state of the sun
city market
home sales
597
The number of closed Home sales in Sun city
jumped by an impressive 28% in 2013, resulting
in nearly 600 transactions recorded in the Hilton
Head MLS. After bottoming out back in 2009,
the number of Home sales has been steadily on
the rise ever since with 2011 and 2013 showing the largest year-over-year gains in recent
market-history. Of interest, the months of June,
August and September 2013 were far and away
the strongest closing months with 63, 73, and 54
closed Home sales respectively, showing us that
summertime is a HOT market for Sun City. Also
of note, though perhaps not surprising, 98% of
the closed Home sales took place in Sun City
Hilton Head proper, while the remaining 2%
occurred in the Riverbend neighborhood. In
Sun City Hilton Head proper, sales were spread
out nicely throughout the community, and it is
interesting to see the breakdown by “model” in
the graph to the right…
466
392
282
247
234
2008
2009
2010
2011
2012
2013
average sales price
The Average Sales Price of Homes sold in Sun
City in 2013 increased sharply over the prior
year, landing at just under $240,000! Hand-inhand with this terrific increase, there was also
an important increase in the sales-to-list-price
ratio in 2013. On average, Homes in Sun City
sold for 97% of their list price last year, up significantly from the 94% average in 2012. This
translated roughly into an additional $7,000
that Home sellers earned for their Home sale
in 2013. And, as indicated below, with Homes
selling, on average, a month faster than in 2012,
the reduced carrying costs for Home sellers
made 2013 an even more attractive year to sell
property. Lastly, it is particularly encouraging
to note that the number of Home sales OVER
$300,000 in 2013 NEARLY DOUBLED from
2012, posting 135 transactions with sales prices
ranging from $300,000 up to $1,125,000!
$245,000
$240,000
$235,000
$230,000
$225,000
$220,000
$215,000
$210,000
$205,000
$200,000
2008
2009
2010
2011
2012
2013
139
average days on market
With the impressive year of sales last year in Sun City,
it is not surprising to see a substantial drop in the
average time it took Homes to sell in 2013. With a
year-end average of 59 days, Homes sold over a full
month faster than they did in 2012. While the overall
market showed a decrease in the Average Days on Market, the more-robust micro-market of Sun City “blew
away” the market with this impressive decrease last
year. Yet, with all that said, it remains clear in today’s
market that competitive-pricing remains a key factor in
a property’s timely sale-ability, as there are curren ѱ䁄)