Monthly Indicators A RESEARCH TOOL PROVIDED BY THE HILTON HEAD AREA ASSOCIATION OF REALTORS速
September 2014 Markets across the nation seem to be back on the recovery track after a brief pause. One of the more encouraging aspects of this renewed recovery is that new construction of single-family homes reached six-year highs in August, according to the U.S. Commerce Department. Consumers are also finding more listings in their search results than they have in years. Inventory is rising in many neighborhoods as higher prices have motivated more sellers to list list. New Listings in the Hilton Head region decreased 3.2 percent to 419. Pending Sales were down 4.6 percent to 288. Inventory levels rose 1.4 percent to 2,623 units. Prices were a tad soft. The Median Sales Price decreased 2.0 percent to $240,000. Days on Market was up 6.7 percent to 112 days. Buyers felt empowered as Months Supply of Inventory was up 4.6 percent to 8.6 months. The departure of investors from the scene should benefit first-time homebuyers, but student debt and sluggish wage growth have slowed that transition. The economy is growing, but it's growing at a slower pace than desired. Thankfully, inflation remains tame, partly enabling the Federal Reserve to keep rates low for longer, contrary to the forecasts of most economists.
Quick Facts - 9.2%
- 2.0%
+ 1.4%
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 9-2011
9-2012
9-2013
9-2012
9-2013
9-2012
9-2013
9-2012
9-2013
9-2012
9-2013
9-2012
9-2013
9-2012
9-2013
9-2012
9-2013
9-2012
9-2013
9-2012
9-2013
4,323
- 0.1%
302
288
- 4.6%
2,971
2,861
- 3.7%
295
268
- 9.2%
2,750
2,588
- 5.9%
105
112
+ 6.7%
119
111
- 6.7%
$245,000
$240,000
- 2.0%
$255,000
$252,500
- 1.0%
$338,314
$366,791
+ 8.4%
$340,775
$344,255
+ 1.0%
95.5%
95.2%
- 0.3%
95.4%
95.3%
- 0.1%
129
130
+ 0.3%
124
123
- 0.8%
2,588
2,623
+ 1.4%
--
--
--
8.2
8.6
+ 4.6%
--
--
--
9-2014
Months Supply of Homes for Sale 9-2011
4,326
9-2014
Inventory of Homes for Sale 9-2011
- 3.2%
9-2014
Housing Affordability Index 9-2011
419
9-2014
Percent of List Price Received 9-2011
433
9-2014
Average Sales Price 9-2011
+/–
9-2014
Median Sales Price 9-2011
YTD 2013 YTD 2014
9-2014
Days on Market Until Sale 9-2011
+/–
9-2014
Closed Sales 9-2011
9-2014
9-2014
Pending Sales 9-2011
9-2013
9-2014
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New Listings A count of the properties that have been newly listed on the market in a given month.
September 445
2012
Year To Date 433
419
-2.7%
-3.2%
2013
2014
4,244
2012
Prior Year
Current Year
+/–
October
429
508
+18.4%
November
367
373
+1.6%
December
283
275
-2.8%
January
507
488
-3.7%
February
518
477
-7.9%
March
565
614
+8.7%
April
523
618
+18.2%
May
451
433
-4.0%
June
428
450
+5.1%
July
449
432
-3.8%
Month 4,326
4,323
+1.9%
-0.1%
2013
2014
August
452
392
-13.3%
September
433
419
-3.2%
12-Month Avg
450
457
+1.4%
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
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Pending Sales A count of the properties on which contracts have been accepted in a given month.
September
Year To Date 302
2,861
2,620
243
2012
2,971
288
+24.3%
-4.6%
2013
2014
2012
Prior Year
Current Year
+/–
October
308
322
+4.5%
November
274
266
-2.9%
Month
+13.4%
-3.7%
2013
2014
December
212
200
-5.7%
January
296
254
-14.2%
February
325
299
-8.0%
March
324
357
+10.2%
April
345
353
+2.3%
May
348
338
-2.9%
June
352
353
+0.3%
July
374
328
-12.3%
August
305
291
-4.6%
September
302
288
-4.6%
12-Month Avg
314
304
-3.1%
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
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Closed Sales A count of the actual sales that have closed in a given month.
September
Year To Date 2,750 295 268
252
2012
+17.1%
-9.2%
2013
2014
2,588
2,468
2012
Prior Year
Current Year
+/–
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%
July
334
338
+1.2%
August
374
337
-9.9%
September
295
268
-9.2%
12-Month Avg
299
288
-3.1%
Month
+11.4%
-5.9%
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
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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.
September
Year To Date 128
121
119
112
111
105
2012
-13.2%
+6.7%
2013
2014
2012
Prior Year
Current Year
+/–
October
130
117
-9.7%
November
122
124
+1.7%
Month
-7.4%
-6.7%
2013
2014
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%
July
125
103
-17.5%
August
111
126
+13.0%
September
105
112
+6.7%
12-Month Avg
120
111
-7.1%
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
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Median Sales Price Median price point for all closed sales, not accounting for seller concessions, in a given month.
September
$230,000
2012
Year To Date
$245,000
$255,000 $240,000
+6.5%
-2.0%
2013
2014
$252,500
$225,000
2012
Prior Year
Current Year
+/–
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%
July
$299,000
$248,000
-17.1%
August
$260,964
$257,458
-1.3%
September
$245,000
$240,000
-2.0%
12-Month Med
$250,000
$251,750
+0.7%
Month
+13.3%
-1.0%
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.
September $358,255
Year To Date $366,791 $344,255
$340,775
$338,314 $314,213
2012
- 5.6%
+ 8.4%
2013
2014
2012
Prior Year
Current Year
+/–
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%
July
$363,957
$326,936
-10.2%
August
$348,269
$352,955
+1.3%
September
$338,314
$366,791
+8.4%
12-Month Avg
$336,389
$342,477
+1.8%
Month
+ 8.5%
+ 1.0%
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
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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.
September
94.0%
2012
Year To Date
95.5%
95.2%
+1.6%
-0.3%
2013
2014
94.4%
2012
95.4%
95.3%
+1.1%
-0.1%
2013
2014
Month
Prior Year
Current Year
+/–
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%
July
95.1%
95.5%
+0.5%
August
95.5%
94.8%
-0.7%
September
95.5%
95.2%
-0.3%
12-Month Avg
95.4%
95.2%
-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.
September
Year To Date 150
147 129
2012
130
-11.9%
+0.3%
2013
2014
124
2012
Prior Year
Current Year
+/–
October
143
127
-11.3%
Month
123
-17.2%
-0.8%
2013
2014
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%
July
106
126
+19.3%
August
119
122
+2.0%
September
129
130
+0.3%
12-Month Avg
133
124
-6.1%
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
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Inventory of Homes for Sale The number of properties available for sale in active status at the end of a given month.
September
2,885 2,623
2,588
2012
-10.3%
+1.4%
2013
2014
Month
Prior Year
Current Year
+/–
October
2,838
2,600
-8.4%
November
2,773
2,550
-8.0%
December
2,612
2,450
-6.2%
January
2,648
2,528
-4.5%
February
2,710
2,587
-4.5%
March
2,812
2,723
-3.2%
April
2,857
2,848
-0.3%
May
2,807
2,800
-0.2%
June
2,732
2,736
+0.1%
July
2,653
2,693
+1.5%
August
2,639
2,648
+0.3%
September
2,588
2,623
+1.4%
12-Month Avg
2,722
2,649
-2.7%
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.
September 10.5 8.6
8.2
2012
-21.3%
+4.6%
2013
2014
Month
Prior Year
Current Year
+/–
October
10.1
8.3
-18.2%
November
9.7
8.1
-16.5%
December
9.2
7.8
-14.8%
January
9.2
8.2
-10.9%
February
9.2
8.4
-8.7%
March
9.6
8.8
-8.2%
April
9.7
9.2
-5.8%
May
9.5
9.0
-4.6%
June
9.1
8.8
-3.0%
July
8.6
8.8
+2.4%
August
8.5
8.7
+1.5%
September
8.2
8.6
+4.6%
12-Month Avg
9.2
8.6
-7.2%
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