MARKET UPDATE - APRIL 2023
U.S. existing-home sales declined 2.4 percent month-over-month as of last measure, according to the National Association of REALTORS® (NAR), reversing February’s sales gain of 14.5%. Fluctuations in mortgage interest rates have caused buyers to pullback, with pending sales dropping 5.2% month-over-month. Meanwhile, the median existing-home sales price declined for the second month in a row, falling 0.9% nationally from the same time last year, the largest year-over-year decline since January 2012, according to NAR.
Housing inventory remains tight nationwide, with only 980,000 units available for sale heading into April, a 5.4% increase from one year earlier, although the number of homes for sale is down compared to the same period in 2019, prior to the pandemic. The lack of existing inventory continues to impact home sales, and with only 2.6 months’ supply of homes at last measure, competition for available properties remains strong, especially in certain price categories, with multiple offers occurring on about a third of properties, according to NAR.
Hilton Head & Mainland Real Estate Market Update - April 2023
For the 12-month period spanning May 2022 through April 2023, Pending Sales in the Hilton Head Association of REALTORS® region fell -19.4 percent overall. Market-wide, inventory levels rose +34.8 percent. The property type with the largest gain was the single-family Homes segment, where the number of properties for sale increased +42.7 percent. That amounts to 2.0 months of inventory for single-family Homes and 1.9 months of inventory for condos.
Hilton Head Island Homes- Real Estate Market Snapshot - April 2023
Year to date in 2023, new listings of homes for sale on Hilton Head were down -29.1 percent overall. Closed home sales on Hilton Head were down -31.0 percent, and the median sales price increased +7.4% percent. Days on the market increased +7.8 percent from 84 days on the market to 90 days on the market. Compared to last April, inventory of homes for sale fell -6.7 percent to 112 homes for sale in April 2023.
Hilton Head Island Condos/Villas - Real Estate Market Snapshot - April 2023
Year to date in 2023, new listings of condos/villas for sale on Hilton Head were down -18.0 percent overall. Closed condo/villas sales on Hilton Head were down -33.7 percent, and the median sales price increased by +15.5 percent. Days on the market increased +23.6 percent from 76 days on the market to 94 days on the market. Compared to last April, inventory of condos for sale rose +49.6 percent to 172 villas for sale in April 2023.
Mainland Homes (29910 and 29909) - Real Estate Market Snapshot - April 2023
Year to date in 2023, new listings of homes for sale on the Mainland were down -25.0 percent overall. Closed home sales on the Mainland were down -30.8 percent and the median sales price increased by +12.4 percent. Days on the market increased +18.1 percent from 94 days on the market to 111 days on the market. Compared to last April, inventory of homes for sale rose +69.8 percent to 365 homes for sale in April 2023.
Beaufort Real Estate Market Update - April 2023
For the 12-month period spanning May 2022 through April 2023, Pending Sales in the Beaufort-Jasper County REALTORS® region fell -11.9 percent overall. Market-wide, inventory levels rose +49.5 percent. The property type with the largest gain was the single-family homes segment, where the number of properties for sale improved +50.8 percent. That amounts to 1.9 months of inventory for single-family homes and 2.1 months of inventory for condos.
Savannah Area Real Estate Market Update - April 2023
New Listings in the Savannah Area REALTORS® service area decreased -21.8 percent to 892. Pending sales decreased -14.3 percent to 800. Median Sales Price increased +6.6 percent from $305,000 to $325,000. Days on Market increased +62.2 percent to 60. Months Supply of Inventory increased +46.2 percent to 1.9.
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