Jun
24

Prices Up, Listings Down, on Hilton Head Island

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From our friends at Foundation Realty:

Spring brings an upsurge of home sales on Hilton Head Island and in the Lowcountry. Consumers are in great shape for the current financial landscape, just in time for the primary home-buying season. Along with increasing consumer confidence, GDP growth was revised upward to 2.6 percent by the Commerce Department. A rise in consumer spending and claims for unemployment benefits have decreased. Economic health fuels the housing market as employed, confident people with rising incomes, tend to invest in real property. And although interest rates are up from their all-time lows, borrowing costs are still affordable. The statement ‘It’s cheaper to own than rent” still rings true.

Lower levels of inventory have been a national headline grabber, and many are eager to see if this is the year that brings an influx of new properties to the market for ready buyers. New listings on Hilton Head Island have decreased by 10.9 percent. The Median Sales Price rose 8.9 percent. In regards to the sales price increase on Hilton Head Island, the property type with the largest price gain on Hilton Head Island was the single-family segment where prices increased 7.7 percent.

In the Lowcountry, the strongest selling price range continues to be between $375,001 and $650,000. For the 12-month period spanning June 2013 through May 2014, pending sales in this price range rose 5.5 percent.

 

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    Categories : Hilton Head Island

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