July 2017 Monthly Indicators Hilton-Head_MMI_2017-07

Monthly Indicators
July 2017
Quick Facts
How long can the residential real estate market go on like this? We are about two
years into a national trend of dropping housing supply and increasing median sales
prices. There are some regional variations to the story, but the shift to a
predominantly seller's market is mostly complete. Multiple-offer situations over
asking price are commonplace in many communities, and good homes are routinely
off the market after a single day. It is evident that a favorable economy keeps hungry
buyers in the chase.
New Listings were down 5.8 percent to 503. Pending Sales increased 24.4 percent
to 444. Inventory shrank 12.0 percent to 2,218 units.
Prices moved higher as Median Sales Price was up 1.9 percent to $290,000. Days
on Market increased 9.2 percent to 154 days. Months Supply of Inventory was down
19.4 percent to 5.8 months, indicating that demand increased relative to supply.
Although the unemployment rate remains unchanged at its favorable national 4.3
percent rate, wage growth has not been rising at the steady clip that would be
expected in an improving economy. Sales activity manages to keep churning along
despite looming shortages in new construction. Lower price ranges are starting to
feel the effects of the supply and demand gap, as first-time buyers scramble to get
offers in at an increasing pace.
+ 3.3% + 1.9% - 12.0%
One-Year Change in
Closed Sales One-Year Change in
Median Sales Price One-Year Change in
Months Supply
A research tool provided by the Hilton Head Association of REALTORS®
Percent changes are calculated using rounded figures.
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
Current as of August 10, 2017. Data is Copyright © 2017 All Rights Reserved. MLS of Hilton Head Island. Provided by the Hilton Head Area Association of REALTORS® and South Carolina REALTORS®. Report © 2017 ShowingTime. | 1