Sellers are getting an average of 95%-96% 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!
Point Comfort property sales are down from last year- 6 homes and 15 villas sold this year compared to 25 homes and 17 villas the year before. There are currently 11 active listings, 7 properties under contract and 4 sales for the month of May. The average days on the market YTD is 45 for homes and 62 for villas. Sellers are getting an average of 95%-96% of their asking price. Median price dropped to $339,500 for homes and $182,000 for villas.
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
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.
Broad Creek Landing Vills are now approved for VA loans. Call me to learn how this change impacts you!
Herman and Davis Properties’ reputation is built on honesty, integrity, and results. Experience matters, we feel our reputation and 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, we have some amazing listings that may be the perfect home! Call Tierra at 843-422-3610 to explore your options.