September 2016 Monthly Indicators

Monthly Indicators
September 2016
As anticipated at the outset of the year, demand has remained high through the first
three quarters of 2016, propping up sales and prices despite heavy reductions in
inventory and months of supply across the country. With rental prices and
employment opportunities in a consistent climb, year-over-year increases in home
buying are probable for the rest of the year but not guaranteed.
New Listings were up 3.4 percent to 522. Pending Sales increased 18.2 percent to
364. Inventory grew 3.3 percent to 2,407 units.
Prices moved higher as Median Sales Price was up 2.1 percent to $289,750. Days
on Market decreased 5.8 percent to 129 days. Months Supply of Inventory was
down 2.9 percent to 6.6 months, indicating that demand increased relative to
supply.
In general, today's demand is driven by three factors: Millennials are reaching prime
home-buying age, growing families are looking for larger homes and empty nesters
are downsizing. However, intriguingly low interest rates often prompt refinancing
instead of listing, contributing to lower inventory. Recent studies have also shown
that short-term rentals are keeping a collection of homes off the market.

Quick Facts
+ 5.9%

+ 2.1%

+ 3.3%

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 October 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