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

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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