Reserved. MLS of Hilton Head Island. Provided by the Hilton Head Area Association of REALTORS® and South Carolina REALTORS®. Powered by 10K Research and Marketing. | Click for Cover Page | 3
Pending Sales A count of the properties on which contracts have been accepted in a given month.
June
Year To Date 353
337
1,991
303
2012
1,968
1,797
+16.5%
-4.5%
2013
2014
2012
Prior Year
Current Year
+/–
July
273
373
+36.6%
August
307
306
-0.3%
September
243
302
+24.3%
October
308
322
+4.5%
November
274
266
-2.9%
December
212
201
-5.2%
January
296
256
-13.5%
February
325
302
-7.1%
March
324
364
+12.3%
April
345
363
+5.2%
May
348
346
-0.6%
June
353
337
-4.5%
12-Month Avg
301
312
+3.6%
Month
+10.8%
-1.2%
2013
2014
Historical Pending Sales Activity 400 350 300 250 200 150 100 50 1-2007
1-2008
1-2009
1-2010
1-2011
1-2012
1-2013
1-2014
Data is Copyright © 2014 All Rights Reserved. MLS of Hilton Head Island. Provided by the Hilton Head Area Association of REALTORS® and South Carolina REALTORS®. Powered by 10K Research and Marketing. | Click for Cover Page | 4
Closed Sales A count of the actual sales that have closed in a given month.
June
Year To Date 346
2012
341
343
1,633
-1.4%
+0.6%
2013
2014
2012
Prior Year
Current Year
+/–
July
279
334
+19.7%
August
304
374
+23.0%
September
252
295
+17.1%
October
283
316
+11.7%
November
307
271
-11.7%
December
247
283
+14.6%
January
217
232
+6.9%
February
229
188
-17.9%
March
306
262
-14.4%
April
303
308
+1.7%
May
351
312
-11.1%
June
341
343
+0.6%
12-Month Avg
285
293
+3.3%
Month 1,747
1,645
+7.0%
-5.8%
2013
2014
Historical Closed Sales Activity 400 350 300 250 200 150 100 50 1-2007
1-2008
1-2009
1-2010
1-2011
1-2012
1-2013
1-2014
Data is Copyright © 2014 All Rights Reserved. MLS of Hilton Head Island. Provided by the Hilton Head Area Association of REALTORS® and South Carolina REALTORS®. Powered by 10K Research and Marketing. | Click for Cover Page | 5
Days on Market Until Sale Average number of days between when a property is listed and when an offer is accepted in a given month.
June
Year To Date 125
118
134
109
122 110
2012
-5.1%
-7.9%
2013
2014
2012
Prior Year
Current Year
+/–
July
124
125
+0.6%
August
110
111
+1.1%
September
121
105
-13.2%
October
130
117
-9.7%
November
122
124
+1.7%
December
115
95
-17.4%
January
127
107
-15.5%
February
124
112
-9.7%
March
121
118
-2.6%
April
121
105
-13.8%
May
122
108
-11.2%
June
118
109
-7.9%
12-Month Avg
121
111
-8.0%
Month
-8.9%
-10.1%
2013
2014
Historical Days on Market Until Sale 170 160 150 140 130 120 110 100 90 80 1-2007
1-2008
1-2009
1-2010
1-2011
1-2012
1-2013
1-2014
Data is Copyright © 2014 All Rights Reserved. MLS of Hilton Head Island. Provided by the Hilton Head Area Association of REALTORS® and South Carolina REALTORS®. Powered by 10K Research and Marketing. | Click for Cover Page | 6
Median Sales Price Median price point for all closed sales, not accounting for seller concessions, in a given month.
June
Year To Date $250,000
$286,000 $230,000
2012
+9.8%
+13.3%
2013
2014
$256,250
$225,440
$252,500
2012
Prior Year
Current Year
+/–
July
$220,000
$299,000
+35.9%
August
$212,500
$260,964
+22.8%
September
$230,000
$245,000
+6.5%
October
$235,000
$249,833
+6.3%
November
$233,000
$250,000
+7.3%
December
$238,070
$250,000
+5.0%
January
$245,745
$220,600
-10.2%
February
$228,000
$250,483
+9.9%
March
$225,000
$259,000
+15.1%
April
$263,000
$279,500
+6.3%
May
$275,625
$249,000
-9.7%
June
$252,500
$286,000
+13.3%
12-Month Med
$237,500
$260,000
+9.5%
Month
+10.9%
+2.5%
2013
2014
Historical Median Sales Price $450,000
$400,000
$350,000
$300,000
$250,000
$200,000
$150,000 1-2007
1-2008
1-2009
1-2010
1-2011
1-2012
1-2013
1-2014
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Average Sales Price Average sales price for all closed sales, not accounting for seller concessions, in a given month.
June
Year To Date $383,359
$310,184
2012
$321,177
$337,647
+ 8.9%
+ 13.5%
2013
2014
2012
Prior Year
Current Year
+/–
July
$286,352
$363,957
+27.1%
August
$266,470
$348,269
+30.7%
September
$358,255
$338,314
-5.6%
October
$347,171
$329,877
-5.0%
November
$296,461
$341,307
+15.1%
December
$324,491
$341,476
+5.2%
January
$322,692
$290,536
-10.0%
February
$294,120
$335,751
+14.2%
March
$304,274
$352,004
+15.7%
April
$359,394
$348,056
-3.2%
May
$373,557
$326,511
-12.6%
June
$337,647
$383,359
+13.5%
12-Month Avg
$323,491
$343,421
+6.2%
Month
$335,162
$342,363
+ 4.4%
+ 2.1%
2013
2014
Historical Average Sales Price $650,000 $600,000 $550,000 $500,000 $450,000 $400,000 $350,000 $300,000 $250,000 $200,000 1-2007
1-2008
1-2009
1-2010
1-2011
1-2012
1-2013
1-2014
Data is Copyright © 2014 All Rights Reserved. MLS of Hilton Head Island. Provided by the Hilton Head Area Association of REALTORS® and South Carolina REALTORS®. Powered by 10K Research and Marketing. | Click for Cover Page | 8
Percent of List Price Received Percentage found when dividing a property’s sales price by its last list price, then taking the average for all properties sold in a given month, not accounting for seller concessions.
June
94.9%
2012
Year To Date
95.2%
95.7%
94.3%
+0.3%
+0.5%
2013
2014
2012
95.5%
95.3%
+1.2%
-0.1%
2013
2014
Month
Prior Year
Current Year
+/–
July
94.8%
95.1%
+0.4%
August
94.8%
95.5%
+0.7%
September
94.0%
95.5%
+1.6%
October
95.0%
95.6%
+0.6%
November
95.5%
94.6%
-0.9%
December
95.2%
95.0%
-0.3%
January
95.1%
95.2%
+0.2%
February
95.3%
95.2%
-0.1%
March
96.1%
95.1%
-1.1%
April
95.1%
96.0%
+0.9%
May
95.8%
94.8%
-1.1%
June
95.2%
95.7%
+0.5%
12-Month Avg
95.2%
95.3%
+0.1%
Historical Percent of List Price Received 100% 99% 98% 97% 96% 95% 94% 93% 92% 91% 90% 1-2007
1-2008
1-2009
1-2010
1-2011
1-2012
1-2013
1-2014
Data is Copyright © 2014 All Rights Reserved. MLS of Hilton Head Island. Provided by the Hilton Head Area Association of REALTORS® and South Carolina REALTORS®. Powered by 10K Research and Marketing. | Click for Cover Page | 9
Housing Affordability Index This index measures housing affordability for the region. An index of 120 means the median household income was 120% of what is necessary to qualify for the median-priced home under prevailing interest rates. A higher number means greater affordability.
June
Year To Date 146
143 124
125
122
109
2012
-13.1%
-12.0%
2013
2014
2012
Prior Year
Current Year
+/–
July
151
106
-30.2%
August
156
119
-23.4%
September
147
129
-11.9%
October
143
127
-11.3%
November
145
134
-7.5%
December
143
128
-10.4%
January
141
137
-3.0%
February
148
122
-17.8%
March
150
118
-21.2%
April
131
109
-16.4%
May
120
126
+4.6%
June
124
109
-12.0%
12-Month Avg
142
122
-13.4%
Month
-13.9%
-2.7%
2013
2014
Historical Housing Affordability Index 180 160 140 120 100 80 60 40 1-2007
1-2008
1-2009
1-2010
1-2011
1-2012
1-2013
1-2014
Data is Copyright © 2014 All Rights Reserved. MLS of Hilton Head Island. Provided by the Hilton Head Area Association of REALTORS® and South Carolina REALTORS®. Powered by 10K Research and Marketing. | Click for Cover Page | 10
Inventory of Homes for Sale The number of properties available for sale in active status at the end of a given month.
June 2,958
2,725
2,636
-7.9%
-3.3%
2013
2014
2012
Month
Prior Year
Current Year
+/–
July
2,902
2,647
-8.8%
August
2,864
2,626
-8.3%
September
2,882
2,575
-10.7%
October
2,835
2,586
-8.8%
November
2,770
2,536
-8.4%
December
2,609
2,435
-6.7%
January
2,645
2,505
-5.3%
February
2,707
2,561
-5.4%
March
2,808
2,687
-4.3%
April
2,852
2,795
-2.0%
May
2,801
2,726
-2.7%
June
2,725
2,636
-3.3%
12-Month Avg
2,783
2,610
-6.2%
Historical Inventory of Homes for Sale 5,000 4,500 4,000 3,500 3,000 2,500 2,000 1,500 1,000 500 1-2007
1-2008
1-2009
1-2010
1-2011
1-2012
1-2013
1-2014
Data is Copyright © 2014 All Rights Reserved. MLS of Hilton Head Island. Provided by the Hilton Head Area Association of REALTORS® and South Carolina REALTORS®. Powered by 10K Research and Marketing. | Click for Cover Page | 11
Months Supply of Inventory The inventory of homes for sale at the end of a given month, divided by the average monthly pending sales from the last 12 months.
June 11.2 9.1
8.5
-18.9%
-6.6%
2013
2014
2012
Month
Prior Year
Current Year
+/–
July
11.0
8.6
-21.8%
August
10.6
8.5
-19.5%
September
10.5
8.2
-21.6%
October
10.1
8.2
-18.6%
November
9.7
8.1
-16.9%
December
9.2
7.8
-15.3%
January
9.1
8.1
-11.7%
February
9.2
8.3
-9.7%
March
9.5
8.6
-9.6%
April
9.7
8.9
-8.0%
May
9.4
8.7
-7.8%
June
9.1
8.5
-6.6%
12-Month Avg
9.8
8.4
-14.2%
Historical Months Supply of Inventory 30
25
20
15
10
5
0 1-2007
1-2008
1-2009
1-2010
1-2011
1-2012
1-2013
1-2014
Data is Copyright © 2014 All Rights Reserved. MLS of Hilton Head Island. Provided by the Hilton Head Area Association of REALTORS® and South Carolina REALTORS®. Powered by 10K Research and Marketing. | Click for Cover Page | 12