As you could imagine as Realtors, we have been getting that question like "how is the market doing?" quite often. I always like to back up my comments with strong data, so I have some quick statistics for those of you that enjoy the numbers as much as I do. I wanted to know what our market had been doing since April 1st, which is really when our Shelter In Place became a bit more serious. These are the statistics for the last two weeks in the Hilton Head/Bluffton market.
These numbers reflect the period between April 1st and April 15th. All Data has been taken from the Hilton Head Island MLS system.
UNDER CONTRACT - Residential-Single Family Homes - April 1st - April 15th
1. Bluffton Off Plantation: 41 Under Contract, Median Price: $300,000
2. Hilton Head Off Plantation: 6 Under Contract, Median Price: $449,500
3. Private Golf Communities: 4 Under Contract, Median Price: $862,000
(Belfair, Berkeley Hall, Colleton River, Long Cove, Wexford, Oldfield & Palmetto Bluff)
4. Resort Communities on Hilton Head Island: 8 Under Contract, Median Price: $687,000
(Folly Field, Palmetto Dunes, Shipyard, Sea Pines, Forest Beach)
Overall, there are some very busy segments of the market. Considering our social distancing circumstances with the challenges this brings and Shelter In Place, buyers are still buying.
Now, what about the condo market on Hilton Head Island, you know the ones that are losing all their short term rental income for the summer months?
Not so great news in this segment including Sea Pines, Palmetto Dunes, Folly Field, Shipyard, Forest Beach, our resort areas on Hilton Head Island. Only 10 condos have gone UNDER CONTRACT in the past 15 days and we have 336 currently for sale in these areas. This segment is definitely hurting in what is usually our busiest time of year for condo sales in our market.
How do these numbers compare to 2019?
As of the Last Week in March, these are the numbers:
1. NEW LISTINGS are down 13% - Sellers, this means less competition for you right now overall in the market.
2. UNDER CONTRACT - Overall in the HHI/Bluffton market, we are down 31% compared to 2019.
If you are a seller you are going to need to be patient. Buyers getting loans may see stricter and more stringent requirements as changes to underwriting guidelines, reflecting the economic outlook, are narrowing choices and making it difficult for less qualified borrowers. Job losses are blocking some from following through on mortgages at all and contracts are being terminated. The good news on the horizon is a strong expectation that when we get over the hump with this pandemic, whenever that is, all these factors will improve, hopefully by the 4th quarter of 2020.
*The statistical data contained herein has not been verified by the Multiple Listing Service of Hilton Head Island, Inc. and the publication of information hereof is not a representation or warranty of any fact whatsoever. Information deemed accurate. Buyer must verify.
Tisha Chafer, Realtor with Charter One Realty