Start with Homes on the Island:
This week we saw 19 new home listings come on the market. The average asking price was $1,041,152. One year ago this week we had 22 new listings, with an average asking price of $1,373,768.
This week 5 years ago, we had 29 new listings with an average asking price of $693,548. This past week, we had 16 properties go under contract with listing prices from $350,000 to $2,375,000. The average asking price was $793,425; the median asking price was $599,000. Average days on the market was 136. This same week in 2008 saw 11 properties go under contract with listing prices from $425,000 to $2,495,000. The average asking price was $1,089,076, the median was $789,000, days on the market was 169. This week 5 years ago, we had 33 properties go under contract with asking prices from $183,900 to $2,995,000. Average listing price was $652,257, the median was $499,000 and days on the market was 66. This week we had 7 closed sales, with selling prices ranging from $266,000 to $565,000. The average selling price was $473,628; the median selling price was $498,000. Average days on the market was 148. The same week in 2008, we saw 16 closed sales, with selling prices ranging from $320,000 to $1,875,000. The average selling price was $695,000, median was $559,000 and days on the market was 114. This week 5 years ago, we had 39 closed sales, with selling prices ranging from $142,000 to $2,975,000. The average selling price was $643,000, median was $499,000 and days on the market was 110.
Now we’ll look at villas on the Island:
This week we saw 14 new villa listings come on the market. The average asking price was $355,443. One year ago this week we had 35 new listings, with an average asking price of $394,474. This week 5 years ago, we had 39 new listings with an average asking price of $346,220. This past week, we had 14 villas go under contract with listing prices from $79,900 to $650,000. The average asking price was $370,899; the median asking price was $374,450. Average days on the market was 207. This same week in 2008 saw 8 villas go under contract with listing prices from $140,000 to $879,000. The average asking price was $375,212, the median was $302,499, days on the market was 165. This week 5 years ago, we had 38 villas go under contract with asking prices from $45,000 to $789,900. Average listing price was $271,171, the median was $257,450 and days on the market was 97. This week we had 9 closed villa sales, with selling prices ranging from $79,400 to $617,000. The average selling price was $327,288; the median selling price was $279,000. Average days on the market was 150. The same week in 2008, we saw 17 closed villa sales, with selling prices ranging from $105,000 to $967,500. The average selling price was $421,664, median was $289,900 and days on the market was 164. This week 5 years ago, we had 63 closed sales, with selling prices ranging from $39,000 to $2,975,000. The average selling price was $328,944, median was $259,000 and days on the market was 80.
Finally, we’ll look at homes in Bluffton:
This week we saw 24 new home listings come on the market. The average asking price was $275,576. One year ago this week we had 27 new listings, with an average asking price of $422,092. This week 5 years ago, we had 12 new listings with an average asking price of $348,841. This past week, we had 12 properties go under contract with listing prices from $104,900 to $999,000. The average asking price was $340,791; the median asking price was $232,400. Average days on the market was 122. This same week in 2008 saw 20 properties go under contract with listing prices from $138,500 to $429,000. The average asking price was $225,740, the median was $199,450, days on the market was 111. This week 5 years ago, we had 18 properties go under contract with asking prices from $109,900 to $965,000. Average listing price was $315,003, the median was $247,000 and days on the market was 163. This week we had 7 closed sales, with selling prices ranging from $131,500 to $500,000. The average selling price was $281,128; the median selling price was $235,000. Average days on the market was 141. The same week in 2008, we saw 28 closed sales, with selling prices ranging from $133,000 to $930,130. The average selling price was $300,775, median was $217,450 and days on the market was 134. This week 5 years ago, we had 21 closed sales, with selling prices ranging from $153,000 to $1,250,000. The average selling price was $347,900, median was $269,500 and days on the market was 167. Pricing pressure in all segments of the market is coming from the increase in short sale and foreclosure activity. In early 2008 foreclosure activity accounted for less than 5% of all transactions. A review of home sales since April 1 shows some pretty significant changes in market dynamics. Of the 159 sales on Hilton Head Island, Bluffton off-plantation and the off-island private golf course communities 48 have been foreclosures. Another 11 of those sales were short sales. These 59 transactions account for 37% of all sales. Stay Tuned
