July 2016 Monthly Indicators

Monthly Indicators July 2016 Quick Facts Even as prices rise in many communities, homes are selling faster now than they have in the past several years. This creates a situation where buyers need to move fast in order to secure homes, and they may have to pay more for them. While increasing prices generally coax more selling activity, there has been some hesitancy among potential sellers who worry that they will not be able to buy a desirable and reasonably priced home once they sell. New Listings were up 16.6 percent to 534. Pending Sales decreased 14.0 percent to 382. Inventory grew 8.4 percent to 2,455 units. Prices moved higher as Median Sales Price was up 3.7 percent to $285,170. Days on Market held steady at 141. Months Supply of Inventory was up 1.5 percent to 6.9 months, indicating that supply increased relative to demand. Low housing supply has already prevented an outright national boon in sales activity, despite a continuation of near record-low mortgage rates and an unemployment rate under 5.0 percent deep into 2016. The issue is not purchasing power. Many areas are falling behind last year's closed sales totals simply because of lack of available inventory. As this continues, higher prices may put a deeper squeeze on the current buyer pool. - 12.4% + 3.7% + 8.4% 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 11 12 Current as of August 10, 2016. Data is Copyright © 2016 All Rights Reserved. MLS of Hilton Head Island. Provided by the Hilton Head Area Association of REALTORS® and South Carolina REALTORS®. Report © 2016 ShowingTime. | 1