SPRING HAS SPRUNG!
Happy early Spring from the Herman & Davis Team. We are enjoying the 68-degree, sun-shining weather with residents and visitors enjoying the outdoors; reminding us we sure do live in such a beautiful place.
February, year to date, the Hilton Head residential market saw an increase in new homes/listings of 32% when compared to last year, resulting in an increase in sales of 31%. Due to inventory levels rising, buyers have more choices. This has reflected in a reduced list-to-sale ratio of 96.3% and longer days on market, meaning Sellers and Buyers are not necessarily on the same page when it comes to value/price.
WHAT DOES IT MEAN FOR THE MARKET?
The stars are aligning for buyers as they now have more properties to choose from, all time high stock market, and a positive labor market report. This all transcends into high consumer confidence as long as inflation is moderate.
Sellers, it is still a great time to sell your property; with median prices up from last year, we are still at the top of the market. The “pandemic buying” is over and there are signs of a changing market. Offers are not coming in at the asking price on average, conditions are back in the contracts, and staging/updating decrease your time on the market. It is important to work with an experienced, successful, knowledgeable team to go from listing to sold.
Whether trading up, downsizing, or moving to a different area, allow the Herman & Davis Team to bring you the results you expect and deserve with million dollar marketing in all price ranges. Call today!
