Buyers are encouraged to act now as they become more aware of increasing mortgage rates.
Summer is here, the weather is warm, the turtles are making their nests, the bikers have overtaken the trails and Hilton Head Island Real Estate is Hot!
Sea Pines Plantation homes sales were up 5.6% from last year – 93 homes sold this year compared to 88 the year before. There are 145 active homes, 42 homes under contract and 38 sales for the month of May (27 sold May 2017). The average days on market YTD is 159 days which is down from 210 last year, while the median price dropped slightly to $660k.
Sea Pines Villa sales were down 5%, however median price was up 16.4%. The increase was a result of a lack of inventory – YTD active villas are down over 10%. There are only 69 Active villas on the market; last year there were over 80. In May 2018 16 villas sold, 20 sold last year, and 19 are currenlty under contract. Sellers are not waiting as long for an offer as days on market (DOM) is now 157 versus 175 last year.
The Big Picture
Hilton Head Area real estate activity has continued its upward trend in number of sales and median sales price. Although housing supply is low, there are signs of improvement for new listings. Sellers are beginning to come out of hibernation while new build projects are taking shape with more regularity. Many sellers and builders are in a good position for financial gains, as the economy continues to improve. Low inventory should continue to create a competitive situation for buyers, causing price increases over the next several months. In addition; buyers are encouraged to act now as they become more aware of increasing mortgage rates.
Let’s Get Started
As residents and owners specializing in Sea Pines with a combined 36 years of experience, Becky and Monica have a vested interest in the future of Sea Pines and the success of our community. Herman & Davis Properties offers you their wealth of knowledge with regards to staging your home, timing your sale for maximum value, proper market positioning, and current market trends. Mistakes are costly and EXPERIENCE COUNTS in this market!
Please give Herman & Davis Properties the opportunity to assist you in buying or selling your property today!