The Sun City Hilton Head Monthly Market Report
OCTOBER | SECTION B | Volume 12 I Issue 10
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The weather has finally taken a cooler turn, and the real estate scene in Sun City is mirroring the shift, moving away from the intense heat of the market experienced a few years ago. Sun City recorded 45 new listings, marking an 8% decrease from the figures of last September. Closed sales have followed suit, dropping to 51, a 14% decline from the same period last year. Adding to this, the inventory of homes for sale has surged from 28 in September 2022 to 68 in September 2023—an impressive 143% increase. Considering these factors alongside the current higher interest rates, one might anticipate a decline in home prices compared to the previous year. However, prices have risen by 14% year to date compared to the same period a year ago. This trend can be attributed to the fact that, despite the 143% increase in inventories from a year ago, this number still represents only half of the pre-pandemic market listings. In essence, the real estate market in Sun City is gradually finding its balance. While home prices continue to experience an upward trend, there are signs of them leveling off. This suggests a shift toward a more normalized market environment, creating an interesting landscape for both buyers and sellers to navigate. For buyers, this market presents an opportunity to negotiate more easily than a year ago. For sellers, this market is an opportunity to cash in while prices are still near historic highs. If you would like a free, detailed market analysis and insights on how to navigate this market, please contact me.
Sun City Market Comparison Key Metrics New Listings Closed Sales Median Sales Price Year-to-Date Percent of List Price Received (Sale-to-List Ratio) Inventory of Homes For Sale
September 2022 49 59 $458,463 99.7% 28
September 2023 45 51 $524,858 98.87% 68
Percent Change
Information provided by the Multiple Listing Service of Hilton Head Island and the Hilton Head Area Association of REALTORS®
Gary Smythe Real Estate Advisor brokered by WILLIAM RAVEIS (843) 301-1591 | Gary@GarySmythe.com “These Properties were not all listed or sold by William Raveis and were listed and sold by various MLS Participating Offices.” If your property is currently listed with another Realtor this is not intended to be a solicitation. This information is believed to be accurate but not guaranteed.
-8% -14% 14% .83% 143%