2020 Real Estate Market Analysis | Hilton Head Island, SC Results_2020 Market Analysis_vs4 | Page 7

IF WE BUILD IT, THEY WILL
COME
ENJOYING THE RIPPLE
EFFECT
In the grand scheme of things, we live in a quiet, little
corner of the country, where it’s much more common
for us to FEEL the ripple effect from other areas than
CAUSE it.
In particular, our real estate market is driven by the
sense of wealth and confidence derived by factors that
reach beyond our market areas. Of course, nationally,
the now-longest economic expansion in US history has
been driving our market’s recovery for years. But also
regionally, robust real estate conditions in our primary
feeder-markets continue to drive the second-home and
investment property segments of our local market, which
still serve as a critical building-block in the
visitor-to-resident evolution that has benefited our
marketplace for many decades.
Buying decisions that may have been “put on the shelf ”
a decade ago amidst the recession are now in full swing,
and we certainly see that momentum continuing nicely
in 2020. These bullish conditions have brought about a
welcomed return of the once-popular 1031 tax-deferred
exchange, and an increase in IRA-based property
purchases, which fuel the local vacation-rental-income
industry in a big way!
VIRTUAL BUYING/SELLING
EXPERIENCE
Increasingly, the Lowcountry marketplace is active
across the entire calendar year, thanks in great part to
the implementation of technology that allows for a
record-level of virtual engagement between properties and
prospects. Buyers focused in the market are constantly
monitoring and responding to inventory they see virtually
(often at a distance) on their devices, in many cases
resulting in site-unseen offers and negotiations. For sellers,
this takes more of the emphasis off WHEN to list, and
places much more emphasis on ensuring that the property is
fully prepared for market, inclusive of a well-planned “visual
strategy” to capture interest the moment the property hits
the market.
While some call the Hilton Head area home for its solitude
and natural sense of peace and quiet, others are attracted
to the increasing-convenience of its location for travel both
regionally and beyond. More and more prospective residents
speak of the attractiveness and ease of drive-access to
Savannah, Beaufort, and Charleston, while others are drawn
to the benefits of expanded flight options out of the Hilton
Head Island Airport.
American, Delta, and United Airlines all now offer more
direct flights, enhancing travel options for visitors, residents
and a growing number of work-commuters that are choosing
to call the Lowcountry their home base. It’s no surprise,
therefore, that the Hilton Head Island Airport showed well
over a 200% increase in passenger traffic in 2019, with more
of that to come in the new year.
TAKE A BOW!
Between Southern Living declaring Bluffton as #8 on the list
of 'Best Small Towns in the South,' and Condé Nast naming
Hilton Head '#1 Island in the Continental U.S.' for four
years in row (2016-2019), we’re getting some impressive
national attention. And, in a region filled with attractive
communities and offerings, these accolades help DRAW
attention our way as prospective buyers explore their options
from Florida well up into North Carolina.
What KEEPS people interested, focused, and locked onto
the Lowcountry, however, continues to be our unparalleled
community. From the richness of our cultural offerings,
to the expanding employment arena, to the unparalleled
natural amenities and resources, to the wide array of
charitable organizations, to the prevalent positive attitude
and enjoyment of life, it’s the totality of these things that
we consistently hear new residents desire, applaud, and
appreciate as they call the Lowcountry home.
AN INBOUND STATE
Did you know that South Carolina was 6th in the nation for
highest population growth in 2019? The annual growth rate
was 1.27% over 2018, with a total of 5.15 million people
that call South Carolina home (2019 population according
to U.S. News & World Report). It’s no wonder, of course,
as our state continues to be a haven for many who seek
to escape the high taxes and colder weather in the North.
And, while 40% of inbound moves in SC last year were by
retirees (according to the 2019 United Van Lines Study), we
continue to see a wide variety of relocation trends attracting
folks to our alluring coastal county.
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