Market-wide numbers are well and good, but they don’t always tell the full story. Breaking down the data to show activity by price range, property type or construction status can often lead to more meaningful insights. For the 12-month period spanning April 2013 through March 2014, Pending Sales in the Hilton Head region were up 6.4 percent overall. The price range with the largest gain in sales was the $375,001 to $650,000 range, where they increased 21.6 percent.
The overall Median Sales Price was up 13.6 percent to $259,250. The property type with the largest price gain was the Condo segment, where prices increased 13.6 percent to $190,000. The price range that tended to sell the quickest was the $100,000 and Below range at 96 days; the price range that tended to sell the slowest was the $650,001 and Above range at 170 days.
Market-wide, inventory levels were down 8.2 percent. The property type that lost the least inventory was the Single-Family segment, where it decreased 6.6 percent. That amounts to 7.7 months supply for Single-Family homes and 9.8 months supply for Condos.