Friday, August 28, 2009
Hilton Head Island real estate update. Attached are the years to date results comparing January to July 2008-2009
The question is always how the market is. To give an answer let's look at the on Island home and condo sales for the last three years.
Year to date January -July on Island home sales
•2006 $ 497,989,245 #330
•2007 $402,796,576 #415
•2008 $286,818,808 #344
•2009 $188,581,405 #272
Year to date January -July on Island condo sales
•2006 $ 167,196,487 #481
•2007 $158,129,809 #405
•2008 $118,898,256 #288
•2009 $ 61,352,298 #236
Year to date on Island home sales by number of transactions
March 33 units
April 48 units
May 51 units
June 62 units
July 48 units
Six months average number of homes per month 48
Number of homes pending over the past 30 days 68. Activity has increased significantly.
A few September facts at a glance (as of 09/30/08):
Hilton Head Island
In regards to HOME sales:
In regards to CONDO/VILLA sales:
Year to date results and observations by Andy Twisdale,
Charter 1 North Realty
Through the end of December 2007, the On-Island real estate market was seeing some mixed results. For the 13 different market segments, or gated communities, six are behind in closed units compared to 2006 and 7 are ahead of 2006 in closed units. The most active area percentage wise is Shipyard. By number of closed units, the most active has been Hilton Head Plantation with 185 units or 6% ahead of 2006. Sea Pines was the next most active with 154 units closed or 4% ahead of 2006. Palmetto Dunes has closed 48% less units in 2007 than in2006. Five areas have seen average prices increase and 8 market areas have experienced a decline in average prices.
HILTON HEAD ISLAND | ||||||||||||||
AREA | Total Active | Pend | Total Sold | % Total Sales | Percent Sale/List | Average Sale Price | % Avg Sale Price | Average Days on Market | % DOM | |||||
| 2006 | 2007 | 2007 | 2006 | 2007 | '06 vs '07 | 2006 | 2007 | 2006 | 2007 | '06 vs '07 | 2006 | 2007 | '06 vs '07 |
Sea Pines Plantation | 233 | 234 | 14 | 148 | 154 | 4% | 94.53% | 92.94% | $ 1,261,248 | $ 1,603,417 | 21% | 101 | 138 | 27% |
Forest Beach | 60 | 75 | 1 | 15 | 15 | 0% | 96.67% | 90.10% | $ 2,028,357 | $ 2,186,567 | 7% | 142 | 182 | 22% |
Shipyard | 10 | 9 | 1 | 8 | 11 | 27% | 94.74% | 94.18% | $ 642,857 | $ 553,059 | -14% | 100 | 109 | 8% |
Wexford | 28 | 47 | 3 | 26 | 14 | -46% | 93.98% | 94.26% | $ 1,662,103 | $ 1,960,178 | 15% | 158 | 84 | -47% |
Long Cove | 27 | 25 | 3 | 20 | 23 | 13% | 97.53% | 94.14% | $ 1,032,638 | $ 973,673 | -6% | 144 | 118 | -18% |
Palmetto Dunes | 89 | 117 | 4 | 79 | 41 | -48% | 94.44% | 93.84% | $ 1,526,074 | $ 1,170,518 | -23% | 121 | 179 | 32% |
Port Royal | 54 | 50 | 2 | 23 | 40 | 43% | 92.50% | 93.42% | $ 1,307,904 | $ 871,512 | -33% | 124 | 127 | 2% |
Hilton Head Plantation | 143 | 149 | 20 | 174 | 185 | 6% | 96.42% | 94.75% | $ 589,716 | $ 584,540 | -1% | 66 | 86 | 23% |
Palmetto Hall | 26 | 32 | 3 | 22 | 22 | 0% | 96.41% | 96.01% | $ 743,285 | $ 696,157 | -6% | 103 | 88 | -15% |
Indigo Run | 50 | 54 | 8 | 53 | 39 | -26% | 96.18% | 94.12% | $ 845,608 | $ 892,301 | 5% | 87 | 135 | 36% |
Spanish Wells | 9 | 23 | 2 | 9 | 6 | -33% | 95.71% | 94.80% | $ 998,825 | $ 2,793,000 | 64% | 115 | 149 | 23% |
Windmill Harbour | 31 | 40 | 2 | 25 | 18 | -28% | 93.82% | 91.51% | $ 1,090,464 | $ 1,082,458 | -1% | 121 | 139 | 13% |
Off Plantation | 125 | 152 | 11 | 93 | 61 | -34% | 95.51% | 95.90% | $ 639,806 | $ 438,626 | -31% | 81 | 118 | 31% |
2006 2007
Sales for on Island Homes priced $500,000 and below 156 152
Homes priced $501,000 to $800,000 271 230
Homes priced $801,000-$1,000, 000 99 78
Homes $1001, 000-$3,000,000 212 176
Homes $3, 000, 0000 and higher 24 33
Most expensive home sold by year $6,870,000 $7,725,000
The most interesting observation is that more homes sold in 2007 in the $3,000,000 or higher price point. This shows a great deal of confidence for the most wealthy of purchasers. They see the value and believe that the timing is now.
It seems like real estate for primary or second homebuyers produced the most activity. Investor and resort property buyers are seeing less activity.
In a difficult real estate market, Charter 1 Marketing has continued to be the leader in volume and units sold for 2007. With 819 closed units through 11/30/2007, Charter 1 sold 242 more units that the second place Real Estate Company. The third place real estate company sold 549 units compared to 819 for Charter 1 Marketing., Overall Charter 1 Realty and marketing marketed 23.9% of all properties sold and represented the buyer in 15.8% of the total transactions. This is out of 159 MLS real estate company members.
In Hilton Head Plantation Charter 1 Realty & Marketing was the listing/marketing company in 57.8 % of all sales and represented the buyer in 26.4% of all transactions.
In Indigo Run Charter 1 Realty & Marketing was the listing/marketing company for 68.3% of the sales and represented the buyer in 41.2 % of the 102 transactions.
For a free market evaluation of your property or to discuss where the real estate opportunities are on Hilton Head Island, Also, if you would like to receive automatic real estate updates. Call Andy Twisdale, 843-384-7771 or e-mail andy@andytwisdale.com.
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Serving Buyers and Seller since 1992. Ranked in the top 5 % of the market. Realtor of the Year 1998, President of Realtor Association 2000 & 2006. BOD Chamber of Commerce 2007. Islander for 37 years
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