For once, the headlines are getting it right: "Supply-side correction continues," "Home buyer demand strengthening," "Market heads toward balance." There is a very real sense that the landscape is shifting. We don't want to overstate the case this month, as this coming spring will be the bellwether. It's been plus or minus five long years since the peak of the housing bubble and the ensuing aftermath. As we year let's delve into a new year, let's see if the first month of the sixth year brought any encouraging signs.

New Listings in the Hilton Head region increased 0.7 percent to 431. Pending Sales were up 3.4 percent to 246. Inventory levels shrank 14.9 percent to 2,708 units. Prices softened somewhat. The Median Sales Price decreased 4.5 percent to $238,750. Days on Market was up 1.4 percent to 134 days. Absorption rates improved as Months Supply of Inventory was down 24.9 percent to 10.8 months.

No one likes feeling stuck. The fate of housing and the economy remain tied together in a single garment of destiny. As long as housing remains weak, many Americans are unable to relocate when an employment opportunity arises. Instead, they're anchored to a house that's underwater. Several key efforts aimed at easing refinancing, converting vacant properties to rentals and getting some private equity in the game are all reasons to stay alert and informed.

Whenever someone asks, "So, how's the market?" The most logical answer just might be "That depends on which segment, the data source, whether you're a buyer or seller and for what time period." For the 12-month period spanning February 2011 through January 2012, Pending Sales in the Hilton Head region were up 13.2 percent overall. The price range with the largest gain in sales was the $225,001 to $375,000 range, where they increased 20.0 percent.

The overall Median Sales Price was down 2.1 percent to $230,000. The property type with the smallest price decline was the Single-Family segment, where prices decreased 4.0 percent to $263,158. The price range that tended to sell the quickest was the $100,000 and Below range at 111 days; the price range that tended to sell the slowest was the $650,001 and Above range at 243 days.

Market-wide, inventory levels were down 14.9 percent. The property type that lost the least inventory was the Condo segment, where it decreased 13.0 percent. That amounts to 10.2 months supply for Single-Family homes and 12.0 months supply for Condos.