Long Cove Real Estate Market Report: April 2018

In Long Cove year to date, the closed sales have increased in the residential home market by a whopping 215%.. This month, there were six (6) closed home sales versus one (1) closed sale last year in April. However; the median sales price decreased from $725,000 to $562,500. New listings are up 14.3%. There are thirty-five (35) ACTIVE listings and 3.33 homes a month selling, there is currently a 10+ month supply of homes, which continues to put downward pressure on prices. This month is encouraging and hopefully the trend continues.LCC April Data 2018

Hilton Head real estate activity has been great the past couple of months with closed sales up 6.3% year to date. Pending sales increased 12.6%, and market wide, inventory levels were down 8.3%. Despite there being fewer homes for sale, buyer demand has remained strong enough to keep prices on the rise, which should continue in the foreseeable future. The price range that tends to sell the slowest is the over $650,000 with average of 213 days on the market. The federal reserve raised their interest rates by .25 percent in March, and this is the 6th rate increase by the Fed since December 2015. We are expected to see 2 more rate increases this year. Borrowing money will be become a little more expensive. Buyers continue to look for bargains and are still value driven.

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.

Herman and Davis Properties’ reputation is built on honesty, integrity, and results. Experience matters, we feel our reputation and our team approach sets us apart from our competition. We would really appreciate the opportunity to help you reach your real estate goals. Having a home for your family on the island is a legacy that one cannot put a price on. The time is right, and we have some amazing listings that may be the perfect home! Call Herman & Davis Properties to explore your options!