MARKET UPDATE - MARCH 2023

Nationally, existing home sales jumped 14.5% month-over-month as of last measure, the first monthly gain in 12 months, and representing the largest monthly increase since July 2020, according to the National Association of REALTORS® (NAR). The sudden uptick in sales activity stems from contracts signed toward the beginning of the year, when mortgage rates dipped to the low 6% range, causing a surge in homebuyer activity. Pending sales have continued to improve heading into spring , increasing for the third consecutive month, according to NAR.

Monthly sales might have been even higher if not for limited inventory nationwide. At the current sales pace, there were just 2.6 months’ supply of existing homes at the beginning of March, far below the 4 – 6 months’ supply of a balanced market. Inventory remains suppressed in part because of mortgage interest rates, which nearly hit 7% before falling again in recent weeks. Higher rates have continued to put downward pressure on sales prices, and for the first time in more than a decade, national home prices were lower year-over-year, according to NAR, breaking a 131-month streak of annual price increases.

Hilton Head & Mainland Real Estate Market Update - March  2023

For the 12-month period spanning April 2022 through March 2023, Pending Sales in the Hilton Head region were down 21.0 percent overall. The price range with the smallest decline in sales was the $375,001 to $650,000 range, where they decreased 5.8 percent.

View the full report here. 

Hilton Head Island Homes - Real Estate Market Snapshot - March 2023

Year to date in 2023, new listings of homes for sale on Hilton Head were down -14.8 percent overall. Closed home sales on Hilton Head remained the same, and the median sales price decreased -1.0% percent. 

Hilton Head Island Condos/Villas - Real Estate Market Snapshot - March 2023

Year to date in 2023, new listings of condos/villas for sale on Hilton Head were down -9.4 percent overall. Closed condo/villas sales on Hilton Head were down -23.5 percent, and the median sales price increased by +10.6 percent. 

Mainland Homes (29910 and 29909) - Real Estate Market Snapshot - March 2023

Year to date in 2023, new listings of homes for sale on the Mainland were down -28.6 percent overall. Closed home sales on the Mainland were down -37.6 percent and the median sales price decreased by -3.3 percent.  

Beaufort Real Estate Market Update - March  2023

For the 12-month period spanning April 2022 through March 2023, Pending Sales in the Beaufort region were down -11.7 percent overall. Market-wide, inventory levels were up +66.2 percent, amounting to 1.9 months supply for single-family homes and 2.2 months supply for condos

Savannah Area Real Estate Market Update - March  2023

New Listings in the Savannah Area REALTORS® service area decreased -18.2 percent to 949. Pending Sales decreased -16.7 percent to 826. Inventory increased 27.3 percent to 1,465. Median Sales Price increased 12.6 percent from $292,990 to $330,000. Days on Market increased 39.5 percent to 60. Months Supply of Inventory increased 50.0 percent to 1.8.