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 2 3 4 5 6 7 8 9 10 11 12 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