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Bill True and Berkshire Hathaway HomeServices Hilton Head Bluffton Realty are pleased to offer these professional and dynamic 60-second market updates for our clients. The videos touch on 5 key components of market activity: Active Inventory, Median Listing Price, Days on the Market, Median Sales Price, Units Sold.
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My goal with these fact-based videos is to share with my clients and
As the cost of renting continues to increase, consumers have more incentive to lock in their housing costs by purchasing a home. The latest CoreLogic Single-Family Rent Index report released this month saw the cost of renting single-family homes, including condos, up 3% in November 2019 versus November 2018. According to CoreLogic’s data, single-family rents started climbing in 2010 and have stabilized around an annualized rate of 3% since early 2019. For the 12-month period spanning February 2019 through January 2020, Pending Sales in the Hilton Head region were up 8.7 percent overall. The price range with the largest gain in sales was the $650,001 and Above range, where they increased 17.4 percent.
The 2019 housing market was fueled by the overall strength of the economy across most of the country. The stock markets reached new highs throughout the year, improving the asset bases of millions of Americans. Unemployment rates fell to 50-year lows, while wages increased, creating new home buyers. Mortgage rates also declined significantly from 2018, helping to offset affordability stresses caused by continued price appreciation nationally. ***More Info below Graph***
With a strong economy and low mortgage rates, buyer activity has been strong. However, most markets are being constrained by inventory levels that are still below historical norms. With supply and demand continuing to favor sellers, prices continue to rise.
In November, the Federal Reserve reduced its benchmark rate for the third time this year. This action was widely anticipated by the market. Mortgage rates have remained steady this month and are still down more than 1 percent from last year at this time. Residential new construction activity continues to rise nationally. The U.S. Commerce Department reports that new housing permits rose 5% in October to a new 12-year high of 1.46 million units.
New Listings were down 10.3 percent to 478. Pending Sales increased 10.5 percent to 412. Inventory shrank 11.2 percent to 2,120 units.
Prices moved lower as Median Sales Price was down 5.4 percent to $304,990. Days on Market increased 5.2 percent to 141 days. Months Supply of Inventory was down 18.2
In October, mortgage rates increased slightly from the three-year lows seen in September. While the Federal Reserve reduced the federal-funds target rate by .25%, this decline was widely expected and largely factored into mortgage rates already, which are still approximately 1% lower than this time last year. Fannie Mae is predicting that continued low rates, and possibly lower rates, are expected in 2020.
New Listings were down 0.1 percent to 673. Pending Sales increased 18.2 percent to 500. Inventory shrank 9.6 percent to 2,166 units.
Prices moved higher as Median Sales Price was up 4.9 percent to $350,270. Days on Market increased 10.5 percent to 147 days. Months Supply of Inventory was down 16.4 percent to 4.6 months, indicating that demand
With the kids back in school and the weather cooling, the housing market begins its annual cooldown as well. Nationally, buyer and seller activity remained strong, buoyed by low mortgage rates and a strong economy. The market fundamentals suggest no significant changes from recent trends, other than the seasonally tempered pace we see this time of year. As we move into the final three months of 2019, buyers will find fewer homes coming on the market, but also less competition for those homes.
New Listings were up 7.9 percent to 476. Pending Sales increased 41.8 percent to 451. Inventory shrank 8.6 percent to 2,133 units. Prices moved higher as Median Sales Price was up 4.8 percent to $325,000. Days on Market increased 8.5 percent to 141 days.
As the summer draws to a close, multiple opposing factors and trends are competing to define the direction of the real estate market. After the Federal Reserve lowered its benchmark interest rate on July 31, 30-year mortgage rates continued to decline, approaching all-time lows last seen in 2016. Yet most experts agree these reductions are unlikely to bring sufficient relief, at least in the short term, for first-time home buyers. The lack of affordable inventory and the persistence of historically high housing prices continue to affect the housing market, leading to lower-than-expected existing home sales at the national level.
New Listings were down 11.0 percent to 600. Pending Sales increased 16.2 percent to 510. Inventory shrank 6.5 percent to
In July, the U.S. economic expansion that began in June 2009 became the longest in the nation's history, marking 121 straight months of gross domestic product growth and surpassing the 120-month expansion from 1991 to 2001. The average rate of growth during this expansion has been a milder 2.3 percent per year compared to 3.6 percent during the 1990s. Although the economy should continue to perform well for the rest of 2019, most economists see a mild recession on the horizon.
New Listings were up 3.9 percent to 561. Pending Sales increased 8.3 percent to 536. Inventory grew 0.4 percent to 2,237 units.
Prices moved higher as Median Sales Price was up 11.9 percent to $330,000. Days on Market increased 16.3 percent to 143 days. Months Supply of
Research has uncovered the fact that our beloved Hilton Head Island, South Carolina’s ocean beaches had been a much-visited destination ten-thousand years ago, similar to their place in the hearts of our residents and visitors today.
We twenty-first century humans embrace ‘our’ Hilton Head of today; vacation getaway, beautiful weather, and an ocean fronted by twelve miles of beautiful sandy beaches.
People travel long distances in 2019 to experience and enjoy these terrific features.
People traveled long distances ten thousand years ago, in 8000 BC, to experience and enjoy these terrific features.
Of the 29 Native American tribes that inhabited, what today is known as South Carolina, it is believed that members of all groups visited the