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

August 2013

Quick Facts

Strong demand for a limited supply of homes for sale has seemingly outweighed higher mortgage rates, at least for the time being. The idea that mortgage rates may rise further is likely spurring some of this demand. The dream of homeownership is very much intact, but buyers should be prepared with competitive offers, since every measure of market health is pointing upwards. New Listings in the Hilton Head region decreased 11.7 percent to 401. Pending Sales were up 2.6 percent to 316. Inventory levels shrank 15.7 percent to 2,401 units. Prices got a lift. The Median Sales Price increased 22.8 percent to $260,964. Days on Market was up 1.1 percent to 111 days. Absorption rates improved as Months Supply of Inventory was down 27.4 percent to 7.6 months. Eyes continue to fixate on the Federal Reserve and its policy inclinations related to stimulus tapering. Labor market growth is positive but still tepid. Things like gas prices, stock market shifts and global economics have a tendency to sway consumer sentiment. At the moment, U.S. housing continues to be a bright spot.

+ 23.0%

+ 22.8%

- 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 8-2010

8-2011

8-2012

8-2011

8-2012

8-2011

8-2012

8-2011

8-2012

8-2011

8-2012

8-2011

8-2012

8-2011

8-2012

8-2011

8-2012

8-2011

8-2012

8-2011

8-2012

3,767

- 0.7%

308

316

+ 2.6%

2,379

2,743

+ 15.3%

304

374

+ 23.0%

2,216

2,455

+ 10.8%

110

111

+ 1.1%

129

121

- 6.7%

$212,500

$260,964

+ 22.8%

$222,000

$256,765

+ 15.7%

$266,470

$348,269

+ 30.7%

$309,208

$341,072

+ 10.3%

94.8%

95.5%

+ 0.7%

94.4%

95.4%

+ 1.0%

158

123

- 22.2%

152

124

- 18.2%

2,848

2,401

- 15.7%

--

--

--

10.5

7.6

- 27.4%

--

--

--

8-2013

Months Supply of Homes for Sale 8-2010

3,792

8-2013

Inventory of Homes for Sale 8-2010

- 11.7%

8-2013

Housing Affordability Index 8-2010

401

8-2013

Percent of List Price Received 8-2010

454

8-2013

Average Sales Price 8-2010

+/–

8-2013

Median Sales Price 8-2010

YTD 2012 YTD 2013

8-2013

Days on Market Until Sale 8-2010

+/–

8-2013

Closed Sales 8-2010

8-2013

8-2013

Pending Sales 8-2010

8-2012

8-2013

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.

August 459

Year To Date 454 3,816

401

2011

-1.1%

-11.7%

2012

2013

Prior Year

Current Year

+/–

September

424

443

+4.5%

October

399

428

+7.3%

Month

3,792

3,767

-0.6%

-0.7%

2012

2013

2011

November

372

365

-1.9%

December

294

283

-3.7%

January

494

499

+1.0%

February

476

514

+8.0%

March

555

554

-0.2%

April

548

511

-6.8%

May

448

442

-1.3%

June

417

414

-0.7%

July

400

432

+8.0%

August

454

401

-11.7%

12-Month Avg

440

441

+0.1%

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.

August

Year To Date 308

316

2,743 2,379 2,066

228

2011

+35.1%

+2.6%

2012

2013

Prior Year

Current Year

+/–

September

194

246

+26.8%

October

238

307

+29.0%

November

224

276

+23.2%

December

223

213

-4.5%

January

239

300

+25.5%

February

266

331

+24.4%

March

323

325

+0.6%

Month

+15.2%

+15.3%

2012

2013

2011

April

352

349

-0.9%

May

315

354

+12.4%

June

303

368

+21.5%

July

273

400

+46.5%

August

308

316

+2.6%

12-Month Avg

272

315

+16.2%

Historical Pending Sales Activity 450 400 350 300 250 200 150 100 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.

August

Year To Date 374 2,455

304

2,216

262 1,815

2011

+16.0%

+23.0%

2012

2013

Prior Year

Current Year

+/–

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

351

+5.7%

June

346

341

-1.4%

July

279

334

+19.7%

August

304

374

+23.0%

12-Month Avg

260

295

+14.9%

Month

+22.1%

+10.8%

2012

2013

2011

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.

August 110

Year To Date 110

111 140 129 121

2011

+0.4%

+1.1%

2012

2013

Prior Year

Current Year

+/–

September

137

121

-11.3%

October

138

130

-6.2%

November

132

122

-7.7%

December

141

115

-18.6%

Month

-7.6%

-6.7%

2012

2013

2011

January

134

127

-5.5%

February

130

124

-4.8%

March

136

121

-10.5%

April

152

121

-20.0%

May

129

122

-5.4%

June

125

118

-5.1%

July

124

125

+0.6%

August

110

111

+1.1%

12-Month Avg

132

121

-7.9%

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.

August

Year To Date $260,964

$255,000

$256,765 $228,000

$212,500

2011

-16.7%

+22.8%

2012

2013

2011

Prior Year

Current Year

+/–

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

$275,625

+18.3%

June

$230,000

$252,500

+9.8%

July

$220,000

$299,000

+35.9%

August

$212,500

$260,964

+22.8%

12-Month Med

$225,000

$249,783

+11.0%

Month

$222,000

-2.6%

+15.7%

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.

August

Year To Date $348,269 $325,011

$320,250

$341,072 $309,208

$266,470

2011

- 16.8%

+ 30.7%

2012

2013

2011

Prior Year

Current Year

+/–

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

$373,557

+20.0%

June

$310,184

$337,647

+8.9%

July

$286,352

$363,957

+27.1%

August

$266,470

$348,269

+30.7%

12-Month Avg

$313,592

$337,782

+7.7%

Month

- 4.9%

+ 10.3%

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.

August

94.2%

2011

Year To Date

94.8%

95.5%

+0.6%

+0.7%

2012

2013

93.7%

2011

94.4%

95.4%

+0.8%

+1.0%

2012

2013

Month

Prior Year

Current Year

+/–

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%

June

94.9%

95.2%

+0.3%

July

94.8%

95.1%

+0.4%

August

94.8%

95.5%

+0.7%

12-Month Avg

94.3%

95.3%

+1.0%

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.

August

Year To Date 152 158

135 124

122

2011

123

+28 6% +28.6%

22 2% -22.2%

2012

2013

Prior Year

Current Year

September

142

150

+5.6%

October

130

147

+12.6%

November

136

148

+9.2%

Month

+12 6% +12.6%

18 2% -18.2%

2012

2013

2011

+/–

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

-13.3%

June

146

127

-13.2%

July

154

110

-28.3%

August

158

123

-22.2%

12-Month Avg

145

138

-4.2%

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.

August 3,285 2,848 2,401

2011

-13.3%

-15.7%

2012

2013

Month

Prior Year

Current Year

+/–

September

3,297

2,861

-13.2%

October

3,217

2,813

-12.6%

November

3,151

2,744

-12.9%

December

2,971

2,581

-13.1%

January

2,987

2,605

-12.8%

February

3,028

2,657

-12.3%

March

3,064

2,746

-10.4%

April

3,098

2,774

-10.5%

May

3,038

2,709

-10.8%

June

2,948

2,602

-11.7%

July

2,891

2,479

-14.3%

August

2,848

2,401

-15.7%

12-Month Avg

3,045

2,664

-12.5%

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.

August 13.9 10.5 7.6

2011

-24.5%

-27.4%

2012

2013

Month

Prior Year

Current Year

+/–

September

14.0

10.4

-26.1%

October

13.4

10.0

-25.7%

November

13.1

9.6

-26.5%

December

12.1

9.1

-25.2%

January

12.2

9.0

-26.2%

February

12.3

9.0

-27.0%

March

12.3

9.3

-24.8%

April

12.1

9.4

-22.3%

May

11.6

9.1

-21.8%

June

11.1

8.6

-23.1%

July

10.9

7.9

-27.9%

August

10.5

7.6

-27.4%

12-Month Avg

12.1

9.1

-25.3%

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


Hilton head mmi 13 08 aug