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Monthly Indicators A RESEARCH TOOL PROVIDED BY THE HILTON HEAD AREA ASSOCIATION OF REALTORS速

May 2013

Quick Facts

We're halfway through the year and it seems our collective attention has shifted from monitoring price and sales gains to eagerly anticipating more new listing activity on the part of sellers. This shift is the result of an imbalance between strong demand for homes and constrained supply. In some markets, purchase agreements are being written up directly after a showing. Your experience and local market conditions may differ differ, but the market as a whole has summertime heat heat. New Listings in the Hilton Head region decreased 13.8 percent to 386. Pending Sales were up 13.3 percent to 358. Inventory levels shrank 15.7 percent to 2,552 units. Prices turned higher. The Median Sales Price increased 18.0 percent to $275,000. Days on Market was down 4.6 percent to 123 days. Absorption rates improved as Months Supply of Inventory was down 26.8 percent to 8.4 months. Interest rate risk is back in the headlines after Fed chief Ben Bernanke's latest testimony on Capitol Hill. The Federal Reserve Bank is considering decreasing its $85 billion a month bond asset purchases, which have been holding interest rates at or near historic lows. This is mostly the result of an improving jobs market, which is a good thing for real estate.

+ 6.0%

+ 18.0%

- 15.7%

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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All data from the Multiple Listing Service 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 5-2010

5-2011

5-2012

5-2011

5-2012

5-2011

5-2012

5-2011

5-2012

5-2011

5-2012

5-2011

5-2012

5-2011

5-2012

5-2011

5-2012

5-2011

5-2012

5-2011

5-2012

2,433

- 3.5%

316

358

+ 13.3%

1,498

1,692

+ 13.0%

332

352

+ 6.0%

1,287

1,407

+ 9.3%

129

123

- 4.6%

136

123

- 9.7%

$233,000

$275,000

+ 18.0%

$225,000

$249,983

+ 11.1%

$311,333

$372,688

+ 19.7%

$324,128

$334,372

+ 3.2%

94.9%

95.8%

+ 1.0%

94.1%

95.5%

+ 1.5%

144

125

- 13.1%

148

136

- 8.4%

3,026

2,552

- 15.7%

--

--

--

11.5

8.4

- 26.8%

--

--

--

5-2013

Months Supply of Homes for Sale 5-2010

2,520

5-2013

Inventory of Homes for Sale 5-2010

- 13.8%

5-2013

Housing Affordability Index 5-2010

386

5-2013

Percent of List Price Received 5-2010

448

5-2013

Average Sales Price 5-2010

+/–

5-2013

Median Sales Price 5-2010

YTD 2012 YTD 2013

5-2013

Days on Market Until Sale 5-2010

+/–

5-2013

Closed Sales 5-2010

5-2013

5-2013

Pending Sales 5-2010

5-2012

5-2013

All data from the Multiple Listing Service 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.

May

Year To Date 460

448 2,537

2,520

386

2011

-2.6%

-13.8%

2012

2013

2011

Prior Year

Current Year

+/–

June

434

415

-4.4%

July

385

398

+3.4%

Month

2,433

-0.7%

-3.5%

2012

2013

August

458

453

-1.1%

September

424

441

+4.0%

October

399

426

+6.8%

November

372

363

-2.4%

December

292

283

-3.1%

January

494

491

-0.6%

February

475

509

+7.2%

March

555

545

-1.8%

April

548

502

-8.4%

May

448

386

-13.8%

12-Month Avg

440

434

-1.4%

Historical New Listing Activity 800 700 600 500 400 300 200 100 0 1-2007

1-2008

1-2009

1-2010

1-2011

1-2012

1-2013

All data from the Multiple Listing Service 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.

May

Year To Date 1,692

358 1,498

316 1,297 251

2011

+25.9%

+13.3%

2012

2013

2011

Prior Year

Current Year

+/–

June

268

303

+13.1%

July

274

273

-0.4%

August

228

310

+36.0%

September

195

246

+26.2%

October

238

309

+29.8%

November

225

279

+24.0%

December

223

214

-4.0%

January

240

303

+26.3%

February

266

338

+27.1%

March

323

332

+2.8%

April

353

361

+2.3%

May

316

358

+13.3%

12-Month Avg

262

302

+15.1%

Month

+15.5%

+13.0%

2012

2013

Historical Pending Sales Activity 400 350 300 250 200 150 100 50 0 1-2007

1-2008

1-2009

1-2010

1-2011

1-2012

1-2013

All data from the Multiple Listing Service 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.

May

Year To Date 352

1,407

332

1,287 1,116

261

2011

+27.2%

+6.0%

2012

2013

2011

Prior Year

Current Year

+/–

June

215

346

+60.9%

July

222

279

+25.7%

August

262

304

+16.0%

September

218

252

+15.6%

October

220

283

+28.6%

November

212

307

+44.8%

December

253

247

-2.4%

January

220

217

-1.4%

February

181

229

+26.5%

March

280

306

+9.3%

April

274

303

+10.6%

May

332

352

+6.0%

12-Month Avg

241

285

+20.0%

Month

+15.3%

+9.3%

2012

2013

Historical Closed Sales Activity 400 350 300 250 200 150 100 50 0 1-2007

1-2008

1-2009

1-2010

1-2011

1-2012

1-2013

All data from the Multiple Listing Service 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.

May

Year To Date 133

129

143

123

136 123

2011

-3.6%

-4.6%

2012

2013

2011

Prior Year

Current Year

+/–

June

158

125

-20.9%

July

140

124

-11.5%

August

110

110

+0.4%

September

137

121

-11.3%

Month

-5.1%

-9.7%

2012

2013

October

138

130

-6.2%

November

132

122

-7.7%

December

141

115

-18.6%

January

134

127

-5.5%

February

130

124

-4.8%

March

136

121

-10.5%

April

152

121

-20.0%

May

129

123

-4.6%

12-Month Avg

136

122

-10.4%

Historical Days on Market Until Sale 180

160

140

120

100

80

60 1-2007

1-2008

1-2009

1-2010

1-2011

1-2012

1-2013

All data from the Multiple Listing Service 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.

May

Year To Date $275,000 $249,983

$250,000 $233,000

2011

$228,000

-6.8%

+18.0%

2012

2013

2011

Prior Year

Current Year

+/–

June

$233,000

$230,000

-1.3%

July

$213,750

$220,000

+2.9%

August

$255,000

$212,500

-16.7%

September

$218,000

$230,000

+5.5%

October

$239,133

$235,000

-1.7%

November

$230,000

$233,000

+1.3%

December

$229,700

$238,070

+3.6%

January

$238,750

$245,745

+2.9%

February

$238,000

$228,000

-4.2%

March

$191,750

$225,000

+17.3%

April

$210,000

$263,000

+25.2%

May

$233,000

$275,000

+18.0%

12-Month Med

$225,000

$235,000

+4.4%

Month

$225,000

-1.3%

+11.1%

2012

2013

Historical Median Sales Price $450,000 $400,000 $350,000 $300,000 $250,000 $200,000 $150,000 $100,000 1-2007

1-2008

1-2009

1-2010

1-2011

1-2012

1-2013

All data from the Multiple Listing Service 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 | 7


Average Sales Price Average sales price for all closed sales, not accounting for seller concessions, in a given month.

May

Year To Date $372,688

$339,727

$325,837

$311,333

2011

- 8.4%

+ 19.7%

2012

2013

2011

Prior Year

Current Year

+/–

June

$353,623

$310,184

-12.3%

July

$298,544

$286,352

-4.1%

August

$320,250

$266,470

-16.8%

September

$322,931

$358,255

+10.9%

October

$342,260

$347,171

+1.4%

November

$319,573

$296,461

-7.2%

December

$314,152

$324,491

+3.3%

January

$327,373

$322,692

-1.4%

February

$300,293

$294,120

-2.1%

March

$331,155

$304,274

-8.1%

April

$345,660

$359,394

+4.0%

May

$311,333

$372,688

+19.7%

12-Month Avg

$324,098

$320,671

-1.1%

Month

$324,128

$334,372

- 0.5%

+ 3.2%

2012

2013

Historical Average Sales Price $700,000 $600,000 $500,000 $400,000 $300,000 $200,000 $100,000 $0 1-2007

1-2008

1-2009

1-2010

1-2011

1-2012

1-2013

All data from the Multiple Listing Service 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.

May

Year To Date

93.5%

2011

94.9%

95.8%

+1.4%

+1.0%

2012

2013

93.4%

2011

94.1%

95.5%

+0.7%

+1.5%

2012

2013

Month

Prior Year

Current Year

+/–

June

94.3%

94.9%

+0.7%

July

93.6%

94.8%

+1.3%

August

94.2%

94.8%

+0.6%

September

94.2%

94.0%

-0.2%

October

94.0%

95.0%

+1.1%

November

93.5%

95.5%

+2.1%

December

94.1%

95.2%

+1.2%

January

93.8%

95.1%

+1.3%

February

93.9%

95.3%

+1.5%

March

94.1%

96.1%

+2.1%

April

93.7%

95.1%

+1.6%

May

94.9%

95.8%

+1.0%

12-Month Avg

94.0%

95.2%

+1.2%

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

All data from the Multiple Listing Service 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.

May

Year To Date 148

144

2011

+19 6% +19.6%

13 1% -13.1%

2012

2013

136

130

125

120

2011

Prior Year

Current Year

+/–

June

129

146

+13.1%

July

139

154

+10.8%

August

122

158

+28.6%

September

142

150

+5.6%

October

130

147

+12.6%

November

136

148

+9.2%

Month

+13 7% +13.7%

8 4% -8.4%

2012

2013

December

136

147

+8.0%

January

137

144

+4.9%

February

139

150

+8.0%

March

165

151

-8.2%

April

155

135

-13.2%

May

144

125

-13.1%

12-Month Avg

139

146

+5.5%

Historical Housing Affordability Index 180 160 140 120 100 80 60 40 20 0 1-2007

1-2008

1-2009

1-2010

1-2011

1-2012

1-2013

All data from the Multiple Listing Service 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.

May 3,403 3,026 2,552

2011

-11.1%

-15.7%

2012

2013

Month

Prior Year

Current Year

+/–

June

3,353

2,934

-12.5%

July

3,279

2,874

-12.4%

August

3,281

2,828

-13.8%

September

3,292

2,839

-13.8%

October

3,212

2,787

-13.2%

November

3,145

2,713

-13.7%

December

2,963

2,547

-14.0%

January

2,978

2,559

-14.1%

February

3,018

2,598

-13.9%

March

3,054

2,670

-12.6%

April

3,087

2,677

-13.3%

May

3,026

2,552

-15.7%

12-Month Avg

3,141

2,715

-13.6%

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 0 1-2007

1-2008

1-2009

1-2010

1-2011

1-2012

1-2013

All data from the Multiple Listing Service 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.

May 14.8 11.5 8.4

2011

-22.3%

-26.8%

2012

2013

Month

Prior Year

Current Year

+/–

June

14.4

11.1

-23.2%

July

14.0

10.8

-22.5%

August

13.9

10.4

-25.1%

September

14.0

10.3

-26.6%

October

13.4

9.9

-26.3%

November

13.0

9.5

-27.4%

December

12.1

8.9

-26.2%

January

12.1

8.8

-27.5%

February

12.3

8.7

-28.7%

March

12.3

9.0

-27.1%

April

12.0

9.0

-25.4%

May

11.5

8.4

-26.8%

12-Month Avg

12.9

9.6

-26.0%

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

All data from the Multiple Listing Service 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


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