September 2018 Monthly Market Report September-Monthly-Market-Report

Monthly Indicators
September 2018
Some economy observers are pointing to 2018 as the final period in a long string of
sentences touting several happy years of buyer demand and sales excitement for
the housing industry. Although residential real estate should continue along a mostly
positive line for the rest of the year, rising prices and interest rates coupled with
salary stagnation and a generational trend toward home purchase delay or even
disinterest could create an environment of declining sales.
New Listings were up 1.6 percent to 441. Pending Sales increased 31.5 percent to
338, the eighth consecutive month of year-over-year gains. Inventory shrank 0.5
percent to 2,253 units.
Prices moved higher as Median Sales Price was up 6.1 percent to $312,990. Days
on Market decreased 16.8 percent to 129 days. Months Supply of Inventory was
down 16.4 percent to 5.1 months, indicating that demand increased relative to
supply.
Tracking reputable news sources for housing market predictions makes good sense,
as does observing trends based on meaningful statistics. By the numbers, we
continue to see pockets of unprecedented price heights combined with low days on
market and an economic backdrop conducive to consistent demand. We were
reminded by Hurricane Florence of how quickly a situation can change. Rather than
dwelling on predictions of a somber future, it is worth the effort to manage the
fundamentals that will lead to an ongoing display of healthy balance.
Quick Facts
- 6.0% + 6.1% - 16.4%
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 October 10, 2018. Data is Copyright © 2018 All Rights Reserved. MLS of Hilton Head Island. Provided by the Hilton Head Area Association of REALTORS® and South Carolina REALTORS®. Report © 2018 ShowingTime. | 1