We’re delighted to report the real estate market on Hilton Head Island is doing remarkably well considering demand for real estate around the country has fallen to its lowest levels in 30 years, as noted by researchers at Capital Economics.
Normally, one could expect prices to slide on such news but given the desire for folks to be here, and with inventory levels remaining at 1%, prices are still on the rise. A few chinks have developed in the seller’s armor though. Over the last year, multiple offers and bidding wars have been abating. During the first six months of last year, 67.1% of homes and 66.7% of villas on the Island were purchased at or above the list price. This year, 40.1% of homes and 34.4% of villas have sold at or above list price.
As sellers find themselves negotiating more often, the percentage of the list-to-sales price ratio has been declining. Instead of properties averaging more than 100% of the list price as they did during the first six months of last year, they’re now selling at an average of 97.6% of list price. Historically, our market has long been comfortable consummating deals at 95% of list price. It’ll be interesting to see if we’re there by the end of the year.
A Look at the Numbers
Home sales Island-wide ebbed 28.8%, year-over-year, but the median sales price rose 10.6% to $1,100,000.
Villa sales around the Island fell 24.9%, year-over-year, while the median sales price gained 14.3% to $520,000.
Home sales in Sea Pines are down 23.3%, year-over-year, and the median sales price declined 6.9% to $1,675,000. However, year to date, the median sales price is up 3.85%.
Villa sales in Sea Pines dropped 29.7%, year-over-year, while the median sales price dipped .8% to $750,000. Year to date, the median sales price is up 5.49%.
For a comprehensive review of the Hilton Head Island MLS sales data for Q2, including both on and off-Island communities, please click on the link below:
Summer Fun on the Water!
If you’re looking to spend your day grinning from ear to ear, try jumping on a wave runner and cruising the back creeks of Hilton Head Island in search of dolphins at play. Along the way, you’ll discover the salt marsh estuaries of the Lowcountry are jumping with marine life.
With such a wide variety of activities one can do on our scenic waterways, there’s something for everyone. From nature watching to parasailing, chartering pleasure boats of all kinds for sailing and fishing, paddleboarding and kayaking, dolphin tours, alligator tours, pirate tours and gorgeous sunset tours are to name a few.
Note: if you are unable to access the Island Packet link above please view the PDF format of “What to know before renting watercraft in Hilton Head SC”.
Protecting Hilton Head Island’s Sea Turtles
Did you know female sea turtles will return to the same beach they were born to give birth to the next generation? What’s truly remarkable about this life cycle is that only 1 in 1,000 to 10,000 baby sea turtles will survive to maturity to complete this feat. With the odds stacked so perilously high against them, sea turtles need our help and protection.
We can all do our part to help sea turtles thrive by making sure our beach is flat and free from holes as you leave. By making sure to pick up any trash you can see. Especially all things plastic. And lastly, by making sure lights facing the beach are turned off during the hatching season.
If you’re feeling inspired to do more, please volunteer your time with the Sea Turtle Patrol on Hilton Head Island.
Should you need assistance in bringing your property to the market or have questions about buying into this market, please give us a call. We look forward to providing you with exceptional service to all your real estate needs on Hilton Head Island!
Thanks and have a wonderful summer,