May 2017 Monthly Indicators Hilton-Head_MMI

Monthly Indicators
May 2017
Quick Facts
Home prices across the U.S. are reaching all-time highs, prompting worry over
another boom-and-bust scenario like we experienced roughly ten years ago. Yet, as
we glance across the state of residential real estate, what is clear compared to the
last extended run of price increases is that lending standards are now much
stronger than they were before. Incomes must be verified, a reasonable amount of
money must be paid toward the home prior to purchase and a more stringent loan
approval process is in place to prevent a repeat performance of the Great
Recession.
New Listings were down 2.7 percent to 583. Pending Sales increased 8.3 percent to
496. Inventory shrank 7.7 percent to 2,316 units.
Prices moved higher as Median Sales Price was up 0.9 percent to $299,000. Days
on Market increased 5.9 percent to 144 days. Months Supply of Inventory was down
10.1 percent to 6.2 months, indicating that demand increased relative to supply.
In addition to a stronger base upon which to conduct real estate transactions, the
overall economy is in better shape than it was a decade ago. More jobs are
available, unemployment is relatively low and workers have more faith in their wages
and the potential for wage increases. Although we continue to battle an inventory
shortage in much of the country, optimism remains high for a successful summer for
buying and selling homes.
+ 4.4% + 0.9% - 7.7%
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 June 10, 2017. Data is Copyright © 2017 All Rights Reserved. MLS of Hilton Head Island. Provided by the Hilton Head Area Association of REALTORS® and South Carolina REALTORS®. Report © 2017 ShowingTime. | 1