Changes in Hilton Head Island’s Real Estate Market This November
Are We Entering a New Era of Opportunities?
Hilton Head Island is buzzing with activity this November, and if you’re keeping an eye on the real estate market, you’ll want to tune in to these lively changes. As we are approaching the end of 2024, both buyers and sellers are witnessing some notable shifts that could impact their plans moving forward. Let’s dive into the details!
Days on Market Show Positive Trend
Firstly, let’s talk about Days on Market (DOM), which has been a key player in the game. After experiencing months of increases, the average DOM has recently decreased to 65 days this month, down from 70 days last month. While this is great news, it’s important to note that it is still a jump from the 45 days we saw at this time last year. To put this into perspective, back in 2019 and 2020, the average Cumulative Days on Market (CDOM) were 128 and 119 days respectively. This indicates that while homes are indeed taking longer to sell than they did in the pre-pandemic world, the market is still thriving.
Slight Decline in Sale-to-List Price Ratio
Another interesting tidbit is the sale-to-list price ratio. Properties this year have sold for approximately 95.6% of their original asking price. This shows a slight dip from 97.3% last year, but don’t lose hope just yet! When you look back at 2019, properties sold for around 94.5% of their asking price, meaning we are still sitting pretty with a robust market.
More Choices for Buyers
For those looking to buy, there’s good news on the horizon! Inventory and new listings have both shown a slight uptick. Currently, there are 737 properties available, which is a 3.1% increase from last year’s 715 properties. While this is certainly a step in the right direction, it’s worth noting that we’re still trailing behind historical norms, like the 1,300 properties available back in 2019. Generally, we see a downward trend in listings during the fall and early winter months, but it’ll be interesting to see if this year strays from that pattern.
Sales Data That Paints a Silver Lining
This November, closed sales on the island reached 128, marking a 1.5% increase from 126 last year. With the current 737 properties available and those 128 sales each month, we are looking at just under six months of inventory, which indicates a seller’s market. This is a noticeable shift from earlier in the year when we crossed over six months of supply.
Median Sale Price on the Rise
Another exciting highlight is the increase in the median year-to-date sale price which now stands at $1,077,000. This is a 4% jump from last year’s $1,035,000, reinforcing Hilton Head Island’s enduring appeal as an attractive destination for real estate investment.
Looking Ahead: A Bright Future?
As we gaze into the crystal ball of 2025, signs of pent-up demand are evident. With recent federal rate cuts and the elections behind us, many are predicting an uptick in activity. Buyers eager for more favorable mortgage rates might soon bask in new opportunities. As we move through the holiday season, the upcoming months could be an excellent time for savvy buyers to capitalize on this transforming market.
So, there you have it, folks! Hilton Head Island’s real estate market is on the move, presenting both challenges and exciting opportunities. Here’s to a joyful holiday season, and stay tuned for more updates in the coming year!
