March 2020 HSO March-Housing-Supply-Overview

Housing Supply Overview A RESEARCH TOOL PROVIDED BY SOUTH CAROLINA REALTORS® March 2020 Quick Facts March stock market declines and volatility across all the financial markets, massive layoffs, lenders tightening underwriting standards, and social distancing efforts will all combine to put some buyers and sellers on the sidelines for now. As the spread and effect of COVID-19 accelerated during the month, we will need to wait until next month to see the total impact to buyer and seller activity. For the 12-month period spanning April 2019 through March 2020, Pending Sales in the Hilton Head region were up 7.3 percent overall. The price range with the largest gain in sales was the $225,001 to $375,000 range, where they increased 16.8 percent. The overall Median Sales Price was up 3.6 percent to $326,250. The property type with the largest price gain was the Condos / Villas segment, where prices increased 6.3 percent to $240,000. The price range that tended to sell the quickest was the $100,001 to $225,000 range at 107 days; the price range that tended to sell the slowest was the $650,001 and Above range at 195 days. + 16.8% + 17.0% + 8.9% Price Range With the Strongest Sales: Bedroom Count With Strongest Sales: Property Type With Strongest Sales: $225,001 to $375,000 4 Bedrooms or More Single-Family Pending Sales Days on Market Until Sale Median Sales Price Percent of List Price Received Inventory of Homes for Sale Months Supply of Inventory 2 3 4 5 6 7 Market-wide, inventory levels were down 12.5 percent. The property type that lost the least inventory was the Single Family segment, where it decreased 10.8 percent. That amounts to 4.7 months supply for Single- Family homes and 4.4 months supply for Condos. Current as of April 10, 2020 Data © 2020 MLS of Hilton Head. All Rights Reserved. Provided by the Hilton Head Area Association of REALTORS® and South Carolina REALTORS®. Report © 2020 ShowingTime. | 1