February 2020 Market Indicators February-Monthly-Market-Indicator

Monthly Indicators
February 2020
As we progressed through February, the actual and expected impacts of COVID-19
continued to grow, with concerns of economic impact reaching the stock market in
the last week of the month. As the stock market declined, so did mortgage rates,
offering a bad news-good news situation. While short term declines in the stock
market can sting, borrowers who lock in today’s low rates will benefit significantly in
the long term.
New Listings were down 2.3 percent to 650. Pending Sales increased 21.8 percent
to 586. Inventory shrank 14.5 percent to 2,046 units.
Prices moved higher as Median Sales Price was up 7.5 percent to $322,463. Days
on Market increased 11.3 percent to 148 days. Months Supply of Inventory was
down 20.4 percent to 4.3 months, indicating that demand increased relative to
supply.
The recently released January ShowingTime Showing Index® saw a 20.2 percent
year-over-year increase in showing traffic nationwide. All regions of the country
were up double digits from the year before, with the Midwest Region up 15.7
percent and the West Region up 34.1 percent. As showing activity is a leading
indicator for future home sales, the 2020 housing market is off to a strong start,
though it will be important to watch the spread of COVID-19 and its potential
impacts to the overall economy in the coming months.
Quick Facts
+ 6.8% + 7.5% - 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
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Current as of March 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