Lowcountry Real Estate Market Report - June 2020

Posted by Paige Rose on Friday, July 31st, 2020 at 9:37am

Hilton Head Area Real Estate Market Report

Housing Supply Outlook - June 2020

Nationally, June showing activity as tracked by ShowingTime was up notably from the COVID-19 depressed levels in recent months but was also up from June 2019, reflecting pent-up demand by prospective home buyers. While buyer activity continues to be robust, seller activity continues to be a bit softer, with fewer homes being listed for sale than a year ago. Until sellers regain confidence, housing inventory will continue to be constrained during what is expected to be an active summer selling season. For the 12-month period spanning July 2019 through June 2020, Pending Sales in the Hilton Head region were up 7.8 percent overall. The price range with the largest gain in sales was the $650,001 and above range, where they increased 41.6 percent.

The overall Median Sales Price was up 4.0 percent to $331,825. The property type with the largest price gain was the Condos / Villas segment, where prices increased 8.9 percent to $245,000. The price range that tended to sell the quickest was the $100,001 to $225,000 range at 108 days; the price range that tended to sell the slowest was the $650,001 and Above range at 195 days.

Market-wide, inventory levels were down 25.1 percent. The property type that lost the least inventory was the Single-Family segment, where it decreased 22.8 percent. That amounts to 3.9 months supply for SingleFamily homes and 3.3 months supply for Condos. View the report here.

 

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