December 2019 Monthly Indicators December-Monthly-Market-Indicator

Monthly Indicators
December 2019
In 2019 home prices were up again in most markets. Buyer demand continues to be
strong but with tepid seller activity still in many locations, total sales are lower than
they would normally be in a more balanced market. While up from their recent lows
a few months ago, mortgage rates end the year close to three-quarters of a percent
lower than a year ago, helping to improve affordability and offset rising home prices.
New Listings were up 4.5 percent to 351. Pending Sales increased 22.6 percent to
325. Inventory shrank 12.1 percent to 2,040 units.
Prices moved higher as Median Sales Price was up 5.9 percent to $349,500. Days
on Market increased 7.4 percent to 146 days. Months Supply of Inventory was down
20.4 percent to 4.3 months, indicating that demand increased relative to supply.
With low mortgage rates, low unemployment, and continued wage growth, home
buyer activity is expected to remain healthy into the new year. New construction has
been on the rise in 2019 and is expected to continue into 2020, but many experts
note that the country is still not building enough new units to quench demand. It
remains to be seen whether existing homeowners will be enticed to sell by higher
home prices, which could finally bring the overall housing market into greater
balance.
Quick Facts
+ 34.1% + 5.9% - 20.4%
One-Year Change in
Closed Sales One-Year Change in
Median Sales Price One-Year Change in
Months Supply
A research tool provided by the Hilton Head Association of REALTORS®.
Percent changes are calculated using rounded figures.
Market Overview
New Listings
Pending Sales
Closed Sales
Days on Market Until Sale
Median Sales Price
Average Sales Price
Percent of List Price Received
Housing Affordability Index
Inventory of Homes for Sale
Months Supply of Inventory
2
3
4
5
6
7
8
9
10
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12
Current as of January 10, 2020. Data is Copyright © 2020 All Rights Reserved. MLS of Hilton Head Island. Provided by the Hilton Head Area Association of REALTORS® and South Carolina REALTORS®. Report © 2020 ShowingTime. | 1