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

March 2014

Quick Facts

During this year's spring refresh, seller activity is the first item on the watch list. Low inventory has been a national headline grabber, and many are eager to see if this is the year that brings a bevy of new properties to market for ready-to-buyers. Investor activity and cash purchases should be monitored, as well, along with any increases in new construction. And although interest rates are up from their all-time lows, borrowing costs are still remarkably affordable affordable. It's It s cheaper to own than to rent in most of the country. New Listings in the Hilton Head region decreased 1.1 percent to 555. Pending Sales were up 10.2 percent to 357. Inventory levels shrank 8.2 percent to 2,570 units. Prices marched higher. The Median Sales Price increased 15.1 percent to $259,000. Days on Market was down 2.6 percent to 118 days. Absorption rates improved as Months Supply of Inventory was down 13.8 percent to 8.2 months. Consumers are in better shape for the current financial landscape, just in time for the primary home-buying season. Along with an uptick in consumer confidence, GDP growth was revised up to 2.6 percent by the Commerce Department. Consumer spending has risen and claims for unemployment benefits have decreased. Economic health fuels housing market growth. Employed, confident people with rising incomes tend to purchase real property.

- 14.4%

+ 15.1%

- 8.2%

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 3-2011

3-2012

3-2013

3-2012

3-2013

3-2012

3-2013

3-2012

3-2013

3-2012

3-2013

3-2012

3-2013

3-2012

3-2013

3-2012

3-2013

3-2012

3-2013

3-2012

3-2013

1,500

- 5.4%

324

357

+ 10.2%

946

928

- 1.9%

306

262

- 14.4%

752

682

- 9.3%

121

118

- 2.6%

124

113

- 8.9%

$225,000

$259,000

+ 15.1%

$232,000

$245,000

+ 5.6%

$304,274

$352,004

+ 15.7%

$306,454

$326,401

+ 6.5%

96.1%

95.1%

- 1.1%

95.6%

95.2%

- 0.4%

153

123

- 19.7%

149

129

- 13.5%

2,801

2,570

- 8.2%

--

--

--

9.5

8.2

- 13.8%

--

--

--

3-2014

Months Supply of Homes for Sale 3-2011

1,586

3-2014

Inventory of Homes for Sale 3-2011

- 1.1%

3-2014

Housing Affordability Index 3-2011

555

3-2014

Percent of List Price Received 3-2011

561

3-2014

Average Sales Price 3-2011

+/–

3-2014

Median Sales Price 3-2011

YTD 2013 YTD 2014

3-2014

Days on Market Until Sale 3-2011

+/–

3-2014

Closed Sales 3-2011

3-2014

3-2014

Pending Sales 3-2011

3-2013

3-2014

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.

March 555

Year To Date 561

555 1,586

1,527

2012

+1.1%

-1.1%

2013

2014

1,500

2012

Prior Year

Current Year

+/–

April

548

522

-4.7%

May

448

450

+0.4%

June

417

428

+2.6%

July

401

448

+11.7%

August

456

445

-2.4%

September

445

432

-2.9%

October

429

506

+17.9%

November

367

370

+0.8%

December

283

274

-3.2%

January

507

479

-5.5%

Month

+3.9%

-5.4%

2013

2014

February

518

466

-10.0%

March

561

555

-1.1%

12-Month Avg

448

448

-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

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.

March

Year To Date 946

357 323

2012

928

827

324

+0.3%

+10.2%

2013

2014

2012

Prior Year

Current Year

+/–

April

352

345

-2.0%

May

315

348

+10.5%

June

303

356

+17.5%

July

273

374

+37.0%

August

307

310

+1.0%

September

243

305

+25.5%

October

308

325

+5.5%

November

274

266

-2.9%

December

212

202

-4.7%

January

296

263

-11.1%

Month

+14.4%

-1.9%

2013

2014

February

326

308

-5.5%

March

324

357

+10.2%

12-Month Avg

294

313

+6.4%

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

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.

March

Year To Date 752 306

682

681

280 262

2012

+9.3%

-14.4%

2013

2014

2012

Prior Year

Current Year

+/–

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%

September

252

295

+17.1%

October

283

316

+11.7%

Month

+10.4%

-9.3%

2013

2014

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%

12-Month Avg

281

296

+5.3%

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

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.

March

Year To Date

136

134 121

2012

124

118

-10.5%

-2.6%

2013

2014

113

2012

Prior Year

Current Year

+/–

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%

September

121

105

-13.2%

October

130

117

-9.7%

Month

-7.5%

-8.9%

2013

2014

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%

12-Month Avg

125

115

-7.8%

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

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.

March

Year To Date $259,000 $232,000

$228,000

$225,000

$245,000

$191,750

2012

+17.3%

+15.1%

2013

2014

2012

Prior Year

Current Year

+/–

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%

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%

12-Month Med

$228,125

$259,250

+13.6%

Month

+1.8%

+5.6%

2013

2014

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

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 | 7


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

March

Year To Date $326,401

$321,768

$352,004

$306,454

$331,155 $304,274

2012

- 8.1%

+ 15.7%

2013

2014

2012

Prior Year

Current Year

+/–

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%

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%

12-Month Avg

$312,878

$344,452

+10.1%

Month

- 4.8%

+ 6.5%

2013

2014

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

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.

March

94.1%

2012

Year To Date

96.1%

95.1%

+2.1%

-1.1%

2013

2014

95.6%

94.0%

2012

95.2%

+1.7%

-0.4%

2013

2014

Month

Prior Year

Current Year

+/–

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%

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%

12-Month Avg

94.9%

95.3%

+0.3%

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.

March

Year To Date

165

149

142

153

Month April 129

123

2012

-7.0%

-19.7%

2013

2014

2012

+4.8%

-13.5%

2013

2014

Prior Year

Current Year

+/–

155

136

-12.0%

May

144

126

-12.2%

June

146

128

-12.1%

July

154

112

-27.4%

August

158

124

-21.2%

September

150

133

-11.3%

October

147

131

-10.7%

November

148

138

-6.6%

December

147

132

-10.0%

January

146

139

-4.8%

February

152

126

-16.8%

March

153

123

-19.7%

12-Month Avg

150

129

-13.7%

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

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.

March 3,070 2,801

2012

2,570

-8.8%

-8.2%

2013

2014

Month

Prior Year

Current Year

+/–

April

3,104

2,845

-8.3%

May

3,044

2,794

-8.2%

June

2,956

2,715

-8.2%

July

2,900

2,635

-9.1%

August

2,861

2,608

-8.8%

September

2,879

2,553

-11.3%

October

2,832

2,560

-9.6%

November

2,767

2,506

-9.4%

December

2,606

2,400

-7.9%

January

2,642

2,458

-7.0%

February

2,703

2,495

-7.7%

March

2,801

2,570

-8.2%

12-Month Avg

2,841

2,595

-8.7%

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 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 | 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.

March 12.4 9.5 8.2

2012

-23.1%

-13.8%

2013

2014

Month

Prior Year

Current Year

+/–

April

12.1

9.7

-20.0%

May

11.6

9.4

-18.9%

June

11.2

9.0

-19.2%

July

11.0

8.5

-22.3%

August

10.5

8.4

-20.1%

September

10.5

8.1

-22.4%

October

10.1

8.1

-19.6%

November

9.7

7.9

-18.1%

December

9.2

7.6

-16.8%

January

9.1

7.9

-13.7%

February

9.2

8.0

-12.5%

March

9.5

8.2

-13.8%

12-Month Avg

10.3

8.4

-18.3%

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

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


Hilton head mmi 14 03 mar