May 2018 Monthly Market Indicators May-Monthly-Market-Indicator

Monthly Indicators
May 2018
Quick Facts
Just like last year at this time, prospective home buyers should expect a competitive
housing market for the next several months. With payrolls trending upward and
unemployment trending downward month after month in an extensive string of
positive economic news, demand remains quite strong. Given the fact that gradually
rising mortgage rates often infuse urgency to get into a new home before it costs
more later, buyers need to remain watchful of new listings and make their offers
quickly.
New Listings were up 14.8 percent to 669. Pending Sales increased 24.6 percent to
588. Inventory shrank 7.1 percent to 2,211 units.
Prices moved higher as Median Sales Price was up 9.7 percent to $328,000. Days
on Market decreased 2.8 percent to 139 days. Months Supply of Inventory was
down 21.5 percent to 5.1 months, indicating that demand increased relative to
supply.
Although home sales may actually drop in year-over-year comparisons over the next
few months, that has more to do with low inventory than a lack of buyer interest. As
lower days on market and higher prices persist year after year, one might rationally
expect a change in the outlook for residential real estate, yet the current situation
has proven to be remarkably sustainable likely due to stronger fundamentals in
home loan approvals than were in place a decade ago.
+ 12.2% + 9.7% - 21.5%
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 June 10, 2018. Data is Copyright © 2018 All Rights Reserved. MLS of Hilton Head Island. Provided by the Hilton Head Area Association of REALTORS® and South Carolina REALTORS®. Report © 2018 ShowingTime. | 1