Hilton Head Island, SC - Based on recent market research, buyers and sellers didn’t negotiate as much in last month on Hilton Head Island. The average list to sell price hovered in the 95% range for homes and villas in almost all price categories on the Island. Factors that may have contributed to this include good pricing, falling inventories and relatively stable prices. Listed below are some other observations we noted in our market research.
Hilton Head Homes
Good news for Sellers of homes listed under $750,000. The market is seeing both an increase in buyer activity and a decrease in available properties. Average days on market was 3-4 months with an average selling price at 95%. It should be noted that homes over $750,000 still have high inventories, but if they are priced correctly the average selling prices were 89-95%. Home buyers are stepping up to the plate if they see value and are willing to pay close to asking price. Although buyers have less negotiation, those that take the leap of faith are rewarded with great values right now.
Hilton Head Villas
Good News for villa sellers under $350,000! Based on our market research villas are selling in 97 days at about 91% average if the asking price is correct. Just like homes, only the best priced villas will sell at close to asking price ranging from 92-93% of asking price. The higher the price the better the selection of properties for villa buyers, however based on the list to sell average, when a buyer finds a villa they like it is most likely priced well with average list to selling prices ranging 91-93%.
Good news for lot sellers. We have seen an increase in buyer activity in buildable home-sites under the $350,000 mark with almost a 75% increase in lot sales since last month. This shows us that buyers are now looking at lots again as an alternative to buying a home. Prices are compelling on lots listed for sale. Lots have gone to compelling prices as they compete for the attention of a home buyer and this has triggered new interest.
The top 3 key statistics for determining negotiation or pricing include:
- Average List price to Average Sales Price ~ This is a direct indicator of negotiation opportunity and the firmness of the market. Buyers and sellers can benefit by understanding this number
- Average Days on the Market ~ This time frame applies to properties that are priced correctly for their condition and location.
- Average number of listings taken vs. Average number of sales in a given period which will give us the number of months of inventory that available for sale. This can help buyers and sellers determine strategy.
Knowledge that can help Hilton Head Buyers and Seller
Our Market Trends Report is a snapshot of how the market place has performed in the recent past, which is often a good forecast of future market performance for sellers and buyers. If you would like to receive a monthly report by mail or e-mail, please email us at email@example.com or call Jane Hyers to set up a phone appointment at (843)842-0805. This is not only a good map of where we have been, it points to where we may be going. Happy Hilton Head! Robbie Bunting