October 2016 Housing Supply Overview
Monthly Indicators
October 2016
As we enter the final quarter of 2016, not much has changed since the year began.
Market predictions have been, in a word, predictable. A relatively comfortable pace
of activity has been maintained thanks to continuing low unemployment and
mortgage rates. The one basic drag on market acceleration has been inventory
decline. There is little to indicate that the low inventory situation will resolve anytime
soon.
New Listings were down 37.1 percent to 305. Pending Sales decreased 13.4
percent to 264. Inventory shrank 3.4 percent to 2,282 units.
Prices moved higher as Median Sales Price was up 6.7 percent to $304,000. Days
on Market increased 6.6 percent to 146 days. Months Supply of Inventory was down
8.7 percent to 6.3 months, indicating that demand increased relative to supply.
Builder confidence is as high as it has been in more than a decade, yet the pace of
economic growth has been slow enough to cause pause. A low number of first-time
buyer purchases and a looming demographic shift also seem to be curbing the
desire to start new single-family construction projects. As older Americans retire and
downsize, single-family listings are expected to rise. The waiting is the hardest part.
Quick Facts
- 28.8%
+ 6.7%
- 3.4%
One-Year Change in
Closed Sales
One-Year Change in
Median Sales Price
One-Year Change in
Months Supply
A research tool provided by the Hilton Head Association of REALTORS®
Percent changes are calculated using rounded figures.
Market Overview
New Listings
Pending Sales
Closed Sales
Days on Market Until Sale
Median Sales Price
Average Sales Price
Percent of List Price Received
Housing Affordability Index
Inventory of Homes for Sale
Months Supply of Inventory
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Current as of November 10, 2016. Data is Copyright © 2016 All Rights Reserved. MLS of Hilton Head Island. Provided by the Hilton Head Area Association of REALTORS® and South Carolina REALTORS®. Report © 2016 ShowingTime. | 1