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

July 2013

Quick Facts

It won't be long before the housing recovery is simply referred to as housing. Institutional and cash buyers have effectively priced themselves out of the market. During the downturn, much inventory was purchased by these groups. Now that prices are rising, there's less incentive for these kinds of buyers, yet affordability for consumers remains attractive. New Listings in the Hilton Head region increased 3.0 percent to 412. Pending Sales were up 39.9 percent to 382. Inventory levels shrank 15.7 percent to 2,434 units. Prices got a lift. The Median Sales Price increased 35.9 percent to $299,000. Days on Market was up 0.6 percent to 125 days. Absorption rates improved as Months Supply of Inventory was down 29.1 percent to 7.7 months. With mortgage rates slightly up but relatively low by historic standards, the Fed has indicated no change in monetary policy based on a moderately-paced economic expansion. Although the unemployment rate remains a factor to watch, the housing recovery continues to plug along, helping the greater economy with flourishing activity in sales and prices. Housing has made a positive contribution to real GDP growth for 11 consecutive quarters.

+ 19.7%

+ 35.9%

- 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 7-2010

7-2011

7-2012

7-2011

7-2012

7-2011

7-2012

7-2011

7-2012

7-2011

7-2012

7-2011

7-2012

7-2011

7-2012

7-2011

7-2012

7-2011

7-2012

7-2011

7-2012

3,331

- 0.1%

273

382

+ 39.9%

2,071

2,427

+ 17.2%

279

334

+ 19.7%

1,912

2,081

+ 8.8%

124

125

+ 0.6%

132

122

- 7.6%

$220,000

$299,000

+ 35.9%

$225,000

$255,000

+ 13.3%

$286,352

$363,957

+ 27.1%

$316,067

$339,786

+ 7.5%

94.8%

95.1%

+ 0.4%

94.4%

95.4%

+ 1.1%

154

110

- 28.3%

151

127

- 16.0%

2,888

2,434

- 15.7%

--

--

--

10.9

7.7

- 29.1%

--

--

--

7-2013

Months Supply of Homes for Sale 7-2010

3,336

7-2013

Inventory of Homes for Sale 7-2010

+ 3.0%

7-2013

Housing Affordability Index 7-2010

412

7-2013

Percent of List Price Received 7-2010

400

7-2013

Average Sales Price 7-2010

+/–

7-2013

Median Sales Price 7-2010

YTD 2012 YTD 2013

7-2013

Days on Market Until Sale 7-2010

+/–

7-2013

Closed Sales 7-2010

7-2013

7-2013

Pending Sales 7-2010

7-2012

7-2013

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.

July

Year To Date 385

2011

400

412 3,357

+3.9%

+3.0%

2012

2013

2011

3,336

3,331

-0.6%

-0.1%

2012

2013

Month

Prior Year

Current Year

+/–

August

459

453

-1.3%

September

424

443

+4.5%

October

399

428

+7.3%

November

372

364

-2.2%

December

294

283

-3.7%

January

494

496

+0.4%

February

475

514

+8.2%

March

555

552

-0.5%

April

548

509

-7.1%

May

448

437

-2.5%

June

416

411

-1.2%

July

400

412

+3.0%

12-Month Avg

440

442

+0.3%

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.

July

Year To Date 382

2,427 2,071

274

2011

273

1,838

-0.4%

+39.9%

2012

2013

2011

+12.7%

+17.2%

2012

2013

Month

Prior Year

Current Year

+/–

August

228

309

+35.5%

September

194

246

+26.8%

October

238

308

+29.4%

November

224

277

+23.7%

December

223

213

-4.5%

January

239

300

+25.5%

February

266

330

+24.1%

March

323

325

+0.6%

April

352

352

0.0%

May

315

363

+15.2%

June

303

375

+23.8%

July

273

382

+39.9%

12-Month Avg

265

315

+18.9%

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.

July

Year To Date 334

2,081 1,912

279 1,553

222

2011

+25.7%

+19.7%

2012

2013

2011

+23.1%

+8.8%

2012

2013

Month

Prior Year

Current Year

+/–

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

351

+5.7%

June

346

341

-1.4%

July

279

334

+19.7%

12-Month Avg

256

290

+14.3%

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

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.

July 140 124

2011

Year To Date

Month

Prior Year

Current Year

+/–

145

August

110

110

+0.4%

September

137

121

-11.3%

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

122

-5.4%

June

125

118

-5.1%

July

124

125

+0.6%

12-Month Avg

132

121

-8.1%

132

125

-11.5%

+0.6%

2012

2013

122

2011

-8.7%

-7.6%

2012

2013

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.

July

Year To Date $299,000

$255,000 $225,000

$213,750

2011

$225,000

$220,000

+2.9%

+35.9%

2012

2013

2011

0.0%

+13.3%

2012

2013

Month

Prior Year

Current Year

+/–

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

$275,625

+18.3%

June

$230,000

$252,500

+9.8%

July

$220,000

$299,000

+35.9%

12-Month Med

$227,815

$244,000

+7.1%

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.

July

Year To Date $363,957 $325,816

$298,544

2011

$316,067

$339,786

$286,352

- 4.1%

+ 27.1%

2012

2013

2011

- 3.0%

+ 7.5%

2012

2013

Month

Prior Year

Current Year

+/–

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

$373,557

+20.0%

June

$310,184

$337,647

+8.9%

July

$286,352

$363,957

+27.1%

12-Month Avg

$318,857

$330,377

+3.6%

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.

July

Year To Date

93.6%

94.8%

95.1% 93.6%

2011

+1.3%

+0.4%

2012

2013

2011

94.4%

95.4%

+0.9%

+1.1%

2012

2013

Month

Prior Year

Current Year

+/–

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%

June

94.9%

95.2%

+0.3%

July

94.8%

95.1%

+0.4%

12-Month Avg

94.2%

95.2%

+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.

July

Year To Date 151 154

133

139

127

110

2011

+10 8% +10.8%

28 3% -28.3%

2012

2013

2011

+13 5% +13.5%

16 0% -16.0%

2012

2013

Month

Prior Year

Current Year

+/–

August

122

158

+28.6%

September

142

150

+5.6%

October

130

147

+12.6%

November

136

148

+9.2%

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%

12-Month Avg

142

141

+0.1%

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.

July 3,281 2,888 2,434

2011

-12.0%

-15.7%

2012

2013

Month

Prior Year

Current Year

+/–

August

3,284

2,843

-13.4%

September

3,296

2,856

-13.3%

October

3,216

2,807

-12.7%

November

3,150

2,736

-13.1%

December

2,970

2,573

-13.4%

January

2,986

2,594

-13.1%

February

3,026

2,647

-12.5%

March

3,062

2,733

-10.7%

April

3,096

2,756

-11.0%

May

3,036

2,677

-11.8%

June

2,945

2,559

-13.1%

July

2,888

2,434

-15.7%

12-Month Avg

3,080

2,685

-12.8%

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.

July 14.0 10.9 7.7

2011

-22.0%

-29.1%

2012

2013

Month

Prior Year

Current Year

+/–

August

13.9

10.5

-24.6%

September

14.0

10.4

-26.2%

October

13.4

10.0

-25.8%

November

13.1

9.6

-26.8%

December

12.1

9.0

-25.5%

January

12.2

8.9

-26.6%

February

12.3

9.0

-27.3%

March

12.3

9.2

-25.1%

April

12.1

9.3

-22.8%

May

11.6

8.9

-23.0%

June

11.1

8.4

-24.8%

July

10.9

7.7

-29.1%

12-Month Avg

12.4

9.2

-25.6%

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 Real Estate Market Report July 2013  

See what is happening in the real estate market on Hilton Head Island.

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