June 2017 Monthly Indicators Hilton-Head_MMI_2017-06

Monthly Indicators
June 2017
Quick Facts
There has been a general slowdown in sales across the country, and this cannot be
blamed on negative economic news. Unemployment remains low and wage growth,
though nothing to overly celebrate, has held steady or increased for several years in
a row. There is strong demand for home buying, emphasized by higher prices and
multiple offers on homes for sale in many submarkets. As has been the case for
month after month – and now year after year – low inventory is the primary culprit for
any sales malaise rather than lack of offers.
New Listings were up 0.4 percent to 564. Pending Sales increased 22.8 percent to
491. Inventory shrank 9.7 percent to 2,274 units.
Prices moved higher as Median Sales Price was up 1.3 percent to $300,000. Days
on Market increased 11.9 percent to 150 days. Months Supply of Inventory was
down 14.3 percent to 6.0 months, indicating that demand increased relative to
supply.
With job creation increasing and mortgage rates remaining low, the pull toward
homeownership is expected to continue. Yet housing starts have been drifting
lower, and some are beginning to worry that a more serious housing shortage could
be in the cards if new construction and building permit applications continue to
come in lower in year-over-year comparisons while demand remains high.
Homebuilder confidence suggests otherwise, so predictions of a gloomy future
should be curbed for the time being.
+ 10.1% + 1.3% - 9.7%
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
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Current as of July 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