The future of the Hilton Head real estate market may have gotten a shot in the arm from a source more known as a harbinger of bad news. The Standard and Poors Case Shiller Home Price Indicies are showing recent trends nationally that support the idea that we have seen the bottom of the housing crash.
The June index for home price values increased in 14 of the country's 20 major markets and sales prices were up .5% for the entire nation. The gains represent the first upward movement in three years. Other news from natoriously hard-hit markets that may ultimately point toward improved Hilton Head real estate sales include May-to-June increases for: 1) new construction housing starts in California (up by 17%), 2) resales of existing homes in Florida (up 28%) and condominiums (37%) and 4) nationwide improvements in the share of distressed homes as a percentage of total sales (31% in June vs. 45% earlier last year). There's even some telling local activity that gives reason for optimism in the real estate market. From July 1 to August 4, 144 homes pended sale according to Hilton Head MLS. Last year in 2008, 111 homes pended sale during the same time frame. That represents a 23% increase in activity. Meanwhile condo/villa real estate sales posted similar improvements. This year 65 condo/villas pended sale compared to 49 during the same time frame in 2008 - an increase of 24.6%. Certainly, one month of good news does not make a recovery, but it's very hard to dispute that so many statistical trends are pointing toward an improving market and that should bode will for Hilton Head Island real estate.
