Low supply and steadily rising rates and prices have been the story so far after the first quarter of the year zipped by. The storylines are not expected to change as we work our way into the busiest months of the real estate sales cycle. For the 12-month period spanning April 2016 through March 2017, Pending Sales in the Hilton Head region were up 5.0 percent overall. The price range with the largest gain in sales was the $225,001 to $375,000 range, where they increased 12.1 percent.
The overall Median Sales Price was up 2.8 percent to $293,000. The property type with the largest price gain was the Single-Family Homes segment, where prices increased 4.5 percent to $325,000. The price range that tended to sell the quickest was the $100,000 and Below range at 122 days; the price range that tended to sell the slowest was the $650,001 and Above range at 191 days.
Market-wide, inventory levels were down 6.0 percent. The property type that lost the least inventory was the Single Family segment, where it decreased 1.2 percent. That amounts to 6.4 months supply for Single-Family homes and 5.8 months supply for Condos.