Sellers are getting an average of 91% of their asking price.
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!
Leamington home sales were down 44% from last year – 5 homes sold this year compared to 9 the year before. There are only 9 active homes, 5 homes under contract and 0 sales for the month of May (2 sold May 2017). The average days on market YTD is 173 days and sellers are getting an average of 91% of their asking price. Median price dropped to $730,000. Most of the lackluster performance this year is a result of low inventory and next month will look better once the pending sales close.
The Big Picture
Hilton Head Area real estate activity has continued its upward trend in a 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.
If you have ever thought of purchasing property on the island, there has never been a better time to do so. With interest rates on the rise, this is the time to move up or down size to your perfect dream home. Creating family memories is what Hilton Head is all about and one of the many reasons our real estate market is one of the best in the state.
Let’s Get Started
As residents and owners of island property, with a combined 36 years of experience, Becky and Monica have a vested interest in the future 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!