STATE OF THE MARKET | 2017
ANNUAL MARKET REPORT
2017 was a great year in Lowcountry real estate sales...and
it was warmly welcomed!
After years of working through more or less a "buyer's
market," many segments of our local marketplace turned
the corner in 2017 into a "seller's market," allowing for
price appreciation, a faster pace of sales, and an overall
lower inventory.
Approaching nearly 5,000 closed transactions recorded
in the Hilton Head MLS system, both pending and
closed sales in the overall market jumped by double-digits!
Specifically, property sales in the $225,000-$650,000
range saw the largest increase in activity, while sales
under $100,000 actually dropped - mostly due to a
vanishing inventory at that price level as a result of price
appreciation.
Not surprisingly, due to improved market conditions, the
average ratio of sales price to list price increased nicely
to over 96%. We saw a good increase in the number of
multiple-bid scenarios in 2017, many of which yielded a
sales price in excess of 100% of the list price, influencing
this important statistic for the marketplace.
NEW LISTINGS
PENDING SALES
With all this talk of improved market conditions, it
may seem curious to hear that the average time it took
properties to sell in 2017 actually INCREASED from
2016, coming in at 150 days on the market.
CLOSED SALES
CLOSED SALES BY PRICE RANGE
Market Report Data Provided by the Hilton Head Area Association of REALTORS® Current as of January 10, 2018.