MARKET UPDATE - October 2023
U.S. sales of existing homes recently fell to a 13-year low, dropping 2.0% month-over-month and 15.4% year-over-year as of the last measure, according to the National Association of REALTORS® (NAR), as surging interest rates and elevated sales prices continue to make homeownership unaffordable for many prospective buyers.
Days on Market increased 10.7 percent to 145 days. Months Supply of Inventory was up 42.9 percent to 3.0 months. Total housing inventory going into October was at 1.13 million units, up 2.7% from the previous month but down 8.1% compared to the same time last year, for a 3.4 months’ supply at the current sales pace, according to NAR. The shortage of homes for sale is making it harder for buyers to find a home to purchase while at the same time pushing sales prices higher nationwide, with the median existing-home sales price rising 2.8% annually to $394,300, the third consecutive month of year-over-year price increases.
Hilton Head & Bluffton Real Estate Market Update - October 2023
The real estate market in the Hilton Head Association of Realtors region witnessed several notable trends during the 12-month period spanning November 2022 through October 2023. The following analysis provides a comprehensive overview of key metrics that define the market's performance during this period.
1. New Listings:
New listings in the region experienced a decline of 8.4% compared to the previous year.
2. Pending Sales:
Pending sales saw a decline of 9.1%, indicating a decrease in the number of properties under contract.
3. Closed Sales:
Closed sales decreased by 7.6% from 5,027 to 4,643 over the 12-month period. This decline in completed transactions could be indicative of challenges or shifts in the market, affecting both buyers and sellers.
4. Days on the Market:
The average number of days on the market increased by 41%, rising from 105 to 148 days.
5. Median Sales Price:
The median sales price experienced a notable increase of 7.4%. This rise suggests a positive trajectory in property values, potentially driven by factors such as limited supply, increased demand, or other market influences.
6. Inventory Levels:
The inventory levels of homes for sale increased substantially, rising by 23.8% to reach 1,312 homes for sale in October 2023.
In summary, the Hilton Head market experienced reductions in transaction volume but ongoing home price appreciation over the past year. Sales moderated but values continued increasing even as inventory levels expanded. While still a seller's market, the rise in supply points toward rebalancing.
Hilton Head Island Homes- Real Estate Market Snapshot - October 2023
Year to date in 2023, new listings of homes for sale on Hilton Head were down -11.1 percent overall. Closed home sales on Hilton Head were down -17.2 percent, and the median sales price increased +14.8% percent. Days on the market increased 8.8% percent from 82 days on the market to 89 days on the market. Compared to last October, inventory of homes for sale rose 12.0 percent to 186 homes for sale in October 2023.
Hilton Head Island Condos/Villas - Real Estate Market Snapshot - October 2023
Year to date in 2023, new listings of condos/villas for sale on Hilton Head were down -7.8 percent overall. Closed condo/villas sales on Hilton Head were down -22.3 percent, and the median sales price increased by +16.4 percent. Days on the market increased +43.9 percent from 70 days on the market to 101 days on the market. Compared to last October, inventory of condos for sale increased 47.1 percent to 325 villas for sale in October 2023.
Mainland Homes (29910 and 29909) - Real Estate Market Snapshot - October 2023
Year to date in 2023, new listings of homes for sale on the Mainland were down -11.7 percent overall. Closed home sales on the Mainland were down -13.4 percent, and the median sales price increased by +14.3 percent. Days on the market increased +30.8 percent from 91 days on the market to 119 days on the market. Compared to last October, inventory of homes for sale rose +24.7 percent to 465 homes for sale in October 2023.
Beaufort Real Estate Market Update - September 2023
The Beaufort-Jasper County real estate market experienced several shifts and changes in the 12-month period spanning November 2022 through October 2023. Here is an overview of the key trends and data:
- New Listings decreased 4.2%
- Pending Sales decreased 3.6% from 2,511 to 2,421
- Closed Sales decreased 4.6% from 2,506 to 2,391
- Days on Market increased 30.7% to 98 days
- Median Sales Price rose 8.7% to $396,683
- Inventory rose 28.3% to 617 homes, 2.7 months supply
The Beaufort-Jasper County real estate market saw moderation in sales activity, but home prices continued rising over the past 12 months ending October 2023.
New listings coming to market dropped 4.2% year-over-year. Pending sales slowed 3.6% from 2,511 to 2,421 during the same period. Closed sales followed suit, decreasing 4.6% from 2,506 to 2,391.
Despite slowing sales, home prices appreciated substantially. The median sales price increased 8.7% to $396,683.
The market shifted towards more balanced conditions as inventory levels expanded. Active listings rose 28.3% year-over-year, reaching 617 homes for sale in October. This equates to 2.7 months supply, moving from a seller's market towards normal conditions.
In conclusion, Beaufort-Jasper County experienced moderating sales but ongoing home price growth over the past year. While still a seller's market, conditions are becoming more balanced as inventory expands to meet buyer demand.
Posted by Paige Rose on