The new year has begun, and with it comes many people who have made buying or selling a home part of their 2021 resolutions. While ongoing unemployment claims remain elevated due to COVID-19, they are substantially lower than what they were during their peak and have had little effect on buyer demand thus far.
Hilton Head & Mainland Real Estate Market Update - January 2021
For the 12-month period spanning February 2020 through January 2021, pending sales in the Hilton Head region were up 35.9 percent overall. The price range with the largest gain in sales was the $650,001 and above range, where they increased 98.6 percent.
Market-wide, inventory levels were down 64.1 percent. The property type that lost the least inventory was the single-family segment, where it decreased 63.9 percent. That amounts to 1.2 months supply for single-family homes and 1.1 months supply for condos.
Hilton Head Island Homes - Real Estate Market Snapshot - January 2021
For the 12-month period spanning February 2020 through January 2021, new listings of homes for sale on Hilton Head were down 18 percent overall. Closed home sales on Hilton Head were up 96.9 percent and the median sales price increased 26.2 percent. Inventory levels of homes for sale were down 69 percent.
Hilton Head Island Condos/Villas - Real Estate Market Snapshot - January 2021
For the 12-month period spanning February 2020 through January 2021, new listings of condos/villas for sale on Hilton Head were up 17.3 percent overall. Closed condo/villas sales on Hilton Head were up 24.7 percent and the median sales price decreased slightly by 1.3 percent. Inventory levels of condos/villas for sale were down 68.7 percent.
Mainland Homes (29910 and 29909) - Real Estate Market Snapshot - January 2021
For the 12-month period spanning February 2020 through January 2021, new listings of homes for sale on the Mainland were down 7 percent overall. Closed home sales on the Mainland were up 45 percent and the median sales price increased by 15.8 percent. Inventory levels of homes for sale were down 66.8 percent.
Beaufort Area Real Estate Market Update - December 2021
December is normally one of the slowest months of the year but strong buyer demand across most segments of the market, buoyed by near-record low-interest rates, continue to drive a healthy sales pace in the face of a new wave of COVID-19 infections and a softening jobs market.
New listings were up 27.3 percent to 177. Pending sales increased 59.0 percent to 229, the seventh consecutive month of year-over-year gains. Inventory shrank 47.0 percent to 457 units.
Prices moved higher as the median sales price was up 26.1 percent to $312,990. Days on market decreased 23.1 percent to 70 days. Months supply of inventory was down 59.5 percent to 1.7 months, indicating that demand increased relative to supply.
With low mortgage rates and strong buyer demand in most market segments, the housing market of early 2021 looks to continue the trends we saw in the second half of 2020. Low inventory and multiple offers on in-demand properties and market segments are likely to remain common while the market waits and hopes for a boost in new construction and a surge in home sellers to help provide more balance to the market.