September 2016 Monthly Indicators

Monthly Indicators September 2016 As anticipated at the outset of the year, demand has remained high through the first three quarters of 2016, propping up sales and prices despite heavy reductions in inventory and months of supply across the country. With rental prices and employment opportunities in a consistent climb, year-over-year increases in home buying are probable for the rest of the year but not guaranteed. New Listings were up 3.4 percent to 522. Pending Sales increased 18.2 percent to 364. Inventory grew 3.3 percent to 2,407 units. Prices moved higher as Median Sales Price was up 2.1 percent to $289,750. Days on Market decreased 5.8 percent to 129 days. Months Supply of Inventory was down 2.9 percent to 6.6 months, indicating that demand increased relative to supply. In general, today's demand is driven by three factors: Millennials are reaching prime home-buying age, growing families are looking for larger homes and empty nesters are downsizing. However, intriguingly low interest rates often prompt refinancing instead of listing, contributing to lower inventory. Recent studies have also shown that short-term rentals are keeping a collection of homes off the market. Quick Facts + 5.9% + 2.1% + 3.3% 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 October 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