Lowcountry Real Estate Market Report - May 2020

Posted by Paige Rose on Tuesday, June 23rd, 2020 at 3:54pm

May Real Estate Market Report

 

Hilton Head Area Real Estate Market Report

Housing Supply Outlook - May 2020

Sellers are taking a more cautious approach to entering the housing market, even as buyers are returning in force due to near-record low interest rates. As the country continues to reopen, seller activity is likely to continue to improve however, continued concerns around COVID-19 may keep some reluctant sellers on the sidelines for now. For the 12-month period spanning June 2019 through May 2020, Pending Sales in the Hilton Head region were up 1.9 percent overall. The price range with the largest gain in sales was the $650,001 and Above range, where they increased 24.6 percent.

The overall Median Sales Price was up 4.3 percent to $330,000. The property type with the largest price gain was the Condos / Villas segment, where prices increased 6.7 percent to $240,000. 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 191 days.

Market-wide, inventory levels were down 15.9 percent. The property type that lost the least inventory was the Single Family segment, where it decreased 15.0 percent. That amounts to 4.6 months supply for Single Family homes and 4.5 months supply for Condos. View the full report here.

 


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