February 2018 Monthly Indicators February-Housing-Market-Indicator
Monthly Indicators
February 2018
The three most prominent national market trends for residential real estate are the
ongoing lack of abundant inventory, the steadily upward movement of home prices
and year-over-year declines in home sales. Sales declines are a natural result of
there being fewer homes for sale, but higher prices often indicate higher demand
leading to competitive bidding. Markets are poised for increased supply, so there is
hope that more sellers will take advantage of what appears to be a ready and willing
buyer base.
New Listings were up 19.5 percent to 650. Pending Sales increased 14.0 percent to
441. Inventory shrank 7.0 percent to 2,100 units.
Prices moved higher as Median Sales Price was up 12.2 percent to $314,200. Days
on Market decreased 13.7 percent to 145 days. Months Supply of Inventory was
down 17.5 percent to 5.2 months, indicating that demand increased relative to
supply.
In February, prevailing mortgage rates continued to rise. This has a notable impact
on housing affordability and can leave consumers choosing between higher
payments or lower-priced homes. According to the Mortgage Bankers Association,
the average rate for 30-year fixed-rate mortgages with a 20 percent down payment
that qualify for backing by Fannie Mae and Freddie Mac rose to its highest level
since January 2014. A 4.5 or 4.6 percent rate might not seem high to those with
extensive real estate experience, but it is newly high for many potential first-time
home buyers. Upward rate pressure is likely to continue as long as the economy
fares well.
Quick Facts
+ 5.7% + 12.2% - 17.5%
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 March 10, 2018. Data is Copyright © 2018 All Rights Reserved. MLS of Hilton Head Island. Provided by the Hilton Head Area Association of REALTORS® and South Carolina REALTORS®. Report © 2018 ShowingTime. | 1