Results. | Collins Group Realty Annual Market Report Results_Annual Market Report - Page 4

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.