November 2019 HSO November-Housing-Supply-Outlook

Housing Supply Overview A RESEARCH TOOL PROVIDED BY SOUTH CAROLINA REALTORS® November 2019 According to the U.S. Commerce Department, new housing permits rose 5% in October to a new 12-year high of 1.46 million units. Lawrence Yun, the National Association of REALTORS® chief economist, the latest figures “tremendously good news for the housing sector.” While increasing new construction activity is helpful, it is widely believed that construction activity is still below what is needed to provide adequate housing supply. For the 12- month period spanning December 2018 through November 2019, Pending Sales in the Hilton Head region were up 7.7 percent overall. The price range with the largest gain in sales was the $225,001 to $375,000 range, where they increased 14.1 percent. The overall Median Sales Price was up 3.1 percent to $323,112. The property type with the largest price gain was the Condos / Villas segment, where prices increased 3.9 percent to $233,750. The price range that tended to sell the quickest was the $100,001 to $225,000 range at 111 days; the price range that tended to sell the slowest was the $650,001 and Above range at 188 days. Quick Facts + 14.1% + 12.6% + 7.9% Price Range With the Strongest Sales: Bedroom Count With Strongest Sales: Property Type With Strongest Sales: $225,001 to $375,000 2 Bedrooms or Less Single-Family Pending Sales Days on Market Until Sale Median Sales Price Percent of List Price Received Inventory of Homes for Sale Months Supply of Inventory 2 3 4 5 6 7 Market-wide, inventory levels were down 11.2 percent. The property type that lost the least inventory was the Single Family segment, where it decreased 9.5 percent. That amounts to 4.7 months supply for Single-Family homes and 4.0 months supply for Condos. Current as of December 10, 2019 Data © 2019 MLS of Hilton Head. All Rights Reserved. Provided by the Hilton Head Area Association of REALTORS® and South Carolina REALTORS®. Report © 2019 ShowingTime. | 1