Let’s look at the stats for May: Bluffton and Hilton Head home sales are down 22-24% respectively; the result of a 27.5% decrease in new listings entering the market. In other words, if we had more inventory, we would have more sales. The year-to-date median sales price in both markets is up an average of 9% when compared to this time last year. Hilton Head’s median sales price is approaching $1 million ($975,000) and Bluffton (including Palmetto Bluff) is $530,000. The lack of new inventory has also affected the villa sales in Bluffton and Hilton Head (down 37% and 30%). Overall, days-on-market continues to increase and sellers are receiving 97% of asking price compared to last year, which was over 100% of list price.
In summary, statistics show signs of a slowing of the market with some resistance to extreme price increases; however, with inventory challenges, sellers are still in the driver’s seat. Remember: real estate is local, so if you want a comprehensive report about your neighborhood, please don’t hesitate to reach out to us.