Jan 12, 2017
The low inventory crunch will continue into 2017, as will an increase in prices across all price ranges and property types. Eager buyers will vie for fewer available homes, making affordability a challenge for the unprepared. Nevertheless, optimism abounds among busy agents. For the 12-month period spanning January 2016 through December 2016, Pending Sales in the Hilton Head region were up 0.6 percent overall. The price range with the largest gain in sales was the $225,001 to $375,000 range, where they increased 11.4 percent.
The overall Median Sales Price was up 6.1 percent to $292,850. The property type with the largest price gain was the Condos / Villas segment, where prices increased 10.5 percent to $210,000. The price range that tended to sell the quickest was the $100,001 to $225,000 range at 119 days; the price range that tended to sell the slowest was the $650,001 and Above range at 195 days.
Market-wide, inventory levels were down 1.7 percent. The property type that gained the most inventory was the Single Family segment, where it increased 4.2 percent. That amounts to 6.1 months supply for Single-Family homes and 6.1 months supply for Condos.
If you want to make a little piece of The Island your own, you need more than just a road map and a REALTOR. You need a partner who can make things happen.
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